With Autumn around the corner, it’s the perfect time to take control of your finances and your mortgage should be at the top of that list. With interest rates and market conditions constantly shifting, staying proactive could save you thousands over the life of your loan. Here’s a mortgage checklist to keep you on track:
1. Review Your Mortgage Rate
If you’re on a variable mortgage, you might want to review whether a fixed rate might be a better long-term option after interest rates fell in August 2025. Throughout the year the base rate has come down from 4.75% to 4%, with promising signs heading into 2026. Starting the remortgage process early means you can lock in competitive rates to ease financial stress or potentially climb higher.
2. Revisit Your Protection Policies
Life can change quickly; new jobs, new family members, or health considerations. Check whether your life cover, critical illness protection, or income protection policies still match your needs. Having the right cover in place ensures that you and your family are protected.
3. Check Your Credit Report
A healthy credit score can make a big difference to the mortgage deals you’re offered. Take time to review your report, correct any errors, and avoid taking on unnecessary credit in the months leading up to an application. Small improvements could mean a better rate. Checking your credit score might be easier than you think, with some banks allowing you to view your credit score on the app or online.
4. Understand Loan Terms and Affordability
Lenders are loosening criteria, so now is the time to review how much you’re borrowing against your income and expenses. If you’ve had changes to your employment or household costs, this could affect the options available to you. Planning ahead prevents surprises later and you may be able to afford more than you think.
The Cost of Waiting
Delaying a remortgage can be expensive. If your current deal is ending soon, rolling onto a lender’s Standard Variable Rate often means paying significantly more each month. Over a year, that could add up to thousands of pounds unnecessarily spent. Acting now helps you avoid that problem. A little preparation today can save a lot tomorrow. Get in contact to discuss your options and make sure your mortgage is working as hard for you as possible.
If you’d like to discuss the options available to you, contact your adviser today.