I am under 50. Can you help me find a different mortgage?
Sorry, that is not something we can help you with. To find out where to get free and impartial mortgage advice, visit the MoneyHelper website.
Are you worried about your fixed rate mortgage term ending?
Millions of people are coming to the end of the fixed rate on their mortgages. If this is happening to you, you may feel you cannot afford the new rate. Or you may have fallen behind with payments already.
Read our guide to find out what you can do.
Questions people often ask us about mortgages
Can I remortgage to pay off debt?
This may be possible, depending on your situation.
You might be able to:
- Get a mortgage deal with a lower monthly payment. This frees up money to repay your other debts
- Borrow money against your home, possibly through a remortgage with another provider
You will need to weigh this up carefully and get unbiased advice to find out what is right for you.
Before going ahead with any solution or financial product you need to be clear about the risks and benefits. Risks could include:
- Longer repayment terms
- Securing the mortgage against your home
- More interest to repay in total
This can depend on the type of mortgage and the deal you are offered.
Read our guide to remortgaging to pay off debt.
Unlock your options as a homeowner
Find out more about how to deal with mortgage arrears, fixed rate ending, how debt can affect your home - and more.
Read our guides
What fees and extra charges are involved in changing my mortgage?
These are set by the company you get your mortgage through. They do vary and can depend on the value of the property and your current deal.
You may have to pay a penalty charge to change your mortgage.
The fees will usually be broken down by:
- Advice fee: Some advisors will charge you for advice
- Valuation fee: Most lenders offer a free basic property valuation on any new applications. There is often a fee for any further advance applications
- Legal fee: You should agree a fixed fee with your solicitor.. Fees depend on the work needed
- Application fee: This can depend on the product you go ahead with. Lenders may offer a cheaper interest rate instead
What type of valuation would I need to get a new mortgage?
The valuation depends on how much you wish to find out about the condition of the property, the type of property and where you live in the UK. The mortgage lender will tell you what kind of valuation they need.
The three most common reports are:
- A basic valuation. This is to work out the property’s value
- A homebuyers report. On top of the basic valuation, this also lists any works that need looking at quickly
- A structural survey. This will give you a full detail of:
- The structural integrity of the property
- Current and future works needed
- Confirmation of the value
How much can I borrow?
This is based on what you can afford. Lenders use their own ‘affordability criteria’ to work this out. To do this your mortgage advisor will look at your income and spending in full.
Can I take out an interest only mortgage?
Interest only mortgages are still available. But you will need to meet very strict criteria.
You will also need to have an adequate repayment vehicle linked to the mortgage. To avoid the risks associated with an interest only mortgage, most mortgage providers and clients prefer repayment mortgages.
This means your mortgage will be fully repaid at the end of your term, should you make all your payments.