Is now the right time to review your mortgage?
16th July 2019
Most mortgages come with an introductory offer or are set at a fixed rate for a fixed term. Keeping an eye on rates and deals once this period has ended could save homeowners a significant amount of money as newer, better deals maybe available. In the current market, many providers are offering excellent low rate deals to attract new customers.
As such, it’s even more important to re-evaluate your individual situation to ensure you aren’t paying more than you need to.
Due to a relatively slow housing market, many people are choosing to make a long-term commitment by fixing their mortgage and improving their current property rather than incur the costs of moving house. By taking advantage of low interest rates, you could also get the funds you need for home improvement at a cost effective rate.
Whilst re-mortgaging may involve additional costs initially, lower rates and/or a new fixed rate often makes good financial sense in the long term. An independent mortgage specialist will be able to advise if switching would benefit you, bearing in mind your individual circumstances.
So, when should you review?
We suggest reviewing your options within six months of your current deal ending if your mortgage is fixed.
Working with an independent mortgage specialist will give you access to the full range of deals available on the market. If you are on a variable rate mortgage, your advisor will be able to research a better deal for you, whilst also considering the benefits of switching you to a fixed rate deal for added security.
The market won’t stay like this forever so evaluating your options sooner rather than later will put you in a stronger position to take advantage of the current deals. We strongly suggest that you speak to an independent mortgage advisor for guidance and advice on your individual situation. For more information, or to book a free, no obligation review with our Independent Mortgage Specialist, contact Ian Chetwynd on 01926 422292.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.