{"id":1634,"date":"2026-08-26T08:54:53","date_gmt":"2026-08-26T07:54:53","guid":{"rendered":"https:\/\/clientnews.co.uk\/articles\/?p=1634"},"modified":"2026-08-26T08:57:09","modified_gmt":"2026-08-26T07:57:09","slug":"could-your-mortgage-be-costing-you-more-than-it-needs-to","status":"publish","type":"post","link":"https:\/\/clientnews.co.uk\/articles\/1634","title":{"rendered":"Could your mortgage be costing you more than it needs to?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Why giving your mortgage a proper review could be one of the most useful financial jobs you do this year<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mortgages have a habit of becoming part of the furniture.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You arrange the deal, the monthly payment leaves your bank account and, for the next few years, it can be tempting to forget all about it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But that could be a mistake.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Around&nbsp;<strong>1.8 million fixed-rate mortgages are due to come to an end during 2026<\/strong>, according to UK Finance<sup>1<\/sup>. At the same time, the mortgage market remains changeable. Moneyfacts reported in August that average fixed mortgage rates had started rising again after several months of falls<sup>2<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That does not mean rates will necessarily continue to rise. Nor does it mean everybody should rush to remortgage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It does mean there is a strong case for knowing where you stand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Don&#8217;t wait for the letter from your lender<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If your current fixed or discounted mortgage deal is approaching its end date, one of the most important things you can do is start looking early.<\/p>\n\n\n\n<div id=\"mq-cta\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Do nothing and you will normally move onto your lender&#8217;s Standard Variable Rate, or SVR, when your existing deal expires. An SVR can be higher than other mortgage rates available and can change at the lender&#8217;s discretion<sup>3<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MoneyHelper recommends starting to shop around around six months before a current fixed or discounted deal ends<sup>3<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That does not mean committing to a new mortgage six months early. It means giving yourself time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Time to understand what your existing lender will offer. Time to look elsewhere. Time to check your paperwork and affordability. And time to make a considered decision rather than a rushed one.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Staying put might be right. Moving might be right. The important thing is to compare.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Remortgaging does not automatically mean changing lender.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Your existing lender may offer you another mortgage product, usually known as a product transfer. In some circumstances this can be relatively straightforward<sup>3<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But convenience does not necessarily make it the most suitable choice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alternatively, another lender may have an option that better suits your circumstances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is where simply looking at an online mortgage table can fall short.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The question is not just:&nbsp;<strong>&#8220;Which mortgage has the lowest rate?&#8221;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is:&nbsp;<strong>&#8220;Which mortgage is most suitable for me once everything is taken into account?&#8221;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The cheapest-looking mortgage is not always the cheapest mortgage<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A striking headline rate can grab your attention, but there may be much more going on underneath it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Product fees, valuation costs, legal costs, cashback, incentives and early repayment charges can all affect the overall cost<sup>3<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Your loan-to-value can matter too. If your mortgage balance has fallen or the value of your property has changed, you may now sit in a different loan-to-value band, potentially changing the products available to you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Then there is the mortgage itself.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Would you prefer the certainty of fixing your payments for a period, or are you comfortable with payments that can change? Do you want the ability to make overpayments? Are you planning to move home? Does your mortgage term still make sense? Could your income or household circumstances change?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The mortgage with the most eye-catching rate is not necessarily the mortgage that best answers those questions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>This is where a mortgage broker can earn their keep<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A mortgage broker does considerably more than search for a rate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A good mortgage review should look at the bigger picture, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>what your existing lender may be able to offer you;<\/li>\n\n\n\n<li>alternative mortgages available through the broker&#8217;s service;<\/li>\n\n\n\n<li>the overall cost of different options, including relevant fees and charges;<\/li>\n\n\n\n<li>your income, expenditure, equity and borrowing requirements;<\/li>\n\n\n\n<li>early repayment charges on your existing mortgage;<\/li>\n\n\n\n<li>how long you expect to remain in the property;<\/li>\n\n\n\n<li>the level of payment certainty or flexibility you want; and<\/li>\n\n\n\n<li>whether the mortgage you arranged several years ago still fits your circumstances today.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">A broker can also help navigate lender criteria.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Two borrowers with similar incomes and apparently similar mortgages may not receive the same options. Employment type, credit history, existing commitments, property type, loan-to-value and individual lender criteria can all make a difference.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rather than applying speculatively and hoping for the best, a broker can help identify which options may be appropriate before an application is submitted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What if mortgage rates fall after you have found a deal?