Are you fast approaching your mortgage renewal? Do you feel prepared and understand all the incredible possibilities this presents? Does this feel exciting or nervous or an equal measure of both? Whatever the situation, the fact that you are reading this article is a good start. Listed below are the top four things you must consider to make the most of your mortgage renewal.
Is it the Best Rate for you? 
The best time to shop around for a better rate is when you are in your renewal period. As not only are you armed with the mortgage renewal offered by your current lender (to compare with what else is on offer), but you are also free to switch without any penalties. Accepting the mortgage renewal offered by your current lender denies you to benefit of how the market and your own financial situation might have changed. Shopping around ensures you get the best rate most suited to your unique circumstances.
. Is the Product still fit for purpose?
Is your existing mortgage product still meeting your requirements? Would you rather move to a fixed product because your variable-rate or adjustable-rate mortgages is fluctuating too much and disrupting your monthly finances? Or are you on a fixed product right now and are feeling optimistic about the rates falling so would like to switch to a variable mortgage? Whatever your situation, your renewal time is the perfect opportunity for you to take advantage. Why just stop at switching to a different product? Why not explore a change in the amortization schedule as well, to help pay off your mortgage faster! A classic win-win!
Need more Money? 
Mortgage renewal presents a unique opportunity for you to review your financial affairs and identify options that can help you achieve more efficient (and prudent) outcomes through consolidation of debt. Alternatively, it is also the right time to see if you are ready for that long awaited renovation and if by doing an equity release you could bring your exciting renovation plans to life! Imagine sipping coffee sitting in the new orangery while making a single payment for all your outstanding debts and feeling smug because your finances are a picture of good health. Can it get better than that!
Is your Lender on your side?
Do you feel that your current lender is looking out for you? Or could it be that a different lender has a better rate or a product with better terms that tick more of your boxes. Most importantly, your renewal is the perfect time to explore the market and identify the right partner lender who offers the best value not just in terms of the rate but also the repayment terms and conditions leading to a win-win relationship.
Remember you and your needs are unique and a cookie cutter, one size fits all approach is never the right answer. Your mortgage renewal is the opportune time for you to engage with a trusted Mortgage Expert and get a product that meets your requirements.
We at Homes With Maharshi will be happy to discuss your situation and review any changes that would be beneficial for you to reach your goals; from shopping for new rates or utilising that equity! Plus, we can help you find the best option for where you are at in your life now and help you to ensure future financial success. Pick up that phone or drop us an email – let’s get that coffee together!