Mortgage Checklist

1. Think about when your mortgage ends

• Find out when your current rate is due to end
• Some lenders will let you apply for new rates
• You may apply up to six months before your current rate ends
• Can you get a deal in place before your current rate ends?

2. Find out what can your current lender can do

Moving may not be your best option.

Can you get a better deal by staying with your lender? They may offer better deals to current clients, like no fees or starting the new rate earlier.

If you change your lender, it may delay the process and add fees.

3. Choose stability or the lowest payment

This may help you choose your next move if the rate is ending. What you choose will determine the rate and any fees.

There are different types of mortgage rates:

• Fixed rates
• Tracker rates
• Discount variable rates
• Standard Variable Rates (SVR)

Think about what your current rate is and what the SVR of your lender is - could it be lower?

Fixed rates: Give stability for a time but may come with a higher rate than what you are used to. This could mean you have to make higher payments.

Discount or tracker rates: Can be unstable but can offer lower payments for a time.

4. Consider how long it may take to get your mortgage agreed

Lenders and conveyancers often have long processes that take time, like underwriting.

This involves:

• Checks on your credit history
• Making sure you can afford the property
• Making sure you are eligible

Conveyancers are the people who take care of the legal parts of selling property.

Ask yourself: Will this put you at risk of going on an SVR? Can you afford to wait?

You may need to act fast.

5. Make sure you can afford any penalties

Check if you will get a penalty for breaking any fixed deal to get a new rate. Is the new rate worth the penalty? It may not be best to act before your current rate ends.

It is best to get expert mortgage advice to help you work this out.

6. Are you sure you want to move or get a new mortgage?

It is a good idea to ask yourself these questions.

Are you moving but need to raise more money?

Consider if you can take your current mortgage with you to the new property. Can you make best use of the current rate? And could this be better than a brand new mortgage and rate?

Do you need home improvements?

Will you need them now with higher rates? This will increase borrowing and lower equity.

Do you want to consolidate your debts?

Will doing this be cost-effective for you? Get free online debt advice to find out how you can deal with your debt better in the long term.

7. When you find the right deal, don’t wait to submit the application

A decision in principle does not mean the deal is done. Before recent changes, only a small number of lenders secured a rate without a submitted application.

Don't wait if there is a suitable deal for you. If it is not submitted, it is not secured.