Most people spend a great deal of time finding the right mortgage when they buy a home, then barely think about it again.
The monthly payment leaves the bank, the mortgage balance gradually comes down, and life carries on.
But a mortgage can last 20, 25, 30 years or longer. During that time, interest rates change, property values move, new mortgage products become available and, perhaps most importantly, your own circumstances change.
That is why it can be worth having an occasional conversation with your mortgage adviser, even when you are not planning to move house.
A quick mortgage review could identify opportunities you were not aware of and, in some circumstances, potentially save you thousands of pounds.
Your original mortgage was based on your circumstances at the time
Think about what may have changed since you arranged your mortgage.
Perhaps you have:
- Received a pay rise
- Changed jobs
- Become self-employed
- Paid off loans or credit cards
- Built up savings
- Received an inheritance
- Had children
- Got married or divorced
- Extended or improved your home
- Seen the value of your property increase
- Started thinking about moving
- Decided you would like to repay your mortgage sooner
Any of these could affect the mortgage options that may now be available to you.
The mortgage that was suitable five years ago is not automatically the mortgage that will be most suitable for the next five.
Don’t wait until your fixed rate has already ended
One of the most important times to speak to a mortgage adviser is before a fixed, tracker or discounted mortgage deal comes to an end.
If you do nothing when a deal expires, you may move onto your lender’s Standard Variable Rate (SVR), depending on the terms of your mortgage. MoneyHelper notes that SVRs are usually higher than other mortgage deals. MoneyHelper
Leaving it until the last minute can also limit your options.
In fact, FCA figures show that 499,271 mortgages were locked into a new deal up to six months before maturity during the first quarter of 2026. Financial Conduct Authority
As a general rule, if your current deal is due to end within the next six months, it is worth starting the conversation.
A relatively small rate difference can add up
When you are dealing with a mortgage worth hundreds of thousands of pounds, seemingly small differences can make a surprisingly large difference.
For example, take an illustrative £200,000 repayment mortgage with 25 years remaining.
At an interest rate of 5.5%, the monthly repayment would be approximately £1,228.
At 4.5%, it would be approximately £1,112.
That is a difference of around £116 a month, or nearly £2,800 in monthly payments over just two years.
This is purely an illustration, actual mortgage rates, fees, eligibility and savings will depend upon individual circumstances. Switching mortgage is not automatically worthwhile either, particularly if arrangement fees, valuation costs or early repayment charges are involved.
This is precisely where proper mortgage advice can be useful. The lowest headline interest rate is not necessarily the lowest-cost mortgage overall.
Has your home increased in value?
Your loan-to-value, usually known as LTV, compares the amount you owe against the value of your property.
Imagine you bought a home for £300,000 with a £270,000 mortgage. Your original LTV would have been 90%.
Several years later, you may have reduced the mortgage balance while the property itself may have increased in value.
That could put you into a lower LTV band.
As lenders offer different products according to LTV, a change in your position could potentially give you access to different mortgage options.
It is something homeowners can easily overlook because you don’t receive a notification every time your property’s value changes.
Are you allowed to overpay your mortgage?
Another useful question for your mortgage adviser is whether it makes sense to make overpayments.
If you have additional disposable income or savings, paying extra towards your mortgage can reduce the outstanding capital and the amount of interest you pay over time.
MoneyHelper gives an example of a £250,000 mortgage at 5% with 25 years remaining. A £5,000 lump-sum overpayment could reduce interest by £11,970 and repay the mortgage 11 months earlier. MoneyHelper
However, don’t simply start making large overpayments without checking your mortgage conditions. Some lenders restrict the amount you can overpay without triggering an early repayment charge.
A quick conversation can help you understand what your particular mortgage allows.
What if you are planning home improvements?
Your mortgage review doesn’t have to be about reducing the interest rate.
Perhaps you are considering an extension, loft conversion, new kitchen or major renovation.
Depending upon your circumstances and the equity available in your property, there may be options to raise additional funds through your mortgage.
Again, it isn’t automatically the right answer. Increasing your mortgage means borrowing more money, potentially over a long period, so the overall cost needs to be considered carefully.
Your future plans matter too
A good mortgage review isn’t simply a search for the cheapest rate available today.
Your adviser should also understand what you are likely to do next.
Are you planning to move in two years? Are you thinking about starting a family? Could one person reduce their working hours? Are you expecting to retire during the mortgage term? Would you like to become mortgage-free earlier?
The answers can influence which mortgage features are important.
For example, committing to a new mortgage with substantial early repayment charges could be less attractive if you are already thinking about moving.
Don’t forget your protection
A mortgage review is also a sensible opportunity to look at the protection surrounding it.
Your life insurance, critical illness cover or income protection may have been arranged years ago.
Since then, your income, mortgage balance, family and financial responsibilities may all have changed.
The question isn’t simply, “Do I have insurance?”
It is, “Would the cover I have today still do the job I need it to do?”
How often should you speak to your mortgage adviser?
There isn’t a single timetable that suits everybody.
However, it makes sense to get in touch when:
- Your mortgage deal has around six months left to run
- Your income or employment changes significantly
- You are thinking about moving home
- You want to borrow additional money
- You receive a substantial lump sum
- You want to start making significant overpayments
- Your family circumstances change
- You simply haven’t reviewed your mortgage for several years
You don’t necessarily need to change anything.
Sometimes the outcome of a mortgage review will be that your existing arrangement remains suitable. Knowing that can be valuable in itself.
When did you last check your mortgage?
Your mortgage is probably one of your largest monthly expenses and one of the biggest financial commitments you will ever make.
Yet it is surprisingly easy to leave it running in the background for years without checking whether anything could be improved.
At Worths Mortgage Advisers, we provide independent mortgage advice and have access to the UK mortgage market. Whether your current deal is approaching its end, your circumstances have changed or you simply want to know whether there is anything worth doing, a conversation could be a very good place to start.
Sometimes there will be nothing to change.
Sometimes a relatively small adjustment could make a significant difference.
And sometimes, that quick conversation with your mortgage adviser really could save you thousands.
Speak to Worths Mortgage Advisers today to arrange a mortgage review and find out whether your current mortgage is still working as hard for you as it should be.
Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice, and the precise amount will depend on your circumstances.
