When should you review your fixed-rate mortgage?
Starting early gives you time to compare staying with your lender against moving elsewhere without making a rushed decision.
Why starting early helps
Reviewing several months before a current deal ends can create time to assess affordability, property value, fees and any changes in your circumstances. It can also reduce the risk of drifting onto a lender's standard variable rate without considering the alternatives.
An early review does not mean you must complete immediately. It means you have enough information and time to make a considered decision.
Product transfer or new lender?
A product transfer with your existing lender can sometimes be straightforward, while moving to a new lender may provide different pricing, criteria or flexibility. The appropriate route depends on the total cost and your wider plans, not convenience or headline rate alone.
- Consider product and legal fees
- Check early-repayment charges
- Review the remaining mortgage term
- Discuss plans to move, overpay or raise funds
Circumstances may have changed
Income, family commitments, property value and future plans may all be different from when the existing mortgage began. A proper review should account for those changes rather than simply replacing one fixed rate with another.