What to do when your existing mortgage rate ends
However the fact is that it may be the case that by moving elsewhere you would be able to get a much better deal.
But before you even do that and get a cold sweat up about the hassle of having to move, here's an idea that very few do - talk to your existing mortgage provider!
You see they will make the most money from you the longer you keep the mortgage balance with them. Everytime they hear a customer talking about moving their mortgage away - one of the most profitable products for a bank - their hearts will beat a bit quicker.
They are often heavily incentivised to ensure that customers keep their mortgages with them, and so therefore they will often pull out some unexpected stops to keep you - like offering you a better rate than you get when you do nothing at all.
Most banks know that when customers hit the end of their attractive introductory rate period they will shop around and even pro-actively contact customers suggesting that it might be time for some sort of financial review.
Remember your trump card is that you are going to re-mortgage and take your balance elsewhere, so let it be known if your bank doesn't look like budging that you will be taking the mortgage elsewhere unless they can come up with a more attractive offer for you.
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