End of mortgage deal, what next?

Locornwall

Next year my mortgage deal will finish. Will I be automatically offered a new deal by my current mortgage provider and if so, will that involve going through the same checks?

~Beanie~

You will automatically go onto their SVR (standard variable rate) and will probably have to contact them yourself to sort out a new deal, rather than expecting them to offer you anything,

muhandis

With the increased focus by lenders on trying their best to retain customers at the end of a fix, you are more likely than not to be offered the opportunity to switch products by your lender a few months prior to your deal expiring.

For products switches without any changes in loan amount or term, most lenders (not all) will give you the option to do a non-advised switch online which does not involve a new affordability check or a new credit check.

As always, exceptions apply.

As the poster above says, if you don't switch products or remortgage by the end of your fix, you'll be dumped on to the SVR.

Locornwall wrote: »

Next year my mortgage deal will finish. Will I be automatically offered a new deal by my current mortgage provider and if so, will that involve going through the same checks?

dimbo61

Have a look on your lenders website.
Check for new deals for exiting customers.
Who is your lender ?
Depending on the size of the loan and your circumstances you may find a better deal with another lender.
A Whole of Market mortgage broker might help

Locornwall

Halifax. I'm currently on a 1.99% mortgage. They don't appear to offer anything better, however I'd be happy staying on that and not paying any fees.

~Beanie~

Locornwall wrote: »

Halifax. I'm currently on a 1.99% mortgage. They don't appear to offer anything better, however I'd be happy staying on that and not paying any fees.

You won't stay on that though, you will go onto the Halifax Homeowner Variable Rate which is currently 2.84%.

erin110

~Beanie~ wrote: »

You won't stay on that though, you will go onto the Halifax Homeowner Variable Rate which is currently 2.84%.

Halifax's SVR is 3.74% not 2.84%


There are lenders more competitive than Halifax. It may be a good idea to speak to a whole of market broker who can compare this for you.

Locornwall

When I remortgage will I have to have a new valuation done? Most deal are better based on the LTV. I'm sure my property value has increased significantly since purchase and I therefore think the LTV % will be better.

amnblog

To do a property switch with Halifax is a fairly simple process (unless you have an interest only element to the mortgage, your mortgage term takes you beyond retirement age, or you have arrears on the account, when matters become more complex).


Switch rates with Halifax are generally not as keen as those available with other Lenders (although the difference can be marginal).


Switching to a new Lender involves re underwriting of you and revaluation of the property.