When you take out a mortgage, you and your mortgage advisor will sit down and go through your finances to work out how much you can afford and to help you find the best mortgage deal for your circumstances.

All mortgage lenders have a standard variable rate (SVR), but to attract new borrowers and those remortgaging they offer mortgage deals. There are many types of mortgage deals, including variable rate, fixed rate, discounted, capped and more. Delegates taking their CeMAP exam (CeMAP is the qualification mortgage advisors need in order to give mortgage advice) learn all about every mortgage type, their pros, cons and variants on their CeMAP course.

However, that mortgage deal only lasts for so long – usually two to five years – and when it comes to an end, your mortgage will then default to the SVR, which is not normally the most competitive rate you could be on.

When your mortgage deal is coming to an end, you should therefore be looking again at your circumstances, which may have changed, and finding a new mortgage deal. As you probably remember from first getting a mortgage, arranging a mortgage takes some time to find the right one, apply, sort out the paperwork and any other details the lender may require. Most mortgage advisors say to start looking around 5 – 6 months before the deal ends to ensure you can remortgage to your new mortgage deal at the right time.

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