I imagine that by the time you are reading this, most new year’s resolutions will have fallen by the wayside. If the gym the diet and the juicer didn’t quite make the end of January, then make February, the month the month you slim down your mortgage payments.
Firstly, the average borrower can make significant savings by switching their mortgage to another lender. As 2017 starts, mortgage rates are still at record low levels and borrowers are saving thousands by switching to another product.
If your discounted or fixed-rate mortgage is nearing its end date, your lender will probably get in touch offering you a number of different deals so that you don’t go elsewhere. Nevertheless, even though some of these deals could look tempting, it’s in your interest to look around to find the very best deal for yourself. You’ll also find that, often, lenders keep their best mortgage rates for new customers, which is another reason it can pay to go elsewhere.
Most lenders contribute to the re-mortgaging costs and the process is really not as complicated as people think –as long as you have a good broker acting for you.
Many economists are predicting 2017 will be the year those record low mortgage rates start to rise again, in fact longer fixed rates have already started to rise.
Once you have got yourself a great deal on your mortgage, why not take advantage of the new lower payments and start making overpayments if you are in a position to do so.
This will reduce your overall interest costs and means you repay your mortgage quicker. Generally, lenders let you pay up to 10% of your balance in overpayments per annum with the minimum lump sum repayment usually between £500 and £1,000.
So let’s make February the month everyone takes a look at their mortgage with a view to reducing their payments, and getting their mortgages repaid earlier. If that fails – there is always dry February!
To speak to a mortgage adviser, contact us on 01628 507477.
Related articles:
Download our Free First Time Buyers Guide
Recent posts
Many households are still being affected by the high cost of living, with several people worrying about how they can make ends meet on a monthly-basis. Unfortunately, the cost of bills including, water, council tax, and energy are still rising. Here are some things you can do.
The Renters’ Rights Bill represents a significant milestone designed to enhance the rights and protections of tenants in the rental market. This comprehensive bill aims to foster a more balanced and fair rental sector, ensuring that tenants can enjoy greater security and equitable treatment. It is likely to become law in late 2025.
Limited Company vs Single Name Buy to Let
15 days ago
Owning a buy-to-let property in your sole name versus through a limited company each has its own set of advantages and disadvantages.
Top 10 property price hotspots in 2024
21 days ago
Data from Rightmove shows that Sunbury-on-Thames in Surrey was the number one house price hotspot in 2024. The prices in this area climbed an impressive 12.5% - increasing from an average price of £527,005 in 2023 to £592,926 in 2024.
Buy to Let Stamp Duty Changes April 2025
24 days ago
On the 31st October 2024 stamp duty for those purchasing additional properties increased by 2% from 3% to 5%.
From 1st April 2025 the threshold will be reducing from £250,000 to £125,000
Where did Londoners move to in 2024?
24 Jan 2025
Research from Metro shows that those who chose to move home didn’t actually move that far away. With a 430g pack of chicken costing on average almost double in London than the rest of the UK, it's no wonder some people are choosing a change of scenery to save a few pennies.
Reasons to get a Buy to Let Mortgage
20 Jan 2025
Following recent changes in the Buy to Let market, some investors may find this product less appealing. However, if done correctly, building a buy to let portfolio can be very profitable.
Stamp duty: how is it changing in 2025?
7 Jan 2025
Helping you understand the upcoming changes in stamp duty (SDLT) from April 2025.
More information
Trusted by
