Is your current mortgage as competitive as the best new deals on the market today?
You can save hundreds - perhaps thousands - of pounds by shopping around, so it’s a good idea to review your mortgage regularly to check whether you should switch to a better deal.
How often should you review your mortgage?
Ideally you should keep a regular eye out for better mortgage deals – new ones are coming on to the market all the time and if you’re not locked in to a fixed period deal with an early repayment charge it could be worth your while changing lenders (remortgaging) at any time.
At the very least, you should review your mortgage:
- When interest rates change – because this will affect how competitive your current deal is
- When your current mortgage deal comes to an end – as your rate may increase
- Once a year if you’re not tied in to deal with early repayment penalties – to see how your current deal compares to new deals that have come onto the market.
Your home may be repossessed if you do not keep up repayments on your mortgage.