Why it pays to review your Mortgage when your current deal comes to an end

2nd April 2019


Now that your mortgage deal has come to an end, what do you do next?


When you first take out a mortgage, you are usually placed on a fixed rate or tracker product. This means that, for a number of years (usually 2-5), the interest you pay with either remain fixed or tracks the Bank of England base rate. Once your deal comes to an end, you should review your mortgage or considering moving onto another mortgage product as you could end up paying more than needed.

Typically, when you reach the end of a mortgage product fixed term, you are automatically placed onto either a ‘base mortgage rate’ or ‘standard variable rate (SVR).’ The base mortgage rate is guaranteed to be no more than 2% of the Bank of England base rate (currently at 0.75%) but the standard variable rate has no upper limit.


How can you prevent being put on the Standard Variable Rate? 


To save being automatically put onto the SVR, we recommend switching your mortgage product as soon as possible. On average you can switch up to 3 months prior to your mortgage deal end date but some providers offer a larger window to switch. You may be able to switch midway through a deal but it’s likely that you will have to pay an Early Repayment Charge (EPC).

Keep in mind that you might not be able to switch your mortgage deal if you are letting out your property.

There are many different benefits of switching to a new deal but, best of all, you could reduce your monthly expenditure and fix your payment for a set period of time so you’re on top of your monthly outgoings.



We understand that as a Contractor you don’t have the time to search for the best mortgage deal, which is where we can help. Our expert mortgage adviser can help you review your mortgage by searching the whole of market to get the best mortgage product at the best price. Get it touch to see how much you could save.


All content is accurate at the time of publication

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