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Mortgage Checklist

Make sure you have thought about everything before going ahead

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Changing or getting a new mortgage is not always easy. There are a lot of things to consider. Use our mortgage checklist to make sure you have thought about everything.

The information on this page applies across the UK. Be aware that property laws are different in Scotland.

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?

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, such as:
  •  No fees
  •  Start the new rate now
  • If you change your lender, it may delay the process and add fees

Choose stability or the lowest payment

This may help you choose your next move if the rate is ending.

There are different types of mortgage rates:

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

Not sure what these terms mean? Find out with our guide to mortgage jargon

What you choose will determine the rate and any fees.

Think about:

  • What your current rate is
  • What the SVR of your lender is - could it be lower?

Fixed rates:

  • Grant stability for a time
  • 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
  • Offer lower payments for a time

household bills iconWorried about money and your mortgage?

Maybe it is a strain to keep on top of monthly spending. Or you don't know what to do when your fixed rate mortgage ends.

Together, we can look at your situation and unlock your options.

Read our homeowner guides.

Consider how long it may take to get your mortgage agreed

Lenders are busy.

  • Underwriting takes longer. This process involves:
  •  Checks on your credit history
  •  Making sure you can afford the property
  •  Making sure you are eligible
  • Conveyancers are busy
  •  These 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.

The current market is volatile and clients are seeking to secure deals.

Make sure you can afford any penalties

  • Do you have any penalties?
  •  You may have if you break any fixed deal to get a new rate
  • Is the new rate worth the penalty?
  • It may not be best to act before your rate ends

Let us help you work it out.

Are you sure you want to move/get a new mortgage?

Ask yourself:

  • Are you moving but need to raise more?
  •  Can you take your current mortgage with you to the new property?
  •  Can you make use of the current rate?
  •  Could this be better than a new mortgage and rate?
  • Do you need home improvements?
  •  Do you need them now with higher rates?
  •  This will increase borrowing and lower equity
  •  Is this cost effective?
  • Is it the best option?

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.

Now that has changed to none.

  • Do not wait if there is a suitable deal for you. Get the application moving
  • If it is not submitted, it is not secured

Did you know? It takes an average of 72 days to complete a mortgage (2022)

StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd. Authorised and regulated by the Financial Conduct Authority. FCA reg. no. 517674.