Mortgage worry?
Here's exactly what to do.
Whether your fixed deal is ending, you're on SVR, or your payments feel unaffordable, answer 3 questions and get your personalised next step.
Free guide
First-Time Buyer Mortgage Guide UK
Everything you need to know about getting your first mortgage, plain English, no jargon.
⚡ The most important things to know
- ✓You can remortgage from 6 months before your deal ends, no need to wait.
- ✓Switching from SVR to a 2-year fix typically saves £200–£400/month.
- ✓Your lender must consider any "forbearance" request if you're in difficulty.
- ✓Free whole-of-market brokers (like Habito or Trussle) cost you nothing.
- ✓Extending your mortgage term reduces monthly payments but increases total interest.
Quick estimate
What would my monthly mortgage cost?
Step 2, Find your best option
Answer 3 quick questions to get your personalised next step
1. What's your current mortgage situation?
2. How long have you owned your home? (or buying soon)
3. What's your priority right now?
Which type of mortgage is right for you?
Understanding the difference could save you thousands. Here's a plain-English breakdown.
By interest rate type
Fixed Rate
Most popularPros
- ✓ Monthly payments never change
- ✓ Easy to budget
- ✓ Protected from rate rises
Cons
- ✗ Early repayment charges if you leave
- ✗ May miss out if rates fall
Best for: anyone who values certainty, especially first-time buyers.
Variable Rate (SVR)
Avoid if possiblePros
- ✓ No early repayment charges
- ✓ Flexibility to move
Cons
- ✗ Rate can rise at any time
- ✗ Usually 2–3% higher than fix
- ✗ Unpredictable payments
Best for: short-term only if you're about to remortgage or sell.
Tracker
Rate-savvyPros
- ✓ Directly follows Bank of England base rate
- ✓ Falls when rates fall
- ✓ Often lower than fixed initially
Cons
- ✗ Rises when rates rise
- ✗ Less payment certainty
Best for: those who expect rates to fall and can absorb short-term rises.
By repayment method
Repayment Mortgage
Recommended for mostEach payment covers both the interest and a slice of the loan. At the end of the term, you own the property outright.
Pros
- ✓ You'll own the property at the end
- ✓ Equity grows over time
- ✓ Lower risk
Cons
- ✗ Higher monthly payments than interest-only
Interest-Only
Higher riskYou only pay the interest each month. The full loan remains at the end, you must have a separate plan to repay it (e.g. investments, sale of property).
Pros
- ✓ Lower monthly payments
- ✓ Used by many buy-to-let investors
Cons
- ✗ You still owe the full loan at the end
- ✗ Harder to get, lenders require a repayment plan
- ✗ Riskier if your plan underperforms
Not sure which to choose? A free whole-of-market broker can explain your options with no obligation. Most people should start with a repayment mortgage on a fixed rate until they have a good understanding of their finances.
The full action plan
Check when your current deal ends
Log in to your lender's online account or call them. Note the end date and your current rate. If you're within 6 months of the end date, or already on SVR, you should act now.
Get a whole-of-market comparison
Your lender's retention offer is almost never the best deal. A free whole-of-market broker searches thousands of products from 90+ lenders in minutes. They're paid by the lender, not you.
↑ Habito, free, whole-of-market mortgage advice
Decide: fix, tracker, or variable?
2-year fixes offer certainty but less flexibility. 5-year fixes lock in for longer but protect against rate rises. Trackers follow the Bank of England base rate, good if rates are expected to fall. Use our calculator to model each scenario.
Struggling to pay? Act before you miss a payment
Lenders are legally required to help before you fall into arrears. Options include payment holidays, switching to interest-only, or extending your term. Contact your lender first, then get free advice from MoneyHelper or StepChange.
↑ StepChange, free, confidential, no judgement
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