Now may be an opportune time to review your mortgage according to local estate agency Shipways in Hagley.

New EU laws could see UK homeowners stranded on their lender's expensive Standard Variable Rate (SVR) when their mortgage comes to an end and Shipways advises shopping around to check that you are on the right deal and the right rate. The EU 'Mortgage Credit Directive' comes into force in March 2016 but can be backdated by six months. The directive, which is in effect an extension of the mortgage affordability criteria that was introduced last year, has stringent rules to check whether borrowers can afford their mortgage deal not just now but if interest rates are to rise. Currently lenders can bypass these checks when an existing homeowner is remortgaging but under the new EU rules, they won't be able to do so.

“It is certainly worth reviewing your mortgage ahead of when these new directives come into play and checking whether there are savings to be made and to ensure you do not get stuck on a higher rate SVR when you come to remortgage”, says Mortgage Manager Marc Lightfoot, at Shipways. “There are currently some great mortgage products available and we continue to enjoy low interest rates, so reviewing your current mortgage situation now could be a very astute financial decision."