What is a Mortgage Review?

Mortgage review advice in Newcastle

Especially if you are new to the scene, the mortgage process can sometimes seem a little complicated. There are no loopholes or quick ways to do things! This is because it needs to be done right and in order.

When starting the mortgage process as a first time buyer, home mover or landlord, you will undergo your free mortgage appointment with us where we will talk you through your mortgage options and gather some information from you regarding your personal and financial circumstances. This is standard procedure for a Mortgage Broker in Newcastle, like us. On the other hand, what would happen if you were not buying a property and you wanted to remortgage or simply check up and see whether you are on the best deal? How would the process differ for an applicant looking to purchase a property?

The difference is that this process starts with a mortgage review and not a mortgage appointment. And, in a lot of cases, those which have taken a mortgage review have ended up saving a lot of money further down the line… Sometimes hundreds!

What is a mortgage review?

Primarily, you will hear ‘mortgage review’ over names such as ‘mortgage check-up’; in reality, they all mean the exact same thing. A mortgage review is simply a look at your current deal to make sure that you’re on the best product available to you. This comparison can sometimes save you lots of money in the long run, especially if interest rates are low and you are able to switch products.

Typically, your mortgage review will be carried out by your Mortgage Advisor in Newcastle, although, some people like to do it by themselves and compare products online. As a Mortgage Broker in Newcastle, we would still recommend speaking with an advisor so that you can get an accurate representation and make sure that you are looking at the right products that match your personal and financial situation.

How does a mortgage review work?

A mortgage review works similarly to your typical remortgage appointments. Your credit will be examined, your income and affordability will be assessed, and your personal and financial situation will be considered. Don’t forget your current mortgage deal too.

With all of this information, your Remortgage Advisor in Newcastle will be able to compare your deal with others on the market that are currently on offer. Some products will not be suited to your circumstances. And, if there is not a suitable product, your advisor will be transparent and tell you so.

How often do I need to review my mortgage?

Getting your mortgage reviewed every 6 months does no harm. Some people review their mortgage within even shorter timeframes. There is nothing wrong with this either, in fact, there are tools out there that monitor your mortgage in live time, giving you 24/7 updates to whether you are on the best deal available. This is exactly what our free mortgage club offers!

If you are within the last year of your fixed mortgage term, we would always recommend checking every couple/few months so that if a deal that you want becomes available, you are able to action it right away.

As a Mortgage Broker in Newcastle, we advise our customers to set up a mortgage review reminder so that they are always on top of their mortgage.

Can I take a deal following a mortgage review?

In some cases, it will be possible to take out the deal that you have found following your mortgage review. If you want to pursue the deal that you have found, you may need to pay an early repayment charge (ERC), although, this does depend on how long you have left on your fixed term.

For example, if your deal is coming to its end and you find a competitive deal following a mortgage review, as long as that deal is still available when your term ends, you could switch onto that deal and avoid an ERC. In another example, if you found a deal following a mortgage review but you are 8 months from your fixed term ending, if you switch deals, you will face an ERC.

When signing on for a mortgage, you are stating that you will meet set payments until the end of your fixed term, therefore, if you decide to take out another deal mid-term, you are breaking this agreement and will receive a charge (ERC).

Sometimes this can be worthwhile if the rates are competitive and it will save you lots of money further down the line.

How much can I save?

Some people will save more than others when taking a mortgage review and switching deals. Potentially, some people could save hundreds! It depends on how far you are into your deal, current products in the market, your personal and financial situation etc.

If you were to take a review at a time when interest rates are low, you could potentially find lots of competitive deals out there.

Before you switch…

If you are looking to switch over to a new mortgage product online, we would still recommend consulting with a professional first. Online switching could potentially put you on the wrong deal and you would have to face numerous charges to revert back to another deal more suited to your circumstances.

If you choose to get Remortgage Advice in Newcastle, you will have a point of contact all the way through the journey. We have helping clients find competitive mortgage deals for over 20 years now too, and you could be next!

To contact us, simply give us a call or book a free appointment online. This way, you will be in safe hands when switching your mortgage deal and you’ll know that you are on the best deal for you and your circumstances.


Last edited 03/08/2022

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