Tell us when your mortgage ends and we'll find the right mortgage renewal deal for you
Thousands of happy customers have come to Nottingham Mortgage Services for mortgage advice because we can save them time, money and stress. That's why we've got a 99% overall satisfaction score†.
Why not take advantage when your current mortgage deal comes to an end. Simply tell us when it comes to an end and we'll contact you 3-6 months before and we'll look at mortgages from over 60 different lenders to find the right one for you. We'll take the stress away by managing the whole process for you.
If your mortgage is coming to an end sooner than 3-6 months please call a Nottingham Mortgage Services broker directly on 0344 481 0013 or visit your nearest branch.
Why choose us?
- All of Nottingham Mortgage Services expert brokers are completely impartial
- You can talk to us in branch or over the phone at a time that suits you
- We search across the whole market – that’s over 60 lenders - to find the mortgage that's right for you, even if it's not one of ours
- We tailor our advice to meet your needs, and decide which mortgage to recommend based on your personal circumstances
- Your initial consultation is completely free - if you decide to submit an application with us you may be charged a fee of no more than £299 (inc VAT)
- If applicable, the fee is a flat, one-off payment (not a %) with no hidden charges
- If you pay for our service and for any reason don’t complete on your mortgage we will refund the amount you paid minus a £99 application fee.
- We can also help protect you and your family with advice tailored from a leading panel of Insurers
- Overall satisfaction from customers was rated at 99% - so you know you're in safe hands.
What is mortgage renewal?
Mortgage renewal is when your mortgage deal has come to an end and you choose a new deal with your existing lender or a new lender. If you are interested in switching to a new deal and a new lender then Nottingham Mortgage Services could help find the right deal for you from over 60 lenders.
If you don’t want to renew, you will usually be placed on your lender’s Standard Variable Rate which is usually higher than many deals available on the market and could cost you more for your monthly repayments or even more in the long term with interest payments. The SVR can also change at any time, at your lender’s discretion.
Do mortgage payments go down when you renew?
Your mortgage payments may go down if you are staying in your existing property and your renewed deal has a lower interest rate but you are keeping your initial term. With renewal you may choose to lower your term which could cause your monthly repayments to rise but this will be for a shorter time period and your loan will be paid off quicker.
If the market has changed and your new deal has a higher rate there is no guarantee that the monthly repayments will go down when you renew. This all depends on the deals on the market available at the time of your renewal. Nottingham Mortgage Services can see if there are better deals on the market for your circumstances.
How long does a mortgage renewal take?
Mortgage renewal applications can take up to four weeks to receive your mortgage offer back once you or your mortgage adviser has submitted it to the lender. Occasionally it can take longer if you are wanting to borrow more on your mortgage due to affordability checks or the lender is waiting on any documentation from you.
If you are planning to borrow more or want to see what deals you can lock in, you can start the mortgage renewal process up to three months before your fixed rate deal is set to end. Or, you can wait until the deal is over and renew once it has finished. This means that you may go onto your lender’s SVR and could end up paying higher monthly repayments.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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