Mortgage Renewal Process and advice

Ruben2019

Hi all 

Just wondering what the general process is when renewing the mortgage.

Part of our mortgage is on staff rate which is whatever base rate is (currently 1.25%). We are possibly looking to fix this part as Base Rate continues to increase. There is another staff rate available which is fixed for 5 years and showing as 2.5%. Would you advice us to change this now or wait a bit as the base rate is still low in comparison but we know it will increase over the year and beyond.

With renewal would we have to provide pay slips again and go through credit checks etc 

[Deleted User]

Ruben2019 said:

Hi all 

Just wondering what the general process is when renewing the mortgage.

The general process is to choose a product that suits you - or stay on your current lender's SVR if that suits you better. 

Whether you go for a fix or stay on your current product depends on what you think rates will do, how risk averse you are and whether you're planning to move within the fix period and what the implications are of that.

Remember also that the impact of rate changes diminishes as the balance of your mortgage reduces. So you need to assess it in relation to your personal circumstances.