As a UK homeowner, reaching the end of your mortgage term can bring up important decisions that affect your finances and your peace of mind. Whether your mortgage has already ended and you find yourself on your lender’s standard variable rate (SVR), your term is due to expire soon, or you simply want to plan ahead, it’s vital to understand your options and how they can impact your household budget.

When your current mortgage deal comes to an end, you usually have two main choices. You can either look for a new mortgage deal, often called remortgaging, or move onto your lender’s SVR. The SVR is the default rate your lender applies once a fixed or discounted deal ends. While this might sound convenient, it’s important to know that the SVR is almost always higher than the rates available through remortgaging. This means your monthly repayments could rise significantly if you don’t take action to avoid a SVR with a remortgage.

The difference in cost can be surprising. Lenders set their SVR independently, and these rates are often several percentage points higher than fixed or tracker rates available on the market. For many homeowners, this can mean paying hundreds of pounds more each month than necessary. If you are already on your lender’s SVR, or your mortgage term is coming to a close, it pays to act quickly to find a better deal.

The start of a new year is a common time for many mortgage deals to expire. Lenders’ SVRs have risen in recent years while lender remortgage rates have lowered, making it even more important for homeowners to review their options. Fortunately, the remortgage market is competitive, and conditions are currently favorable for those looking to secure a new deal. Fixed rate remortgages, in particular, offer the benefit of predictable monthly payments, which can provide both savings and much-needed peace of mind as household budgets face other pressures.

Remortgaging is not just for those whose deals have already ended. If you know your term is ending in the next few months, it’s wise to start shopping for your next deal ahead of time. Many lenders allow you to secure a new rate up to six months before your current deal ends. This means you can lock in a better rate and avoid the higher costs of the SVR without any overlap or penalty. Planning early can save you both money and stress.

Finding the best remortgage deal might seem daunting, but technology has made the process much faster and easier than it used to be. Thanks to online mortgage brokers and comparison platforms, you can now compare dozens of deals in just a few minutes. This online shopping approach lets you see rates from a wide range of lenders, including some offers that may be exclusive to brokers. Instead of spending hours making individual applications or phone calls, you can get multiple quotes tailored to your circumstances quickly and easily.

To get started, simply visit a reputable remortgage broker’s website. Most sites will let you enter a few basic details about your current mortgage, your property, and your financial situation. In return, you’ll receive a range of remortgage options, including estimated monthly payments and information about any fees. 

Once you’ve found a deal that suits you, the broker can guide you through the application process and help with paperwork, making the experience as smooth as possible. If you have questions or complicated circumstances, many broker websites provide free educational advice, so you can feel more confident in your decision. The convenience of online brokers means you can review your options at any time, even outside traditional office hours, putting you in control of your remortgage journey.

Staying on your lender’s SVR could cost you more than you need to pay. By considering your remortgage options early and using online tools to compare deals, you can secure a new fixed rate that saves you money and gives you stability for the years ahead. Whether your mortgage term has ended, is about to end, or you simply want to plan ahead, taking action now can bring real benefits and peace of mind for you and your family.