Did you know you can rebook a rate 6 months before your fixed rate period on your mortgage expiry? Then after that 6-month period if a better deal appears you can switch.

This process can save you thousands over the lifetime of your mortgage. A common dream/hope we hear is to ‘pay off the mortgage early’ and this process can help you achieve it.

Start with….

Collect your documentation together. Recent annual statements will remind you of your loan amount.

Find the loan agreement you signed when you took the loan. This document tells you all your terms and conditions for taking the loan. As well as more essentially what your current rate is and your mortgage expiry.

Take a look at the internet to get an overview of rates and what is on offer.
Discuss with your current bank about how they can help you.
Speak to a brokerage, they have access to products that you will not be able to. You should specifically ask what are your end-of-mortgage term options. Understanding what happens with a fixed-term mortgage ending is essential.

Check if you can get a better rate or if you can pay off your mortgage faster. Make sure you are happy with the terms of your mortgage and that they suit your needs. Make sure that you understand all the details of your mortgage and that you are getting the best deal.

Consider refinancing if you can find a better rate. You should also review your mortgage term regularly to make sure that you are still getting the best deal. Check to see if there have been any changes in the market that could benefit you. Talk to your mortgage lender or mortgage broker about any changes you may want to make to your mortgage term.

Cost of living help…
Increases in the cost of living are impacting many households. In recent years we have been in a low-interest environment. However, with the rapid increase of the Bank of England base rate (BBR) many people that are currently on fixed rates will be met with a very different financial environment upon expiry of their mortgage term. As the cost of living increases across all our essential items (and non-essential) don’t let your mortgage cost suffer any more than it should.

In addition to this, many households are expecting monthly mortgage payments to increase too – whilst there is little that can be done to manage the cost-of-living increases, there are steps that can be taken to manage your mortgage repayments each month.

Are you on a repayment mortgage?
If you have a repayment mortgage, whereby the balance of the mortgage reduces each month alongside paying the interest costs, then the shorter the term – the quicker the mortgage is repaid, but with this, the larger the monthly repayments will be. There may be options available to you, which would allow a review of your mortgage term. In taking a longer mortgage term, you may benefit from a lower monthly mortgage repayment, but you will pay more interest over the term. In some situations adapting the term of your mortgage can help with equity release.

Here at Hallcroft Finance, we are happy to have a no-obligation review of your circumstances and discuss the different options that are available to you, providing advice on what mortgage we believe is best suited to your circumstances.

Get in touch with Hallcroft Finance on 0113 322 6411 or Andrew@hallcroftfinance.co.uk for a review.

We’re happy to provide appointments in person, over the telephone or virtual appointments via Microsoft Teams. If you want to act now here is a link to book a call. We will be in touch with you to discuss your exact position.


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