A clear next step for your mortgage.

Give yourself time to consider the options

The end of a deal can arrive while you are busy with everything else. Getting in touch early gives you time to understand the next steps and what may be needed from you.

The options available will depend on your circumstances and the lender's criteria. We do not promise approval or a particular rate.

Understanding mortgage rates, terms and repayments

The mortgage term is the period over which the borrowing is due to be repaid. A fixed-rate deal usually covers only part of that term. During the fixed period, the interest rate stays the same. With a variable rate, it can change under the lender's terms. A tracker normally follows a specified reference rate, so repayments can move as that rate changes.

A repayment mortgage gradually pays down the amount borrowed as well as covering interest. An interest-only mortgage leaves the capital outstanding, so a separate repayment plan is needed. Extending a repayment term may reduce the monthly commitment but can increase total interest paid. The monthly figure therefore needs to be considered alongside the overall cost and your longer-term plans.

Loan-to-value, often shortened to LTV, describes the loan as a proportion of the property's value. Your deposit or existing equity affects it. Rate type, LTV and repayment term are different parts of the same decision; none should be assessed in isolation from affordability.

Remortgaging and comparing the full cost

Remortgaging generally means replacing your existing mortgage with a new one, often with another lender. Taking a new deal with your current lender is commonly called a product transfer. At the end of an introductory deal, you may move onto the lender's standard variable rate unless another arrangement is made. Reviewing the options before then gives you time to compare them.

Look beyond the advertised rate. Product fees, valuation costs, legal work and any early repayment charge on your current mortgage can change the overall result. Fees added to the loan can also attract interest. Compare costs over the same period and check the assumptions behind the monthly payments, rather than comparing two headline figures with different terms.

Your plans matter too. A future move, a change in income or a wish to make overpayments can affect which features are useful. Remaining with the existing lender may be worth considering alongside moving elsewhere. A lower rate alone does not establish that switching will save money.

Preparing for a mortgage conversation

Start with your intended purchase price or current property value, the deposit or equity available and a realistic monthly budget. Include regular spending, credit commitments and foreseeable changes to income. The amount a lender is prepared to offer and the amount you feel comfortable repaying are related questions, but they are not necessarily the same figure.

Documents commonly requested include proof of identity, recent bank statements and evidence of earnings. Self-employed applicants may need accounts and tax information. For a remortgage, have your current balance, remaining term, deal end date and details of early repayment charges available. Requirements vary by lender and the type of application, so you do not need to assemble every possible document before making contact.

Tell us about any changes that could affect the application, such as moving jobs or taking on another commitment. An initial assessment or agreement in principle is not a final mortgage offer. The lender still needs to assess the application and property before confirming its decision.