If you own a home in Cramlington and your fixed-rate mortgage is coming to an end, the most useful thing you can do this month is get your mortgage checked. Cramlington has a large number of owner-occupiers who bought or remortgaged onto a fixed deal a few years ago, and when that deal ends the lender moves you onto its standard variable rate unless you act. That rate is rarely the best one available to you.
This guide explains what a whole-of-market mortgage review actually is, when to start one, and how it fits with a move if selling is on your mind.
What happens when your fixed rate ends
When a fixed or discounted deal expires, your lender automatically switches you to its standard variable rate. Your payment can change from one month to the next, and for many homeowners it goes up. You have no obligation to stay there. You can usually move to a new deal with your current lender, or to a different lender altogether, without moving house.
Most lenders let you lock in a new rate several months before your current one ends, so the sensible time to look is well before the end date, not after it. If you are not sure when your deal finishes, your latest annual mortgage statement will tell you.
Property services in Cramlington
- Estate agents in Cramlington
- Sell my house in Cramlington
- Free property valuation in Cramlington
- Conveyancing solicitors in Cramlington
- Mortgage advisers in Cramlington
- Property surveys in Cramlington
Find out what you can actually borrow
Get your finances lined up before you fall for a property. Tell us your situation and we will arrange whole-of-market mortgage advice.
Get mortgage adviceWhat a whole-of-market mortgage check does
A whole-of-market adviser is not tied to one lender. Instead of seeing the handful of products your own bank chooses to show you, they compare deals across the wider market and match them to your circumstances: your balance, your property value, your income and how long you want the rate to be fixed.
That is the point of whole-of-market mortgage advice. Some lenders offer rates you cannot get by walking into a branch, and the right choice is not always the lowest headline rate once fees are counted. A good adviser looks at the total cost over the deal period, not just the monthly figure.
Could you pay less each month?
We cannot promise a saving without seeing your details, and we will never quote figures we cannot stand behind. What we can say is that many homeowners on a lapsed fixed rate or their lender's standard variable rate find that a fresh look produces a lower monthly payment, or a better deal for the same money. The check is free, and it is worth doing even if you end up staying put.
If you want to see the effect of different rates on your own numbers, the free mortgage payment calculator shows how the monthly cost changes as the rate and term change. Use it before you speak to an adviser so you know what you are comparing against.
2-year or 5-year fix?
There is no single right answer, and anyone who tells you otherwise without asking about your plans is guessing. A shorter fix gives flexibility if you expect to sell or change circumstances soon. A longer fix gives certainty if you want to stay put and budget with confidence. The key is to check the early repayment charges on any deal, because these can apply if you sell during the fixed period.
Some deals are portable, meaning you can take the rate with you to your next home, subject to the new lender's criteria. That matters if a move within Cramlington or elsewhere in Northumberland is on the cards.
Thinking of selling as well?
A mortgage check and a valuation work well together. Knowing what your home is worth tells you how much equity you have, and that decides which deals you qualify for and how much choice you will have on your next purchase. If a move is possible in the next year or two, our Selling Advice Meeting and Valuation gives you an honest figure and a clear plan. Our complete selling package is £1,299, and our homes have averaged 14 days to sale agreed against a national average of 77 days.
You can also read our Cramlington area guide to see what makes the town popular with families and commuters.
Your next step
Check when your fixed rate ends, then request your free mortgage check. It takes a few minutes, it does not affect your current mortgage, and it could put a lower monthly payment within reach.
