As a specialist mortgage broker in London, we understand the importance of being prepared when your fixed rate mortgage term is coming to an end. It is crucial to make informed decisions that can potentially save you money and secure the best possible mortgage deal for your specific needs. Here, we outline five essential steps you should take when your fixed rate mortgage term is ending.
Review your current mortgage
Before taking any action, it is essential to review your current mortgage terms and conditions. Take note of the interest rate, monthly payments, and any penalties for early repayment. Understanding your existing mortgage details will help you evaluate whether it is beneficial to remortgage or switch to a different mortgage product.
Assess your financial situation
Next, it is important to assess your current financial situation. Consider any changes in your income, expenses, or personal circumstances that may impact your mortgage requirements. This evaluation will help you determine the type of mortgage product that best suits your needs, whether it's a fixed rate, tracker, or variable rate mortgage.
Seek professional mortgage advice
Navigating the mortgage market can be complex, especially in London where options are abundant. To ensure you make an informed decision, it is highly recommended to seek professional mortgage advice from a specialist mortgage broker. They have the expertise and access to a wide range of mortgage products tailored to the London market. A qualified broker will help you find the most competitive rates and guide you through the application process, saving you time and effort.
Compare mortgage deals
Once you have consulted with a specialist mortgage broker, it's time to compare different mortgage deals. Your broker will provide you with a selection of options based on your requirements and financial situation. Carefully consider factors such as interest rates, fees, and repayment terms. Assessing these aspects will help you determine the most suitable mortgage product for your needs and ensure that you secure a favourable deal. If you are reading this out of office hours, then our mortgage sourcing tool can help you.
Start the remortgage process early
Timing is crucial when it comes to remortgaging, especially in London's fast-paced property market. Begin the remortgage process well in advance of your fixed rate mortgage term ending. This will allow ample time for paperwork, valuation surveys, and other necessary procedures. Starting early will help prevent any last-minute rush and provide you with enough time to carefully consider all available options. Being mortgage document ready can even help you save money on your mortgage deal.
Next steps if your mortgage term is set to end soon
As a specialist mortgage broker in London, we understand the unique challenges faced by homeowners when their fixed rate mortgage terms are ending. By following these five essential steps – reviewing your current mortgage, assessing your financial situation, seeking professional mortgage advice, comparing deals, and starting the remortgage process early – you can make informed decisions and secure the most advantageous mortgage product for your needs. Remember, taking proactive steps and seeking professional guidance can potentially save you money and help you navigate the complex mortgage landscape in London successfully.
Talk to Tony
If you're looking to purchase a home or remortgage your existing property, it's essential to seek specialist advice to ensure that you get the most suitable deal. At Skyline, we have a team of specialist mortgage advisors who can guide you through the process, offering tailored advice and support every step of the way.
So why not talk to Tony today and see how we can help you navigate the complex London mortgage market and get the right mortgage deal?
Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. A fee may be charged for mortgage advice. The amount will depend on your circumstances.
Skyline Mortgage Consultants Limited is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Skyline Mortgage Consultants LTD registered in England and Wales Number 8157062. Company Registered Office: Heathmans House, 19 Heathmans Road, London SW6 4TJ