Step 5: Secure a rate early

 

Just because your fixed rate ends in 2023, what's stopping you from looking this year?

Did you know that you can secure a new rate up to 7 months prior to your rate ending, whilst avoiding any early repayment charges?

 

It's wise to speak to a broker prior to your rates expiry, but when?

 

As mentioned before in Step 1, understanding your current mortgage and knowing the exact date your current product will end are vital. Your lender is likely to send you a letter close to your rate's expiry date, but this could leave you very little time to secure a better rate before switching onto the Standard Variable Rate (SVR). Which, in the current climate, could be quite high!

 

A broker can secure a new rate 7 months in advance

 

Speak to a broker 7 months in advance of your product's end date and they could secure you a better rate which they will be able to "save" and arrange to be transferred at the end of your current rate.

 

Speaking to a broker before waiting to hear from your lender directly will save you money!

 

Ask us about our rate check service!