Call us: 0345 305 2540

When Can I Start Looking For A New Mortgage?

MORTGAGES | 05.06.2018

If you’re unhappy with your current mortgage, you may be wondering whether it’s possible to start looking for a new deal. After all, remortgaging your property has the potential to slash the amount of interest you pay and save you thousands of pounds over the course of your mortgage.

One question we’re often asked by clients is when is the best time to start looking for a new mortgage deal. Is it best to search and apply as soon as possible or wait until your current deal expires? Let’s take a look…

What should I do if I’ve got a fixed rate mortgage?

If you’re tied into your fixed rate period, find out when the fixed term expires. Once you’ve reached the expiration date, you’ll find it easier to switch to a new deal. However, it can pay to get organised as soon as possible and ensure you have a new deal lined up to move over to as soon as possible after your fixed rate period is over. After all, once you’re fixed period is up, you’ll automatically have to start paying your lender’s standard variable rate (SVR), which could be more expensive than the interest rate that you’re used to. We’d advise starting your search for a new deal around 3 to 4 months before your current one ends. Deals are constantly changing and you may find one that’s right for you only for it to no longer exist a few days later. Thankfully, some lenders will allow you to reserve a mortgage, meaning you could protect the best deal for you and access it once your fixed rate mortgage expires.  

What should I do if I’ve got a variable rate mortgage?

If you have a variable rate mortgage, you’ll already be susceptible to rate changes as your interest rate will rise and fall in line with the Bank of England’s base rate. You may find it easier to remortgage than someone with a fixed rate mortgage and you could make significant savings by remortgaging sooner rather later.  

Can you leave your mortgage deal early?

If you’re tied into your current mortgage deal and it doesn’t end for quite some time, it may be possible to leave it early and switch to a new product anyway. However, doing so could cost you a number of fees and charges. Sometimes, these fees and charges can be a drop in the water compared to the amount you’ll save in interest, so it’s important to do the sums to determine which option is most cost effective for you. If you’d like help remortgaging your property, please get in touch with the team at TaylorMade.
Talk to us

If you're unsure and need some advice just give us a call, our expert team of advisers are available to help you choose the mortgage that is right for you.

0345 305 2540 info@taylormade-finance.co.uk

By clicking on the above link you will be leaving the regulated site of TaylorMade Finance Ltd. TaylorMade Finance Ltd is not responsible for the accuracy of the information contained within the linked site.

TaylorMade Finance Ltd is authorised and regulated by the Financial Conduct Authority.

Complaints:

In the event that you wish to complain, you can contact us by email, telephone or letter.

Our address for this is:
Complaints Officer, TaylorMade Finance Ltd, 4 Church Road, Urmston, Manchester, M41 9BU. Our email address is info@taylormade-finance.co.uk and our telephone number is 0161 776 1089. We will then investigate the issues raised and inform you of our findings. Should you be unhappy with the resolution to your complaint you may contact the Financial Ombudsman Service, who can be contacted at the following address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR.

Email: complaint.info@financial-ombudsman.org.uk
Phone: 0800 0234 567

Your mortgage will be secured against your property.

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

Our fee for this service is 1.95% of the mortgage balance (minimum £1,295 to a maximum of £2,995 although reduced to maximum £1,995 without debt consolidation). Typically this will be £1,995.