Most of us wouldn't dream of driving a car for years without having it serviced.

But what about your mortgage?

For many homeowners, once the mortgage completes, it quietly disappears into the background. The payment leaves the bank every month and, unless something changes, there's little reason to think about it.

The problem is that your mortgage is probably one of your biggest monthly expenses, and potentially the largest financial commitment you'll ever make.

That's why giving it a simple Mortgage MOT once a year can be a useful habit.

Here are eight things worth checking.

1. When Does Your Current Mortgage Deal End?

This should be top of the list.

If you're on a fixed-rate mortgage, make sure you know exactly when your current deal ends.

Once it finishes, you'll normally move onto your lender's Standard Variable Rate (SVR) unless you arrange another deal. This could mean your monthly mortgage payment changes.

You don't necessarily need to wait until the final few weeks either. Reviewing your remortgage options several months before your deal ends can give you more time to understand what's available.

Put the date in your calendar now.

2. What Interest Rate Are You Paying?

Do you actually know your current mortgage interest rate?

It's surprising how easy it is to forget.

Check your latest mortgage statement and compare your rate with the wider market.

That doesn't mean you should automatically switch whenever you see a lower rate. Early repayment charges, mortgage fees and other costs need to be considered.

But knowing what you're paying gives you a useful starting point.

3. What's Your Property Worth Now?

Your home's value may have changed considerably since you took out your mortgage.

Why does that matter?

Because the relationship between your mortgage balance and property value determines your loan-to-value (LTV).

For example, if your property has increased in value while you've also reduced your mortgage balance, your LTV may have fallen.

A lower LTV can potentially give you access to a wider choice of mortgage products when you next remortgage.

Just remember that online property estimates are only a guide rather than a formal valuation.

Book a property valuation with our partner estate agent here.

4. How Much Do You Still Owe?

Your annual mortgage statement should show your outstanding balance.

Take a look.

It can be surprisingly satisfying to see how much you've paid off, particularly if you have a repayment mortgage.

Knowing your current balance also helps you calculate your LTV and understand what your position could look like when your current mortgage deal ends.

And if you haven't looked at your mortgage statement for a while, your annual Mortgage MOT is the perfect excuse.

5. Could You Make Mortgage Overpayments?

If your finances have improved, you might want to consider overpaying your mortgage.

Even relatively small regular overpayments can reduce your outstanding balance and potentially reduce the amount of interest you pay over the mortgage term.

But check the rules first.

Many mortgages limit how much you can overpay without triggering an Early Repayment Charge (ERC).

And don't automatically throw every spare pound at the mortgage. Maintaining emergency savings and considering your other financial priorities is important too.

6. Is Your Mortgage Term Still Right for You?

Perhaps you originally took out a 30 or 35-year mortgage to keep your monthly repayments manageable.

But does that term still suit your circumstances?

If your income has increased, you might consider whether you'd prefer to repay your mortgage sooner. Equally, if household finances have become tighter, affordability may be your main priority.

Changing the mortgage term can have a significant effect on both your monthly payment and the total interest you'll potentially pay.

It's something worth reviewing as your circumstances change.

7. Has Your Life Changed?

A lot can happen in twelve months.

A new job. A pay rise. A baby. Marriage. Divorce. Children starting school. Becoming self-employed. Plans to move house.

Your mortgage may have been perfect for your circumstances when you originally arranged it, but those circumstances don't stay frozen forever.

Ask yourself whether you expect to move in the next few years, need to borrow more for home improvements or want greater flexibility from your next mortgage.

Your future plans can influence which mortgage features matter most.

8. Is Your Financial Protection Still Enough?

Your Mortgage MOT shouldn't only be about the mortgage itself.

Think about what would happen if your household suddenly lost an income through illness, injury or death.

If you have life insurance, critical illness cover or income protection, check whether the level of cover still reflects your mortgage and family circumstances.

Perhaps you've moved to a larger home, had children, changed jobs or increased your borrowing since the policies were arranged.

Protection that was suitable five years ago may not necessarily provide the cover you'd want today.

Make Your Mortgage MOT an Annual Habit

Your mortgage doesn't need constant attention.

But ignoring it for five years isn't ideal either.

Once a year, spend a little time checking your rate, mortgage balance, property value, LTV, mortgage term and protection.

Then look ahead.

When does your current deal end? Have your finances changed? Are you planning to move? Could you comfortably afford your mortgage if your repayments were higher when you next remortgage?

You may discover that everything is exactly as it should be.

And that's absolutely fine.

A mortgage review isn't about constantly changing products or chasing every new interest rate. It's simply about making sure one of your biggest financial commitments still fits your circumstances.

So choose a date each year, perhaps when your annual mortgage statement arrives – and give your finances their own MOT.

Your car gets one every year. Your mortgage probably deserves one too.

At HLC Mortgages, we help buyers and homeowners understand which is the right choice for them. We have access to the whole market and will explain everything in plain English, handle all the paperwork and help you understand what options may be available to you.

Contact us today!

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