You could be facing higher repayments if your mortgage is due to expire this year

If your mortgage deal is due to end in 2024 you will likely face an increase in your repayments due to the interest rates still being higher than what they were when you took out your fixed rate deal a few years ago. 

Why are mortgage rates higher? 

Over the last couple of years, we have seen increasing inflation, where goods and services have become more expensive. To curb this, the Bank of England has increased the base rate several times to try and discourage spending and to encourage saving resulting in an increase in borrowing costs, including mortgage rates.

Sitting still could result in higher repayments

Not acting will result in being moved on to the lender’s Standard Variable Rate (SVR) when your fixed rate expires. The interest rates on a SVR may be higher than those on a fixed-rate deal, so it’s always worthwhile acting ahead of your fixed rate expiry date by having your next deal lined up in time, helping you to avoid paying more than you need to. 

Speak to Mallory Financial for advice

It’s not always easy to know what mortgage product is right for you, so that’s where the value of professional mortgage advice comes in. We are here to listen and to recommend products that we believe are most appropriate for you and your unique circumstances. 

Ways we could help you secure a better mortgage rate

We could potentially save you money by having access to more competitive deals from high-street lenders that are only available through brokers, plus attractive deals from specialist lenders.

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 reassurance that you won’t default on to a typically higher standard variable rate at the end of your mortgage term and further protecting you from the risk of any future rate rises. The bonus is you’re not tied into this, so if rates drop in the meantime we can move you on to the most competitive deal 

We are here to support you

We understand that the current mortgage market and the potential increase in repayments could provoke concern for those facing a remortgage later this year. We can help put your mind at rest by supporting you through the remortgage process and securing the best product for your situation. 

Take a positive step today by making an appointment at a time that suits you. 

Contact the team on 01565 874 246

We help make our customers feel happy

A very friendly and helpful company I couldn’t fault them they definitely went the extra mile to provide us with an excellent service.

John Edmondson, Your Content Goes Here

Our Financial advisor was Jayne Knight. She was fantastic! Always responded to messages and emails really quick. Will definitely use her again.
Thank you

FIONA OHALLORAN , Your Content Goes Here

Absolutely brilliant service!
I cannot recommend Mallory Financial enough. We didn’t know what to expect from this experience as it was our first time buying and our advisor made it so clear and stress free, they have gone above and beyond at every step of the way. Can honestly say it’s the best money we’ve ever spent to get this level of service and peace of mind! Do not hesitate for a second!

Cristina Connor, Your Content Goes Here

Many thanks to Jayne and her team, she really made the process easy, and her help at finding the right mortgage was brilliant.

Andrea MacGillivray, Your Content Goes Here

Think carefully before securing any other debts against your home. Your home/property may be repossessed if you do not keep up repayments on a mortgage. There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £250 to £1,000 and this will be discussed and agreed with you at the earliest opportunity. 

Read related news articles

Want to stay in the loop?

Subscribe to our free newsletter