Is Your Mortgage Deal About to End? Here’s What Wirral Homeowners Need to Know

If your fixed-rate mortgage is coming to an end this year (or even early next year), you’re not alone. Over 760,000 borrowers across the UK will be weighing up their options - and with interest rates having shot up since 2020, it could mean a shock to your monthly bills.

For those who fixed a five-year deal back in 2020, when rates were around 1.4%, things look very different now. Rates have climbed considerably since then, and some homeowners could see their payments rise by £300 or more each month.

But it’s not all doom and gloom. This summer, some lenders cut their rates to attract remortgage business, which means there are deals out there if you know where to look. In fact, July saw 41,800 remortgage approvals, the highest number since late 2022.

Don’t Wait Until the Last Minute

Here’s a pro tip for Wirral homeowners: you don’t need to wait until your current deal ends to start exploring options. You can start looking at new rates up to six months before your mortgage deal finishes. That means even if your deal doesn’t end until next year, it could still be worth checking your options now. Locking in a rate early can help protect you from unexpected hikes and give you more time to make the right choice.

Explore Your Options

When your mortgage deal ends, you have choices beyond just another fixed-rate deal. Options include:

• Tracker mortgages – rates move with the Bank of England base rate.

• Standard variable rates (SVR) – flexible, but can rise unexpectedly.

• Other tailored solutions depending on your circumstances.

Navigating these options can be confusing, especially in uncertain economic times. That’s where a professional adviser comes in. A local mortgage broker in the Wirral - whether you’re in Birkenhead, Heswall, or West Kirby - can review your situation, explain the options clearly, and help you make an informed decision without the stress.

Top tip: Even a small difference in rate can save you hundreds (or even thousands) over the life of your mortgage. Getting advice early is the smartest move.

If your mortgage deal is ending soon OR you just want to explore your options early, NG Mortgages can help you start the process today. Mortgages, simplified.

Sources: https://www.thetimes.com/business-money/money/article/mortgage-prices-borrowers-rates-x90qwxn9k