The Smart Way to Renew Your Mortgage: Planning Ahead

If you are wondering when is the best time to renew your mortgage, or if you haven't thought about it at all - You need to read this!

This is, simply, the most useful advice I could give anyone with a mortgage renewal coming

up: know exactly when your mortgage product ends and act six months in advance!

Years ago, before I became a mortgage advisor, "when can I renew my mortgage" was not a thought at the forefront of my mind and I had no idea that reviewing my mortgage options early was even a thing. I wouldn't have a clue when my current product was ending, and I'd just rely on a letter or email from my lender to tell me my rate was about to expire, and I needed to act. Those emails were dismissed, and the letters put aside with all the other "to-dos" I needed to get around to. "Life's busy," I'd think, "and my mortgage isn't up for three more months. I'll deal with that later."

But what I didn't realise then was that I was potentially costing myself money – maybe even

£1,000 – by not reviewing my options as early as possible.

Since the market took a nosedive in 2021, this advice has become even more relevant. Even

a slight shift in interest rates can lead to huge amounts of additional interest on your

mortgage, and it could be an unnecessary cost.

In my opinion, the best way to approach your upcoming mortgage renewal is to take action

six months before your current product ends. Anyone who follows me on social media knows

I harp on about this all the time! The big advantage here is that you can lock in the best

mortgage product that suits your needs at that moment, and then our team can monitor the

market with you.

What you're doing at this stage is essentially "pencilling in" a product for six months down

the line. If your circumstances change within that six-month period, you can easily switch

plans, cancel, and reassess the market. You have your mortgage offer, but if things change,

you can cancel it down.

Most importantly, if interest rates were to increase within that six-month period, you've

already got a product locked in, and you're secured!

"But what if interest rates come down?" you might ask. Well, we can absolutely go back and

review the market to get you an even better option!

In my opinion, there's very little downside to acting as early as possible.

I practice what I preach. My own mortgage renewal was due in June 2024. The day my six month window opened, I locked in a product. The market did its usual twisting and turning,

and I was able to go back and update my product to a lower interest rate twice, saving me

money both times.

This is how our team approaches our clients' mortgage renewals: we book a 20–30-minute

call, assess their options six months in advance, and then we take it from there. They can sit

back knowing their mortgage is in good hands.

So, the key takeaways are: know exactly when your mortgage is due for renewal, take action

six months in advance, or better yet, reach out, and we'll get it all done for you!

Note - Your home may be repossessed if you do not keep up with your mortgage payments.