Adrian Anderson of Anderson Harris says: “Ideally, you should already be looking around to see what sort of product you can get at the end of your fixed rate. Speak to an independent broker to see what options are available, particularly if your income has fallen or you've become self-employed since taking out the mortgage.
“If you have an interest-only mortgage, the options will be more restricted than they were when you took out your loan, particularly if you have a high loan-to-value. With the new MMR rules, lenders will be looking closely at outgoings so start reining in any non-essential spending to improve your affordability.”
Ray Boulger says: “Most mortgage offers are valid for between three and six months and, in any case, it is currently usually taking at least two weeks to get a mortgage offer, so it is not too soon to apply for a new fixed rate.”
David Hollingworth says: “This type of borrower should be very focused on what they want to do at the end of their current deal. Gathering together paperwork and understanding the breakdown of their income will be helpful when applying for a new mortgage, especially under the new MMR rules. A mortgage offer will typically be valid for three to six months so it makes sense to commence the application process in advance of the current deal ending, in order to secure a deal and ensure a smooth move across once the current deal expires.”