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Is your current mortgage fixed interest rate expiring – what can you do?
Don’t panic – we have listed your possible options below to help you plan.
Why Should You Plan For Your Current Fixed Rate Expiry?
It is important to review your options for when your current fixed rate expires, as you will move onto the lenders Standard Variable Rate (SVR) – which is often much higher. That could mean there is an increase in your monthly payments.
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Here are the main routes you can take
1. Switch to a new fixed rate with your current lender
- Keeps your mortgage with the same lender, often without legal or valuation fees
- No fees from us
- Usually a straightforward process with minimal checks
- Great for speed and simplicity
- No affordability checks which allows you access to the possibility of selecting shorter fixed term products
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2. Remortgage to a new lender
- A great option if you wish to raise funds on your property
- Can potentially unlock a better deal, especially if your property has risen in value.
- May involve additional checks, legal work, and fees – but could save you more in the long run.
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3. Refinance with your current lender
- If you are looking to raise funds on your property
- The lender’s new mortgage products may be cheaper than the product switch rates
- Not all lenders offer this option
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How can Advocate Finance help?
We offer a free review of your buy-to-let portfolio, no upfront fees and we don’t charge a fee for a product switch!
We provide a FREE assessment on all our services.
Please contact me directly for more information, or use the Get in Touch With Us Today feature at the bottom of this page.
