Does your current mortgage deal expire in October? Read this.

Why Securing Your Renewal Now is Crucial.

October 2024 is shaping up to be a significant month for homeowners in the UK, with it being a month which sees some of the highest number of mortgage deals expiring this year. This surge in renewals presents a crucial opportunity for homeowners to secure potentially significant savings on their mortgage payments by planning and acting ahead.

Here's why reserving your mortgage renewal now is essential:

Locking in Rates: Interest rates have been steadily rising in the UK, and this may or may not continue up until October. By reserving your renewal well in advance, you can potentially lock in a more favourable interest rate compared to waiting until the last minute. This could translate to substantial savings over the life of your mortgage.  Of course, if rates do become better there is still ample time to reserve something better and this is where a broker can help by keeping an eye on things after the original reservation. 

Avoiding Last-Minute Hassle: The October rush can lead to a backlog in processing mortgage renewals, potentially causing delays and stress. Securing your renewal early ensures a smoother transition and avoids the potential for last-minute scrambling.

Peace of Mind: Knowing your mortgage is secured well in advance provides peace of mind and allows you to budget effectively. This is particularly important during a period of economic uncertainty.

Flexibility and Choice: Reserving your renewal early doesn't restrict you to the same lender. You can still shop around for the best deals available from various lenders, ensuring you get the most competitive rate and terms.

Six-Month Window of Opportunity: Most lenders allow borrowers to reserve a new mortgage rate up to six months before their current deal expires. This buffer period provides ample time to compare different options and make an informed decision.

Here are some key steps to take advantage of this October mortgage rush:

1. Contact your mortgage broker: Discuss your renewal options and get an initial quote.
2. Make sure your mortgage broker can shop around: Compare rates and terms offered by other lenders.  A good whole of market broker should facilitate this for you
3. See what your current lender may offer: Have your broker check with your current lender.  This can be especially useful if your circumstances since taking out the original mortgage has changed. 
4. Reserve your chosen rate: Once you've been recommended the right mortgage rate for you, lock in your new interest rate by applying for it through your broker.  As above, they can then continue to monitor the situation for you.

By taking proactive steps now, homeowners can navigate the October mortgage rush with confidence. Remember, planning ahead is key to securing a smooth and cost-effective, no surprises, mortgage renewal.

Start exploring your remortgage options early and make an informed decision for your financial future.  Your mortgage without bias. 

Get in touch: mortgages@condieswealth.co.uk

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The post is for information purposes only and shouldn’t be viewed as advice. Please seek advice from a mortgage broker if you are thinking of remortgaging your home. A mortgage is a loan secured against your home.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE