Does Your Mortgage Deal Still Fit Your Needs?
Are you on the mortgage deal that fits your current circumstances? In today’s ever-changing financial landscape, it’s easy for mortgage deals to become outdated before you know it, and increasingly important to be aware of what’s out there that could be of interest to you.
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Whether interest rates are climbing or falling, or new mortgage products are becoming available, the mortgage market is constantly shifting. For many homeowners, this means the deal you originally signed up for may not always be the most suitable one for your circumstances at this moment in time.
It’s therefore always worth getting in touch with us should your situation change and we can take a look at the options available to you.
Why It’s Important to Review Your Mortgage Deal Regularly
Unlike some other financial products, mortgage deals have a set period that they run for – whether it’s a variable rate or tracker mortgage that is renewed every few years, or a fixed rate mortgage that runs for two, five or ten years, for example.
After these fixed periods expire, lenders may automatically move you onto your lender’s standard variable rate (SVR). The SVR is usually higher than the rates on fixed, tracker, or discount mortgage products, potentially leading to higher monthly repayments. Regularly reviewing your mortgage allows you to avoid being caught on the SVR and instead, ensures you’re always on a competitive deal.
Moreover, many mortgage products offer introductory rates that can seem attractive but might not remain so over time. By regularly comparing what’s on the market, you can catch these shifts early and lock in a better deal if one becomes available.
Check out the Latest Mortgage Deals We’ve made it easier than ever to see what’s available with our easy-to-use mortgage comparison tool. Simply input your information, and you’ll be able to compare a range of competitive mortgage deals from leading providers. But remember, a tool can only provide the numbers—it’s the conversation with an adviser that can make those numbers work for you.
