Ask yourself how much you know about your mortgage
product.
If you can't answer many of your own questions, you may
not have the best deal for your circumstances. Questions
to ask yourself include:
When was my mortgage last reviewed
?
Am I tied in to a particular deal or rate ?
What type of mortgage do I have ? (i.e. Fixed, Tracker,
Variable, Discounted, Capped)
Do I feel that my monthly payment is too high, or could I pay
more ?
How flexible is my mortgage in terms of overpayments, cash
reserves or payment breaks ?
Am I on a Capital Repayment or Interest Only ?
Have I heard from my endowment company regarding the
performance of my repayment vehicle ?
These, and many more questions could be the key to your saving
money or time on the repayment of your mortgage, and if you have
not addressed these issues for a few years, then now may be the
time to do so. Some lenders may neglect to tell customers
when their introductory offer is over, leading to you paying a
higher rate than necessary.
Finding out all about your current mortgage puts you in a
commanding position to shop about and to rely on your own instincts
on what is the right deal for you. If you feel that you may
be able to pay more to your mortgage, you may wish to reduce your
term, the opposite being the case if you are struggling to make
your payments.
If you are in a job where your salary fluctuates, you may wish
to benefit from flexible options offered by other products,
allowing you to make overpayments, including large lump sum
payments off of your mortgage. For those with poor
performing repayment vehicles, you may wish to review your options,
such as adding a part and part option, where you begin to pay back
some of the capital to help make up some of any potential
shortfall.
Don't forget these questions apply to Buy to Let
properties as well as residential. it is worth pointing out that
Buy to Let is not covered by the Financial Services Authority
Rules.
If any of the above has made you think about your current
circumstances and you would like to discuss how we may be able to
assist you then please either phone, fax or e-mail via the contact
us details below.
CONTACT
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