When to review your mortgage
Start reviewing several months before a fixed or discounted deal ends. This creates time to compare a new deal with your current lender’s product-transfer options.
Compare the total cost
A lower rate is not automatically cheaper. Product fees, valuation costs, legal charges and early repayment charges can outweigh a modest monthly saving.
- Compare costs over the period you expect to keep the deal
- Check whether fees are paid upfront or added to the loan
- Consider how your loan-to-value may have changed
Prepare to apply
Lenders typically reassess income, expenditure, credit history and the property. Gather recent evidence of income and bank statements, and avoid assuming an existing mortgage guarantees acceptance elsewhere.