Is Your Mortgage Deal Ending in the Next Six Months? Now Could Be the Time to Review It

If your current mortgage deal is due to end in the next six months, it might feel a little early to start thinking about what happens next.

In reality, getting ahead of your mortgage renewal can give you more time to understand your options, compare what’s available and potentially secure a new deal well before your existing one comes to an end.

So, whether your mortgage deal ends after Halloween, Christmas or even Valentine’s Day next year, now could already be a good time to start looking.

How Early Can You Secure a New Mortgage Deal?

Generally speaking, it may be possible to secure a new mortgage deal up to six months before your current product expires.

Exactly how early you can do this will depend on the lender and whether you’re staying with your existing lender or remortgaging elsewhere.

The important point is that you don’t necessarily need to wait until your current mortgage deal is about to expire before doing something about it.

Starting earlier can give you more breathing room and allow you to make a considered decision rather than rushing as your current deal approaches its end date.

Should You Stay With Your Current Lender?

One option is to stay exactly where you are.

Your existing lender may offer you a new product, commonly known as a product transfer, without you needing to move your mortgage elsewhere.

For some borrowers, this can be the right option. It can often be a relatively straightforward process, particularly if your circumstances haven’t changed significantly.

However, different lenders open their product transfer windows at different times. While some allow you to secure a new deal several months in advance, others may not make their options available until closer to the end of your existing product.

And just because staying with your current lender is the easiest option doesn’t necessarily mean it is the best one.

Could Remortgaging Be Better?

The alternative is to look at remortgaging to another lender.

Depending on your circumstances and the mortgage products available at the time, another lender may be able to offer a more competitive rate or a mortgage that better suits what you need now.

A lot can change during the course of a mortgage deal. Your income may have changed, your property may have increased in value, your mortgage balance will hopefully have reduced, or your plans for the next few years might look completely different.

That’s why I think it’s worth reviewing the wider picture rather than automatically accepting whatever your existing lender offers you.

What Happens if Mortgage Rates Change?

This is another reason why I like to start the conversation early.

Securing a mortgage deal doesn’t necessarily mean we stop looking at the market.

If an appropriate deal is available, we may be able to get something secured in advance. We can then keep an eye on things as you get closer to your renewal date.

If the market changes and a more suitable option becomes available, we can review the position again.

That can be much more comfortable than waiting until the last few weeks and hoping the right deal is available at exactly the right time.

Don’t Leave Your Mortgage Renewal Until the Last Minute

If your mortgage deal expires within the next six months, my advice is simple: start the conversation.

You don’t necessarily need to change lender. You don’t necessarily need to make a decision immediately. And the mortgage with the lowest headline interest rate isn’t automatically going to be the best option for you.

A mortgage review gives us the opportunity to look at your existing mortgage, what your current lender can offer and what alternatives may be available elsewhere.

From there, you can make an informed decision about what works best for you.

If your mortgage deal is due to expire in the next six months, I offer a free initial mortgage review. Get in touch and we can take a look at your options.