Planning Your Next Mortgage Move: Expert Advice on Whether to Stick or Switch as Your Current Deal Nears its End

Planning Your Next Mortgage Move: Expert Advice on Whether to Stick or Switch as Your Current Deal Nears its End

As homeowners near the end of their current mortgage deal, questions arise about whether to stick with their existing lender or explore new options.

Mortgage brokers advise planning ahead to avoid being switched to the lender’s standard variable rate (SVR), which can significantly increase monthly payments.

Considerations for Early Action

While it may seem premature to start the remortgaging process more than six months before the current deal ends, homeowners can benefit from early planning.

Locking in a mortgage offer within the typical six-month validity period allows flexibility to secure rates and explore other options if necessary.

Exploring Product Transfers

One option to consider is sticking with the current lender through a product transfer.

This route offers simplicity and requires less paperwork, though it may not always yield the best possible deal.

Homeowners should weigh the advantages of convenience against potential savings when deciding whether to explore alternatives.

Expert Advice on Timing and Options

Mortgage brokers emphasize the importance of discussing individual circumstances and future plans when considering a remortgage.

Factors such as changes in monthly payments due to rising interest rates or opportunities for home improvements should be factored into the decision-making process.

Navigating the Decision

Ultimately, the decision to stick with the current lender or switch to a new one should be based on what is most cost-effective for the homeowner.

Mortgage brokers recommend thorough comparison shopping and ongoing monitoring of rates to ensure homeowners secure the best deal available.

Expert Insights on Sticking with Current Lender

While sticking with the current lender may offer simplicity and speed, homeowners should prioritize securing the best possible deal.

Mortgage brokers caution against choosing convenience over potential savings and advise homeowners to remain vigilant for better offers even after a mortgage offer is issued.

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