Actions you could take if your fixed-rate mortgage is ending

There are several things you could be doing now that could help if your fixed-rate mortgage is coming to an end and you’re concerned about rising mortgage costs. 

Five things you could be doing if your current fixed deal is due to expire

If you’re on a fixed rate, it’s worthwhile knowing the end date of your current deal. This will let you know whether you are able to fix a rate on a new mortgage deal early or not.

We provide mortgage advice with the aim of securing the right mortgage deal for your situation. 

We achieve this by spending time understanding your individual circumstances and requirements and will review thousands of deals on the market, many from lenders not available on the high street. Our experienced advisors can think flexibly, considering many different options that might not automatically be apparent, to ensure we find the right solution for you. 

We work flexible hours and are on hand at a time that fits in with you. Take that first step and make an appointment with one of our advisors today https://calendly.com/mallory-financial/mortgage-fact-find?month=2023-08

If your current deal is within six months of its end date, we can apply for a mortgage on your behalf on the rates available now, providing peace of mind that you won’t default on to a typically higher standard variable rate at the end of your mortgage term. This would protect you against any further rate rises and, in the meantime, you could stay on your current deal until the contract expires.

Reviewing you monthly outgoings and setting aside funds now would give you a safety net if mortgage rates were to go up. You could also look at creating a budget to gain better control over your finances or consider boosting your income by increasing your hours or asking for a pay rise.

If you’re coming off a fixed rate deal, you could be facing an increase in your monthly mortgage payments due to the current rate of interest. Making a lump size payment before starting a new deal could lower your repayments and, by reducing your term, you could save interest over the lifetime of the mortgage too. 

We are here to support you

You can be safe in the knowledge that our qualified and friendly advisors will do all they can to provide help and support, whenever you need us.

So, if your fixed rate is coming to an end and you need help with what your next step might look like, then contact us today for helpful, practical, and relevant advice.

Sources
https://www.thetimes.co.uk/money-mentor/article/five-things-to-do-if-fixed-rate-mortgage-ending/

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