This time of year traditionally sees a lot of people looking at reviewing their mortgage options as their current mortgage deal is coming to an end, so I want to highlight why getting your mortgage in order sooner rather than later can be beneficial in the long run.In the current climate, everything seems to be going up in price due to inflation, the cost of living, and energy and fuel price volatility - not to mention mortgage rates.
Many people fall into the trap of landing on a ‘Standard Variable Rate’ with their existing mortgage provider. This means that your initial deal has expired, and you usually fall onto a higher variable rate, which can fluctuate if rates change. Alternatively, rather than sticking with what you know, you can look at remortgaging with another lender. You can usually start the remortgaging process within six months of your current deal expiring.
This can take the sting out of any rate increase you encounter, but would mean paying back more in the long run if you didn’t reduce your repayments again further down the line.
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Source: Daily_Record - 🏆 9. / 89 Read more »