5 Signs It’s Time to Review Your Mortgage Deal

Is it time to review your mortgage deal? Here are 5 signs, it could save you money and improve your financial security.

Your mortgage is likely your biggest monthly outgoing. Yet once the paperwork is signed, many homeowners forget about it until the deal ends. The truth is, waiting too long can cost you thousands.

Reviewing your mortgage at the right time helps you stay in control, save money, and avoid slipping onto higher rates. Here are five clear signs it might be time to take another look at your deal.

1. Your fixed rate is ending soon

Most fixed-rate deals last between two and five years. As the end approaches, your lender will usually move you onto their Standard Variable Rate (SVR). This rate is almost always higher. Reviewing your mortgage in advance gives you time to switch to a new deal and avoid the jump.

2. You are already on the Standard Variable Rate

If your deal has ended and you have slipped onto the SVR, you are likely paying more than you need to. The SVR is controlled by the lender and can change at any time. A remortgage often provides more stability and can save hundreds each month.

3. Your circumstances have changed

A pay rise, new job, or reduction in outgoings can improve your affordability. That may open the door to better rates or higher borrowing if you are moving. Likewise, if your situation has become more complex, reviewing early gives time to plan the best approach.

4. Your property value has increased

If your home is now worth more than when you bought it, you may fall into a lower loan-to-value bracket. That can unlock cheaper rates. A review will show whether your increased equity puts you in a stronger position.

5. You want to borrow more

Home improvements, consolidating debts, or helping a family member may mean increasing your mortgage. Reviewing your deal lets you explore whether additional borrowing is affordable and sensible.

The Bottom Line

Your mortgage should not be left to run on autopilot. If any of these signs apply to you, a review could save you money, reduce risk, or open new opportunities.

Your home may be repossessed if you do not keep up repayments on your mortgage or other loan secured against it.

• How soon before my deal ends should I review?

  Around six months before your current rate ends is a good time to start.

• Can I change deals if I am still in a fixed rate?

  Yes, but you may face early repayment charges. A broker can check if it is still worthwhile.

• Will my credit score be affected by reviewing?

  A review itself will not, but a full application usually involves a credit check.