Making the most of your mortgage
Interest rates are at one of their lowest points for
many years and there are now thousands of different mortgages available
in the UK with new deals being introduced every day. Do you have the
most suitable mortgage which you pay for at a competitive rate? Are you
making the most of your mortgage? Should you be borrowing more or paying
off your mortgage as quickly as you can?
It is important to ensure you have the right mortgage
for you but with interest rates still low it's equally vital to ensure
you're not paying over the odds for your mortgage.
Review your mortgage regularly
It's important to review your mortgage regularly not
only to see if you could be saving money but to ensure the terms you
have agreed to continue to suit your personal circumstances.
Mortgages have become increasingly flexible with many
products now allowing borrowers room to vary the amount they repay to
suit their circumstances or even to take limited repayment " holidays".
You could even combine your mortgage and savings into a single account
and offset one against the other. Whilst some of these features may seem
attractive, they may well come at a price so it's worth considering which
ones you would actually use.
Finally in all matters relating to mortgages, independent
financial advice can really help you to make the right decision. Because
not only is it prudent to take a second opinion and work out exactly
whether you can afford the extra outgoings, Brian Mellor Financial Services
can put the decision in the broader context of how your finances are
likely to stand 5,10 or even 20 years from now.
Independence is the key word here - because although
many banks and building societies would be pleased to offer you their
mortgage services, the only lending services they would offer would be
theirs! Brian Mellor Financial Services look at the whole universe of
products before making a recommendation - not just one supplier. So,
although you might think you've done well with a traditional bank or
building society product, the chances are you could have found a more
suitable mortgage for your circumstances.
"It is estimated that 4 out of 10 people
paying a mortgage in the UK would be better off in a different mortgage." (IFA Promotion/Daily Mirror 13.6.01)
If you're considering a mortgage visit Brian Mellor Financial Services
first and our advice could save you from making a costly error.
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