THE MIDLANDS PROPERT Y GUIDE MONEYWATCH FINANCE
Moneywatch Finance
MORTGAGE DEAL ENDING THIS YEAR? WHAT TO DO NOW (AND HOW TO GIVE YOURSELF THE BEST CHANCE OF A GOOD RATE)
42
If your mortgage deal is due to end this year, it is worth getting ahead of it now. Not because you need to panic, but because leaving it late can limit your choices and increase the chance of ending up on your lender’s Standard Variable Rate (SVR), which can be higher and can change.
A calm, organised approach usually leads to better outcomes than a last-minute scramble, and it starts with understanding two things: timing and credit.
WHAT HAPPENS WHEN YOUR DEAL ENDS?
When a fixed, tracker or discounted period finishes, many mortgages revert to the lender’s SVR unless you switch to a new deal. At that point, most borrowers will either:
• Switch to a new product with their existing lender, or • Move to a new lender, subject to eligibility, affordability checks and the lender’s criteria.
The right route depends on your circumstances, your priorities, and the overall cost once fees are taken into account, not just the headline rate.
TIMING: THE EASIEST WAY TO REDUCE STRESS
If your deal ends this year, the best move is to act early. Starting several months in advance gives you time to compare options properly, avoid unnecessary delays, and resolve any issues that might show up during checks.
It also reduces the risk of slipping onto SVR while you are still gathering documents or waiting for underwriting.
WHY YOUR CREDIT PROFILE MATTERS
Your credit profile plays a key role in the mortgage process. It helps lenders decide not only whether to lend but also which rates and terms they are prepared to offer. It is rarely the only factor, but it can influence the range of products available to you and how smooth the application process feels.
One important point that is often missed: there is no single universal credit score. Different lenders interpret the information on your credit file in their own way. That is why the most reliable approach is to focus on the fundamentals that most lenders look for: stability, consistency, and sensible use of credit.
THE CREDIT TIDY-UP THAT CAN MAKE A REAL DIFFERENCE
You do not need gimmicks. Small, consistent actions can help, particularly in the months before applying.
1) Check your credit file early
One of the simplest and most effective steps is to check your credit report well before you start applying. Errors are more common than many people expect, ranging from outdated addresses to accounts that do not belong to you. Correcting inaccuracies can improve your profile, but updates may take time to filter through, which is why early checks matter.
In the UK, the main credit reference agencies are Experian, Equifax and TransUnion, and the information can vary across them.
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