Renewing your mortgage with Compton Financial
If your fixed or tracker deal is coming to an end, here's exactly how we manage your renewal: start six months early, secure a rate, and keep reviewing it until your new mortgage starts.
No broker fee for existing clientsWhole-of-market adviceYour mortgage deal has a fixed end date set by your lender. When it ends, you'll usually move onto the lender's standard variable rate unless you've arranged a new deal. Our job is to make sure that doesn't happen, and that you move onto the most suitable deal we can find for you, not just whatever happens to be available on the day.
We start six months before your deal ends. We compare the whole market, secure a new mortgage offer, and keep reviewing it right up until your new mortgage starts. If rates rise, you're protected. If they fall, we look to move you to the lower rate. We also compare your current lender's product transfer options as soon as they become available.
Watch: how your renewal works
Please take a minute or so to watch the short video below. It walks through each stage of the process, including how we track rates over your final six months.
Video not playing? Watch it on YouTube
The key points from the video are set out below.
No broker fee for your renewal
If we arranged your original mortgage, there is no broker fee to renew it. Reviewing the market, securing your new deal, monitoring rates and comparing against your existing lender are all part of our ongoing service. We receive a procuration fee from the lender you choose to proceed with.
How our renewal process works
We compare the true total cost
Not just the headline rate. We factor in monthly payments, lender fees, valuation and legal costs, and any cashback.
Two, three or five years?
We compare the terms available. Your loan-to-value matters: reaching a lower LTV band can mean better rates next time.
We secure a rate six months ahead
We search the whole market and secure a new mortgage offer. Offers are generally valid for six months.
We keep reviewing
If rates rise, you stay on the rate we've secured. If they fall, we're alerted and look to move you to the lower rate.
We compare your current lender
When your lender's product transfer rates become available, usually around three months before your deal ends, we compare them too.
No early repayment charge
Your new mortgage is arranged to start when your current deal ends, so you avoid an early repayment charge.
Your renewal timeline
*Timing varies by lender.
We recommend no upfront costs
- No valuation fee
- Any lender arrangement fee added to the mortgage rather than paid upfront
- If you decide not to use the mortgage, you haven't lost any money, and you keep the flexibility to switch to a better deal
Adding a fee to your mortgage means you will pay interest on it.
What we'll need from you
- Latest three months' payslips
- Latest three months' bank statements
- Your latest P60
- An up-to-date credit report
Frequently asked questions
Do you charge a fee to renew my mortgage?
If we arranged your original mortgage, there is no broker fee for your renewal. We receive a procuration fee from the lender you proceed with.
I'm not an existing client. Can you help with a product transfer?
Yes. There is no broker fee for a product transfer, whether or not we arranged your original mortgage. We'll compare your current lender's product transfer options against the wider market. If moving to a new lender turns out to be the better option, our standard fees apply; see our Fees page. We receive a procuration fee from the lender you proceed with.
When will you contact me about my renewal?
We aim to contact you shortly before the six-month point, so we can start reviewing the market six months before your current deal ends.
What happens if rates fall after you've secured a rate?
We're alerted if rates drop below the rate we've secured, and we look to move you to the lower rate, with the same lender or, if necessary, a new one.
Should I just take my current lender's product transfer?
It may be the right option, so we always compare it. Lenders usually release existing-customer rates around three months before your deal ends, and we compare them against the wider market before you decide.
Will I have to pay an early repayment charge?
We arrange your new mortgage to start when your current deal ends, so you avoid an early repayment charge.
Is your mortgage deal ending soon?
Get in touch and we'll start reviewing your options.
Your home is at risk if you fail to keep up payments on your mortgage or any other loans secured against it.