Spellman Financial Services

At the end of your fixed rate deal?

Are you at the end of your fixed rate deal?

At the end of your Fixed Rate deal?

When your current mortgage deal comes to an end you might be tempted to do nothing and simply move on to your lender’s Standard Variable Rate (SVR).

However, by doing so you could risk your mortgage rate more than doubling.

According to Moneyfacts, fixed mortgage deals taken out two years ago attracted an average rate of 2.31 per cent, thanks to increased competition between lenders.

Two years on and with average SVRs sitting at or around 4 per cent, the jump in mortgage payments at the end of your deal could mean your repayments increase by £279.34 a month, or £3,352.08 a year on average.

That’s a payment shock you’ll want to avoid.

Remortgaging to a better deal

Finding a new mortgage deal is a lot easier than getting your first mortgage.

You don’t have the stress of finding a home, working with estate agents, negotiating contracts or worrying about onward chains.

When it comes to remortgaging you could choose to stay with your current lender, and they might offer you something tempting to stay with them, but you don’t have to.

Switching to a new lender may seem like hassle you don’t need, but it’s worth the effort as it could mean you get a better rate.

Whether you’re staying with your current lender or moving to a new one, just as with your initial deal it can pay to get advice to help find the most suitable mortgage for your needs. That’s where we come in.

The Value of our Mortgage Advice

We’ll look at your current deal and work out if there are any exit fees or early repayment charges.

We’ll discuss your needs and future plans; whether you want to pay off your mortgage early or you’re looking for lower monthly repayments.

We’ll check any changes in circumstances and how they impact your financial plans; have you started a new job or reduced your hours to care for a new baby?

What’s more, we’ll complete your mortgage application and take care of the legwork for you. As part of Openwork Ltd, one of the UK’s largest financial adviser networks, we can access competitive rates from most of the UK’s best-known lenders.

You may be able to save money if you switch to a new deal. Don’t leave it too late and end up paying more than you have to. Contact us today to discuss your Remortgage.

How to choose a Mortgage Broker

Great reviews – this could be consistently high reviews you’ve spotted online. Or a Mortgage Broker a friend or family member has recommended.

Fair fees – If an Advisor is charging you a fee, it is more than £500 and your case is relatively straight forward. It’s probably best to move on and find a different Advisor. If you’re happy with the Advisor you have found, see if you are able to negotiate their fee down.

They are fully CeMap qualified and regulated by the Financial Conduct Authority

About us

Spellman Financial Services is a professional Mortgage Advisors who are based in Coventry.

We can provide face to face advice to customers in Coventry & Warwickshire. Or a telephony service if you prefer, for Local or National Customers.

Luke Spellman, the Mortgage Broker you will speak to, has over 10 years experience in Financial Services. 5 of which has been spent working directly with Mortgages.


Spellman Financial Services is an Appointed Representative of Openwork Ltd, which is authorised and regulated by the Financial Conduct Authority

Spellman Financial Services is registered for Data Protection purposes through the Information Commissioners Office