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is one reason why starting early can be useful.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mortgage pricing can change quickly, in both directions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If a suitable mortgage has been arranged in advance and the market subsequently changes before completion, it may sometimes be possible to review the position again. Whether you can change to another product will depend on the lender, the mortgage, timing and your circumstances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Equally, waiting indefinitely in the hope of a cheaper mortgage arriving carries its own risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trying to predict exactly where mortgage rates will be in three or six months is difficult. Wholesale funding costs, inflation expectations, competition between lenders and wider economic developments can all influence pricing<sup>4<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A more practical approach is to understand the options available now, make a plan and keep that plan under review.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>And what if your deal isn&#8217;t ending yet?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A mortgage review is not only useful when a fixed rate is about to expire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Your finances may look very different from when you last arranged your mortgage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perhaps your salary has changed. You have become self-employed. Your family has grown. You are considering moving. You have built up more equity. You want to overpay. Or perhaps reducing the mortgage term has become more important to you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MoneyHelper suggests regularly keeping your mortgage under review, even outside the period immediately before a deal ends<sup>3<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That does not mean changing mortgage for the sake of it. Switching while an early repayment charge applies can be expensive and may make little financial sense.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It simply means knowing whether your current mortgage is still doing the job you need it to do.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The mortgage market will keep moving. Your plan does not have to stand still.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With so many homeowners refinancing during 2026, there will inevitably be plenty of headlines about mortgage rates moving up, down or sideways.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What matters more is your own position.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If your mortgage deal finishes within the next six months, or if you have not reviewed your mortgage for some time, speak to us.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We can look at your existing mortgage, discuss what has changed since you arranged it, consider the options available through our service and help you understand what may be suitable for your circumstances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because when it comes to one of the biggest financial commitments most of us will ever make, it is worth looking beyond the headline rate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Your home\/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>There may be a fee for mortgage advice. The precise amount of the fee will depend on your circumstances.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Think carefully before securing other debts against your home\/property.<\/em><\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><em>All the information in this article is correct as of the publish date 27<sup>th<\/sup>&nbsp;August 2026. 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.<\/em><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><strong><em>Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.<\/em><\/strong><strong><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>References:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>UK Finance. (2026).&nbsp;<em>Mortgage Market Forecasts<\/em>. [online] Available at:&nbsp;<a href=\"https:\/\/www.ukfinance.org.uk\/data-and-research\/data\/mortgage-market-forecasts\">https:\/\/www.ukfinance.org.uk\/data-and-research\/data\/mortgage-market-forecasts<\/a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Accessed 25 Aug. 2026].<\/li>\n\n\n\n<li>MoneyFacts Group (2026).&nbsp;<em>Mortgage rate reversal wipes out a month of cuts<\/em>. [online] Available at:&nbsp;<a href=\"https:\/\/www.moneyfactsgroup.co.uk\/media-centre\/group\/mortgage-rate-reversal-wipes-out-a-month-of-cuts\/\">https:\/\/www.moneyfactsgroup.co.uk\/media-centre\/group\/mortgage-rate-reversal-wipes-out-a-month-of-cuts\/<\/a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Accessed 25 Aug. 2026].<\/li>\n\n\n\n<li>MoneyHelper (2026).&nbsp;<em>Remortgaging to get the best deal | MoneyHelper<\/em>. [online] Available at:&nbsp;<a href=\"https:\/\/www.moneyhelper.org.uk\/en\/homes\/buying-a-home\/remortgaging-to-cut-costs\">https:\/\/www.moneyhelper.org.uk\/en\/homes\/buying-a-home\/remortgaging-to-cut-costs<\/a>&nbsp;[Accessed 25 Aug. 2026].<\/li>\n\n\n\n<li>MoneyHelper (2026).&nbsp;<em>How to prepare for an interest rate change | MoneyHelper<\/em>. [online] Available at:&nbsp;<a href=\"https:\/\/www.moneyhelper.org.uk\/en\/homes\/buying-a-home\/how-to-prepare-for-an-interest-rate-rise\">https:\/\/www.moneyhelper.org.uk\/en\/homes\/buying-a-home\/how-to-prepare-for-an-interest-rate-rise<\/a>[Accessed 25 Aug. 2026].<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Why giving your mortgage a proper review could be one of the most useful financial jobs you do this year Mortgages have a habit of becoming part of the furniture. You arrange the deal, the monthly payment leaves your bank account and, for the next few years, it can be tempting to forget all about [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78],"tags":[],"class_list":["post-1634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aug2026"],"_links":{"self":[{"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/posts\/1634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/comments?post=1634"}],"version-history":[{"count":2,"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/posts\/1634\/revisions"}],"predecessor-version":[{"id":1637,"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/posts\/1634\/revisions\/1637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/media\/1635"}],"wp:attachment":[{"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/media?parent=1634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/categories?post=1634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clientnews.co.uk\/articles\/wp-json\/wp\/v2\/tags?post=1634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}