For many homeowners, a mortgage is their biggest financial commitment, yet it’s often something that gets set up and then forgotten about. But just like your car insurance or energy bills, your mortgage deal should be reviewed regularly to make sure you’re not paying more than you need to.

At Mc Daid Mortgages, we’ve been helping homeowners across the North of Ireland find the best mortgage deals since 1996. With nearly 30 years of experience, we know how crucial it is to keep your mortgage under review—because what was a great deal a few years ago may no longer be competitive.

That’s why we always keep our customers’ mortgages under regular review, ensuring they remain with the right lender, on the right term, and with the right product for their needs.

So, why should you take the time to review your mortgage?

1. You Could Save Money

One of the biggest reasons to review your mortgage is the potential to reduce your monthly payments. If you’re on a fixed-rate deal that’s about to expire, you could be moved onto your lender’s Standard Variable Rate (SVR), which is often significantly higher than the rate you were paying. By securing a new deal before your current one ends, you can keep your costs down and avoid unnecessary expense.

2. Access Better Interest Rates

Interest rates fluctuate over time, and if rates have dropped since you took out your mortgage, you may be able to switch to a lower rate. Even a small reduction in your interest rate can make a huge difference over the course of your mortgage term, potentially saving you thousands of pounds.

3. Avoid Falling Onto the Lender’s SVR

When your initial mortgage deal ends, you’ll typically be moved onto your lender’s Standard Variable Rate, which is often much higher than the market’s best available rates. Keeping an eye on your mortgage and switching to a new deal at the right time ensures you don’t end up paying more than necessary.

4. Release Equity in Your Home

If your property has increased in value, you may have built up equity that can be used for home improvements, debt consolidation, or even helping a family member onto the property ladder. Reviewing your mortgage could allow you to access that equity in a structured and affordable way.

5. Change Your Mortgage to Suit Your Needs

Your financial situation may have changed since you first took out your mortgage. Whether you’ve had a salary increase, started a new business, or want more flexibility with your payments, reviewing your mortgage can help ensure your deal still aligns with your current needs.

6. Reduce Your Mortgage Term

If you’re in a stronger financial position than when you first took out your mortgage, you might consider reducing your term to pay it off faster and save on interest. Many lenders allow overpayments or term reductions, and reviewing your mortgage could open up new options to become mortgage-free sooner.

7. Take Advantage of New Lender Deals

Lenders are constantly updating their products, and new mortgage deals are launched all the time. If you don’t review your mortgage, you could be missing out on a better deal that wasn’t available when you first secured your mortgage.

8. Protection Against Interest Rate Rises

If interest rates are on the rise, switching to a new fixed-rate deal could protect you from potential increases in repayments. Locking in a good deal at the right time could provide peace of mind and financial stability.

9. Consolidate Debts More Efficiently

If you have outstanding loans, credit card debts, or other financial commitments, a mortgage review could help you consolidate them into a single, more manageable payment at a lower interest rate. However, it’s essential to get professional advice to ensure this is the right move for you.

10. Our Transparent Fee Structure – No Surprises!

At Mc Daid Mortgages, we believe in honest, transparent advice. In most cases, our mortgage advice service is free, as long as you arrange both your mortgage and relevant insurance (such as life cover) through us. If you only require mortgage advice, a modest fee of £295 is payable—but only upon a successful mortgage offer. There are no hidden costs, and your initial consultation is always free.

Why Choose Mc Daid Mortgages?

Since 1996, we’ve been helping clients across the North of Ireland find the best mortgage solutions. As a whole-of-market broker, we have access to a vast range of lenders, ensuring you always get the best deal. Our advice is tailored, jargon-free, and focused on what’s best for you—not the banks.

More importantly, we don’t just arrange your mortgage and leave you to it. We keep your mortgage under regular review, ensuring it remains suitable for you over time. If there’s ever a better option available, we’ll let you know and guide you through the process of switching seamlessly.

Get in Touch Today

If your mortgage deal is coming to an end or you simply want to check if you could be on a better rate, get in touch with Mc Daid Mortgages today. A quick review could save you money, reduce your term, and give you financial peace of mind.

Let’s make sure you’re not paying more than you need to on your mortgage!

Think carefully before securing other debts against your home

Your home may be repossessed if you do not keep up repayments on your mortgage.

As with all insurance policies, conditions and exclusions will apply

You may have an early repayment charge to your existing lender if you remortgage

Not all Buy To Let Mortgages are regulated by the Financial Conduct Authority