Are you coming to the end of your mortgage term?

The recent fall in interest rates is good news for many homeowners. However, if you are coming to the end of your mortgage term, then it’s still worth exploring your options. Compared to the past decade, mortgage rates are still relatively high, so you won’t want to get stuck on a Standard Variable Rate (SVR). SVR rates often prove to be more expensive.
Although property prices are not rising as fast as in previous years, switching to a different mortgage could enable you to find a better rate. If your home has risen in value, increased house prices usually lead to more favourable loan to value ratios (LTV). As a result, your mortgage adviser may be able to find you a better deal.

When should you consider changing your mortgage?

We recommend reviewing your existing mortgage deal when you are around 6 months away from the end of the term. This gives your mortgage adviser enough time to source a more suitable deal. Otherwise, when your current mortgage deal ends, you may be automatically switched onto your lender’s standard variable rate (SVR), which could be more costly.

If you do nothing and continue with an SVR mortgage, you may find that you are paying more for your mortgage each month. Always shop around and try to look for a mortgage deal that aligns better with your circumstances. When you switch to a new deal, you can usually borrow the outstanding amount owed on your mortgage.

How do you find the right mortgage?

It can be difficult to know where to start and very time-consuming if you attempt to research and compare mortgage deals on your own. Our mortgage advisers can save you time by being aware of the latest deals and knowing which one is the most suitable for you.

If you are thinking of remortgaging, then it’s also important to know when this is not suitable for your situation. It might not be right to remortgage if your property value has dropped, your credit situation has changed, or when you only have a small mortgage debt. It might also not be appropriate to remortgage if you have a high early redemption charge (ERC) on your current deal.

Use an experienced mortgage adviser

As there are hundreds of mortgages available, it’s important to find a deal that suits your individual circumstances. At Bubble Finance Hub, our experienced mortgage team will listen carefully to your needs and look at every detail to find the right solution. With whole of market access, we can source a vast range of mortgage deals.

As we’re members of the Legal and General Mortgage Club, we can access exclusive mortgage rates, which you might not find elsewhere. Our approachable and supportive team have the ability to source deals from a large panel of mortgage lenders. We will also explain everything in plain English so you fully understand your options.

If you are coming to the end of your mortgage term, get in touch to book an appointment and discuss your options.

Your home or property may be repossessed if you do not keep up the repayments on your mortgage.

Thank you for reading our blog, Are you coming to the end of your mortgage term?

Bubble Finance Hub