Why Speaking to a Mortgage Broker Could Save You Thousands
Adapted from an article in our September newsletter
Taking out a mortgage is one of the biggest financial commitments you will ever make. While securing your initial deal can feel like a major milestone, it is only the beginning. With most UK mortgages offering two or five-year fixed rates, many homeowners will need to remortgage sooner than they realise. Failing to plan ahead can result in paying far more than necessary and leaving your home at risk if life takes an unexpected turn.
The Cost of Doing Nothing
When your fixed-rate deal ends, your mortgage will usually move to your lender’s Standard Variable Rate (SVR).
- SVRs are usually four or five percentage points higher than fixed-rate deals.
- This could increase your monthly repayments by hundreds of pounds.
Even if interest rates are higher than when you first took out your mortgage, remortgaging almost always costs less than staying on an SVR. Doing nothing could mean paying thousands of pounds more each year.
Why Speak to a Mortgage Broker
1. Access to a Comprehensive Panel of Lenders
A mortgage broker works with a comprehensive panel of lenders. This means they can review a wide range of mortgage products rather than being restricted to the deals offered by your current bank or building society. This gives you a much better chance of finding the most competitive option for your circumstances.
2. Matching You With the Right Lender
Every lender has its own criteria for approving applications. These include how they assess income, the type of property being purchased, and even whether they accept applicants who have recently changed jobs or are self-employed.
Going directly to one lender increases the risk of being rejected.
A mortgage broker understands these rules and can match you to a lender who is more likely to approve your application.
3. Planning for the Unexpected
A mortgage is not just about buying a home. It is also about protecting your ability to stay in it.
A mortgage broker will review protection options, including life cover, critical illness cover, and income protection.
These products ensure that if illness, injury, or even death affects your household income, you and your family will still be able to afford your home.
This additional level of planning gives you peace of mind and helps protect your family’s future.
4. Avoiding Mistakes
Applications can be complicated, especially if you have a unique situation such as self-employment, multiple income sources, or a property of non-standard construction. A broker’s expertise helps avoid errors and delays, reducing the risk of a failed application.
Timing Is Crucial
You can apply for a new mortgage up to six months before your current deal ends.
- Acting early allows you to lock in a competitive rate and move seamlessly from one deal to another.
- Lender offers are typically valid for three to six months, giving you flexibility to plan ahead.
Waiting too long increases the risk of slipping onto an expensive SVR while your application is being processed.
Other Benefits of Remortgaging
Access to Better Deals Through Equity Growth
As you repay your mortgage and your home’s value increases, your loan-to-value ratio improves. This can unlock cheaper rates that were not available to you before.
Release Equity for Major Plans
Remortgaging can allow you to release some of the value in your home to fund renovations or pay off other debts. This must be carefully considered, as it will increase your monthly payments and the total interest you pay.
Make Overpayments Without Penalties
When your current deal ends, it is often a good time to make lump-sum payments without facing early repayment charges.
Steps to Take Now
- Check the exact date your current deal ends.
- Gather documents such as proof of income, bank statements, and ID to speed up the process.
- Review your credit file to ensure there are no errors that could delay your application.
- Speak to a mortgage broker early to discuss both mortgage rates and protection needs.
Why It Pays to Get Advice
Going directly to your lender limits you to their products alone. A mortgage broker with access to a comprehensive panel of lenders can help you secure the most competitive deal while also advising on protection to keep your home safe.
By acting early and seeking professional advice, you can save money, avoid unnecessary stress, and ensure that your family and your home are secure, no matter what the future brings.
For further information
Please visit the Remortgages section of our website
www.westonmortgagesonline.com/remortgages
How to Contact Us
Russell Green will personally deal with your enquiry.
Tel 01934 442023
Email russell@swmortgages.com
Complete a form via our website www.westonmortgagesonline.com
Our initial mortgage consultation is free and with no obligation; should you proceed to an application, there will usually be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances, but will range from £ 290 to £490, and this will be discussed and agreed with you at the earliest opportunity.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
All the information in this article is correct as of the publish date, 25th September 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics, and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
