One of the biggest expenses in most people’s lives is their mortgage, yet it’s one of the things that we review least of all. We all review our car insurance each year so why not review your mortgage?
It’s surprising how some people remain on their lenders standard variable rate (SVR) for years after the initial promotional rate; this could cost thousands in unnecessary interest. You may even be able to take advantage of lower rates to reduce your mortgage term.
For some it may now be the best time remortgage, consider a move or purchase an investment property. According to Moneyfacts the average 2 year fixed has now dropped to 2.54%, a 0.02% drop since January. These cuts are being put down to comments from the Bank of England giving comfort to the market. Governor Mark Carney has given indication that bank rate isn’t going anywhere for some time. Whilst no one can be sure this has given borrowers a great opportunity to snap up some low rates!
Why not take a moment to compare the mortgage rates (click here). Even if you are tied into a deal it may be worth a review with one of our professional advisers to check on your options.
You may have to pay an early repayment charge to your existing lender if you remortgage early.
Everyone’s financial position is different. Please seek professional advice from a regulated adviser.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE