Fix Rates commonly last for 2 or 5yrs. There will be an Expiry date to these rates and once you pass that date then you will move on to your current lender Standard Variable Rate which is generally much higher, leading to an increase in monthly payments.

You should to start to review your options at least 4 months before this date giving you plenty of opportunity to have everything in place and on time to avoid increases in costs.

How do you know what the best thing to do is?

I have the facility to give a cost analysis comparing lenders to ensure that I recommend the cost effectiveness of the product. One thing that clients challenge me over is the Fee a lender charges for the mortgage. This is commonly known as an Arrangement or Product Fee. These fees can be paid up front, but the majority of the time are added to the mortgage.

Generally if there is a Fee then the interest rate is lower and no fee normally leads to Higher interest rate.

The key part is that I compare 3 main areas;

• Letting the Fix Rate Expire and Move onto the Standard Variable Rate

• Move to a New Product with Existing Lender

• Moving to a new Lender

All 3 will have their merits at time of advice but which one is best for you?

Contact Us

01789 268167

info@man4mortgages.co.uk