Your mortgage deal may have been competitive when you first got it, but regular reviewing of your mortgage when a better deal is available could save you thousands of pounds over the course of your term. It’s important to ensure you’re on the best possible deal and interest rate.
It's good practice to review your mortgage periodically, such as once a year or every few years, to ensure that you're still getting the best possible deal and that your mortgage aligns with your financial goals and circumstances.
You may need to review your mortgage for a number of reasons including the change in interest rates, a change in your financial situation, changes in the housing market, or changes to your personal goals.
At Bradley Hall, our expert mortgage team works hard to source you the best deal offering impartial and bespoke mortgage advice which is individually tailored to your needs and requirements. Seeking professional mortgage advice will ensure you are able to make the best decision about your situation and the future of your mortgage.
As new rates and products are launched all the time our mortgage experts have access to exclusive new deals on the market. If you are not locked in to a fixed or discount rate deal with an early repayment charge, it could be worthwhile re-mortgaging at the right time for you. Five reasons you should review your mortgage…
• When interest rates change, as this will affect how competitive your current deal is and it may be worth refinancing to take advantage of lower rates or to avoid rate hikes.
• When your current mortgage deal comes to an end, as your rate may increase.
• If there has been a change in your financial situation which could offer options to pay you mortgage off faster or if you need to adjust your monthly payments.
• When there are changes to the housing market it may be worth reviewing your mortgage to see if you can take advantage of equity or to ensure that you are not overpaying.
• Once a year if you are not tied into a deal with early repayment penalties. This is a good way to see how your current deal compares to new deals that have come onto the market in recent weeks and months.
If you aren’t looking into reviewing your mortgage when interest rates change, or your mortgage deal ends, you could lose out on better deals that are available on the market, which could cost you more money as a result.
For more information about mortgages and expert advice on how often you should review your mortgage contact the Bradley Hall mortgage team via mortgages@bradleyhall.co.uk or 0191 260 2000.
BH Mortgage Services Ltd is an appointed representative of The Right Mortgage Limited who are authorised and regulated by the Financial Conduct Authority (FCA) for general insurance, pure protection, and mortgage business. The Right Mortgage Limited is registered in England and Wales. Company No: 09863667. Registered address: John's Court, 70 St Johns Close, Knowle, Solihull, B93 0NH.
