Your current deal is about to end and you want to see if you can save money by switching mortgage lenders? Want to discover if you can borrow more from your lender?

Many people choose to re-mortgage at the end of any given fixed rate tie-in period or at the end of a special deal. In most circumstances, if you do not re-mortgage then you will revert to your lenders standard variable rate, which is normally much higher than the rate you were previously on during your deal period.

It may suit some borrowers to revert to a standard rate with no tie-ins, for example if you are thinking of moving home shortly or perhaps aren’t sure of your shorter term plans. Sticking with the variable rate allows for a greater degree of flexibility as there are often no early repayments charges involved if you switch lender or pay off your mortgage in full.

It is prudent though, that if you have no plans to move then you should consider what alternative deals are available to you. Most lenders are happy to offer existing clients a new special rate at the end of a professional period as they are usually keen to keep your business. Loyalty, however, doesn’t necessarily always pay off and neither is it always rewarded.

Our advice at Prospero Mortgage Solutions is to begin the process of checking re-mortgage deals around four months before the end of your existing deal. Our helpful consultants will help you to find the best solution tailored to your needs.

It may be the case that your new mortgage will be different from your existing one as you may wish to alter the loan size or term or perhaps release some capital for home improvements. Not all lenders will be prepared to lend to you on the original basis of your loan, particularly if your circumstances have changed.