As we head into the winter months, 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. With this in mind, now is the perfect time to review your mortgage and see if you could potentially save money, or protect yourself against further rate increases.
The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.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 could lead to you getting a more suitable deal overall, saving hundreds, if not thousands of pounds.
Therefore, it’s crucial you that you take the time to think this through weigh up what’s more important to you.Some lenders may offer the chance to extend your mortgage term. This means that your monthly payments on a capital repayment mortgage would be spread out over a longer period, but your payments would cost less each month.
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Source: Glasgow_Live - 🏆 4. / 97 Read more »