Buying a house together, getting married, separating, switching careers, starting a family. Big life changes have a habit of forcing you to look at the practical side of adulthood, and your mortgage is usually somewhere near the top of that list. What worked a few years ago might not fit your life now, especially if your income, relationship status or long-term plans have shifted.

Its not fun or sexy, but reviewing your mortgage after a major milestone can help you figure out whether your current deal still makes sense. It might even be something you want to look into as you’re planning your wedding, especially if you’ve not combined your finances before.

A remortgage solicitor can help guide the process, whether that means switching lenders, updating the names on the property title, or finding a deal that better suits your current situation.

Here are some of the biggest life events that are worth treating as a prompt to review your mortgage and reassess your finances.

Getting Married

Entering a new phase of life can change your financial needs, increase your borrowing power or affect your priorities. One of the most important life events that should prompt you to review your mortgage is getting married, as remortgaging can have significant financial advantages in many cases.

If one or both partners already own property, they may have a mortgage under a fixed-term deal. These set a low interest rate for a fixed number of years, before the mortgage moves to the lender’s standard variable rate, which is often a lot higher. If you do not switch to a new deal at this point, you risk paying significantly more interest over time than you need to. Getting married – especially if you’re moving in together for the first time – is a good opportunity to check when a fixed-term deal is set to end, and remortgage for a better deal before the higher rate kicks in. You can look at new deals up to six months before it comes time to change, as most mortgage offers remain valid for six months.

Further, combining two households through marriage or a new partnership significantly increases your borrowing capacity. This means that you may be able to secure a better deal by remortgaging, and reduce monthly payments or pay off your mortgage over a shorter term. By adding a spouse or partner’s income to your mortgage application, you can release equity that can be used for property upgrades or renovations. Furthermore, if your partner brings savings or assets into the relationship, you may be able to pay down a lump sum of the existing mortgage balance, and remortgaging is sometimes a way to do this without owing early repayment charges.

If your partner is moving into a property you own, or vice versa, you may also need to add them to the property title, and consider whether you want an ownership structure that reflects your separate contributions or wish to own the property together. A remortgaging solicitor can support you with any of these legal services and help you to make the most of your remortgage deal.

The combined income can also make a big difference to the flexibility of the mortgage products available. Standard mortgages often restrict overpayments or impose charges, but by remortgaging to a flexible or offset mortgage, you could direct the extra income towards the capital balance without incurring early repayment charges. A higher combined income and an improved debt-to-income ratio may also qualify you for lending tiers that were unavailable during your initial application.

Having a Child

Growing your family and having a child shifts your financial priorities almost immediately. Household expenses will rise, which makes careful budgeting and certainty essential for long-term financial stability.

If you currently hold a mortgage on a standard variable rate or tracker rate, remortgaging to a fixed-rate product gives you certainty that your monthly payments will remain exactly the same for a set number of years. Additionally, if your growing family requires more physical space, remortgaging can be far more cost-effective than moving to a new house, and will free up cash for renovations. You can borrow against the value of your home to fund a loft conversion, structural extension or new kitchen, for example, and funding these property renovations through a remortgage typically costs much less than taking out a high-interest personal loan. Because the resulting improvements often increase the overall market value of your property, this will improve your loan-to-value ratio and potentially make it easier to remortgage in the future.

Getting a New Job

Career advancement directly impacts your mortgage options and lending terms. If your income increases following a promotion or a pay rise, you may be able to afford more in terms of monthly repayments, and your financial position will be viewed more favourably by lenders.

In many cases, you can remortgage to a shorter term, such as moving from a 20-year term to a 15-year term. By doing so, you pay off the loan years earlier and save thousands of pounds in interest, even if your monthly payments remain similar.

Paying Off Debts

Life changes sometimes lead to the accumulation of high-interest consumer debt, such as credit cards or car loans. Property owners can leverage their property value and remortgage to release equity and use those funds to pay off high-interest debts. This strategy consolidates multiple outgoings into a single, lower-interest monthly payment. This lowers your immediate monthly financial burden, although it spreads the debt over the full life of the mortgage and may increase the total interest paid over the long term, so it is important to speak to a financial advisor if you believe this may be the right option for you.

Whatever you decide to do, working with an experienced solicitor is vital. They will handle everything from the financial restructuring and ownership changes that happen during completion, to any communications between you and your lender. Correctly taking care of the legal technicalities can help you to get the most from your mortgage deal, and set yourself up for the future.