When your fixed-rate mortgage ends, you will need to either renew your mortgage, refinance it, or pay off the outstanding balance.
If you choose to renew your mortgage, you will have the opportunity to negotiate a new interest rate and terms with your lender. You can either renew your mortgage with your current lender or look for a new lender who may offer more favorable terms. Before renewing your mortgage, it is important to shop around to ensure you are getting the best deal possible.
Alternatively, you can choose to refinance your mortgage, which involves taking out a new mortgage to pay off the existing one. This can be a good option if you want to lower your monthly payments, change the term of your mortgage, or access the equity in your home. Refinancing can also allow you to switch from a fixed-rate mortgage to a variable-rate mortgage or vice versa.
If you choose either renew or refinancing, it’s best to seek advice to help you understand the full range of remortgages available to you.
If you are unable or choose renew or refinance your mortgage, you will need to pay off the outstanding balance of your mortgage in full. This can be done by using your savings or selling your home.
It’s important to note that you will likely receive a letter from your lender a few months before your fixed-rate mortgage term ends to let you know what your options are and to provide you with information about the renewal or refinancing process.
To learn more about the remortgage services available at our family-run business and how we can help you get the keys to your very first home, feel free to book your appointment with one of the experienced mortgage advisors at UKMC today.
If you’d like to discuss your remortgage requirements with a member of our team before booking your appointment, simply request a call back at a more convenient time. For those who prefer to have a face-to-face conversation and live in the Cheshire area, we welcome visits to our Warrington office!
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
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