When my fixed-rate mortgage deal ends, is it the same process to find a new deal?

49IM

My five-year fixed rate mortgage deal comes to an end in December so I'm thinking about what happens next. Am I right in thinking that these are my options:

1) Allow it to lapse onto my bank's SVR and continue as before (this will represent a rate increase for me, so not ideal)

2) Shop around for a new deal and apply for it just like I did for this one, pay arrangement fees, etc?

For option 2 are there other costs involved? Is there some kind of legal work involved in transferring the debt from one bank to another? Anything else I should know?

FYI: I owe £33,500 on a £130,000 house, i.e. about 26% LtV

Thank you

ACG

Yes.
For option 2, most lenders include free valuation fees and legals or around £500 cashback.

On a Mortgage of £33,500 I would probably avoid a Mortgage with any fees what so ever, unless you are getting cashback for the same or greater value.

49IM

Thanks!

I also meant to ask, while I'm here - does this juncture provide an opportunity, should a lender consider it, to deepen my mortgage and get some more cash out? Which I presume will be subject to the usual lending criteria, maybe 4x salary at best.

ACG

Everything is subject to underwriters discretion and affordability but yes you can look at doing that.