When you remortgage depends on the length of the mortgage you initially took out. Mortgages come in various lengths, from two years up to twenty-five years. Of course, taking out a two year mortgage does not mean you are expecting to repay the whole loan within twenty-four months! It simply means the rate and deal you chose will run out after that time period and you will have to find a new one.

 

Firstly, it is important to keep track of your mortgage and your finances. Make a note of when your deal is set to expire and start to look at new deals around three months in advance.
You will more than likely be contacted by your lender shortly before your mortgage term runs out. An adviser will inform you your deal is set to expire and probably ask you to go into the bank to discuss options.

While it is a good idea to go and speak to your lender it is also helpful to seek the advice of a whole of market mortgage broker so you can be sure you know exactly what deals are on offer from other lenders as well as your own.
If you decide you want to remortgage before your current deal is up you may be faced with an Early Repayment Charge.

 

Some lenders charge these in order to retain customers for as long as possible. If you have an Early Repayment Charge on your mortgage you will have been told about it when you took it out. If you are unsure contact your lender or the broker you used and they will let you know.