Mortgage rate expiring – how early can I review my current mortgage deal?

Here is what to do if your mortgage rate is expiring.

There is no need to worry about your mortgage rate expiring. Any mortgage deal has got an expiry date. Whether this is a fixed rate or tracker rate however how much in advance should you review your options?

A mortgage offer is valid for six months, this means that you can start looking for a new deal as much half a year in advance. This doesn’t mean you will change your deal before the expiry date, but just means you can book an interest rate in advance just in case these increase before your current deal comes to an end.

What happens if I have secure a new product but receive a mortgage offer from the lender and the rates available in the market have reduced?

No problem! The mortgage offer can be revised with a new product if this is financially beneficial to you… where the catch is?

There is none! By reviewing your current mortgage deal as early as six months in advance you have got nothing to lose, you will just take the right steps to put yourself in the best position by locking a rate, just in case these increase in the following months.

If your mortgage rate is expiring then this is exactly the right moment to contact a mortgage broker. A good broker will have access to the whole of market product availability which has the best opportunities for your mortgage renewal.

Book your free consultation here so you can learn more about what we can do for you.

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