With mortgage rates at their highest since the 2008 financial crisis1, those looking to remortgage have more to think about than usual.

Many whose deals are coming up for renewal will have agreed their mortgage at a time when Bank Rate was just 0.1%. Now, it stands at 5.25%.

If your deal is coming to its end, what do you need to think about before signing on the dotted line?

Start early

When your current mortgage deal expires, you’ll automatically be moved to your lender’s Standard Variable Rate (SVR) – their rate outside of any mortgage deals. Usually, this rate is higher than other types of mortgages, so you should always look to secure a new deal ahead of your current one expiring.

Consider a tracker or variable rate mortgage

Whilst fixed-rate deals are a popular choice for mortgage holders, they may not always be the most suitable choice while mortgage rates are high or the economy uncertain. A variable rate or tracker mortgage moves up and down with Bank Rate – so while your payments could go up, they could also come down in the future.

Take advice

Our experts are here to advise you and help you select the most suitable mortgage product for you, so please talk to us if you have any concerns.

Your home may be repossessed if you do not keep up repayments on your mortgage.

1 Money Facts, 2023