When a fixed term is ending, it is easy to focus only on the new rate. The more useful question is whether your mortgage still matches what you are trying to achieve.
Gather the position first
- Current balance and remaining term for every loan portion
- Fixed expiry dates and current repayment amounts
- Savings, consumer debt and available emergency reserve
- Income or household changes
- Plans for renovations, another property or a possible sale
Decide whether structure needs attention
The review may identify a reason to change repayment amounts, split fixed terms, retain a flexible portion or compare another lender. It may also show that a straightforward refix is appropriate.
Compare the total decision
Rates matter, but so can cashback obligations, break costs, legal work, account features and the disruption of moving banks. A lower headline rate does not automatically create a better overall result.
Start the review before the expiry date so there is time to collect information and compare realistic options. Lender criteria and rates can change, so current personalised advice should be based on the information available at the time.