The end of your fixed rate mortgage – What next?

When your fixed rate mortgage deal comes to an end, it is important to speak to an independent mortgage adviser to support you in making an informed decision for the next step in your mortgage journey.

By evaluating all aspects of your mortgage, such as interest rates, fees, penalties, and costs, Blackdown Financial will give you peace of mind that you have researched all available mortgage options to suit your individual needs.  Should you decide to remain with your current mortgage lender this will be processed by Blackdown Financial free of charge.

There are several factors to consider when deciding whether you should stay with your current mortgage provider or consider switching.  These include –

  • Interest rates – Comparing your current lender’s interest rate to the latest available market rates.  Securing a lower interest rate with a different lender may save you money in the long run.
  • Fees and costs – Evaluating all costs, such as lender application fees, to determine how long it will take to recoup costs through lower repayments.
  • Financial situation – If your credit score has improved since you first secured your mortgage, if your property has increased in value or if your income has improved, you may be eligible for better terms with a new lender.
  • Additional services – Considering any additional benefits that a mortgage provider may offer such as enabling you to make additional payments or extending the term to reduce payments.
  • Interest rate options – You may wish to opt for a fixed, variable or tracker rate.
  • Redemption penalties – Always check your current mortgage agreement for any redemption penalties. 

The decision to stay with your mortgage provider or switch to a new one should be based on your financial goals, the terms offered by other lenders and your current mortgage agreement. 

At Blackdown Financial we will support you in reviewing your options, ensuring you consider the potential long-term benefits before making a recommendation final decision. 

Call us on 01823 321616 or email to discuss.

Please note that as a mortgage is secured against property, it could be repossessed if you do not keep up the mortgage repayments.

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