There are dates you remember.

Birthdays. Christmas. Holidays.

The day your fixed mortgage deal ends probably isn't one of them.

Unfortunately, it can be considerably more expensive to forget.

If your Peterborough mortgage deal ends in the next few months, start by finding the exact date.

Don't wait until the final payment at your current rate disappears from your bank account.

Then find out what happens next.

First question: when exactly does your deal end?

Dig out your mortgage paperwork or check your lender's app or online account.

You're looking for the date your current fixed or discounted deal finishes and the rate you'll move onto afterwards if you do nothing.

For many borrowers, that means moving onto the lender's standard variable rate.

And that could mean a different monthly payment.

Knowing the date gives you something extremely valuable: time.

You can investigate your choices without having to make a rushed decision because next month's payment is suddenly looming.

Ask your existing lender what it can offer

Staying with the same lender can sometimes be the simplest option.

Your lender may offer you another mortgage deal without requiring the full process involved in moving your mortgage somewhere else.

But simple doesn't automatically mean cheapest.

Ask what deals are available, what the new interest rate would be, whether there is a product fee and what the monthly payment would become.

Get actual pounds and pence.

“4.2% fixed for two years” means rather less around the kitchen table than:

“My mortgage payment would be £1,146 a month.”

Then see what else is available

Don't assume your existing lender has the best deal simply because you're already a customer.

Another lender may offer a lower rate.

But compare the whole cost, not just the headline percentage.

A new mortgage can come with fees for arranging the deal, valuation or legal work. Some deals include some of these costs; others don't.

A slightly lower interest rate with a hefty fee isn't automatically better.

This is where comparing the total cost over the period of the deal becomes much more useful than choosing whichever percentage looks smallest.

Check whether leaving early costs money

If you're still inside your current mortgage deal, there may be a charge for ending it early.

That matters if you're thinking of switching before the existing deal finishes and it can also matter if you're considering selling your home.

Find out:

whether an early-exit charge applies

how much it is

when it reduces or disappears

before making a decision.

A tempting new mortgage can look considerably less tempting once a large exit charge is added.

Are you planning to move?

This is where the conversation changes.

If you're thinking about selling your Peterborough home soon, don't automatically lock yourself into another mortgage without understanding what happens if you move.

Some mortgages can potentially move with you to another property, subject to the lender's rules and checks.

Others may leave you facing charges or needing a completely different arrangement.

Tell the lender or mortgage adviser that moving home is part of your plans.

A mortgage that works brilliantly if you stay put for five years isn't necessarily the right one if there's a For Sale board going up next spring.

Has anything changed since your last mortgage?

Perhaps your income has changed.

Maybe you've become self-employed.

Your debts may be different.

The value of your home may have changed.

You may be borrowing less relative to what the property is now worth.

All of those things can affect your choices.

Don't assume the mortgage market sees you exactly as it did two or five years ago.

When is advice particularly useful?

Mortgages become more complicated when your circumstances aren't straightforward.

For example, you may be self-employed, approaching retirement, carrying other debts, planning to move, wanting to borrow more or unsure whether the deal you've been offered is competitive.

That's when talking to a suitably qualified mortgage adviser can be useful.

The important question isn't simply:

“What's the lowest mortgage rate?”

It's:

“What's the best realistic option for my circumstances, and what will it actually cost me?”

The five-minute job to do today

Find your mortgage end date.

Find the interest rate you're paying now.

Find out what rate you'll move onto if you do nothing.

Check whether there is currently a charge for leaving your deal early.

Then you have the information needed to start comparing your choices.

It isn't the most exciting five minutes you'll spend this week.

It could be among the more profitable.

Property Speak — Translated

Fixed-rate mortgage — Your mortgage interest rate is fixed for an agreed period, so the interest rate itself doesn't change during that period.

Standard variable rate (SVR) — A lender's variable mortgage rate. You may move onto this when a mortgage deal ends if you haven't arranged another one. The lender can change this rate.

Product transfer — Moving onto another mortgage deal with your existing lender rather than moving your mortgage to a different lender.

Remortgaging — Replacing your current mortgage with a new mortgage, usually with a different lender.

Early repayment charge — A fee your lender may charge if you repay or leave certain mortgage deals before an agreed date.

Porting a mortgage — Taking an existing mortgage deal with you when moving home, where the lender allows it and approves the new borrowing and property.

If your mortgage deal has ended recently, did you stay with your existing lender or move somewhere else — and what influenced the decision? Tell us in the comments.