We understand that the current challenges we are all facing in light of the cost of living squeeze and the rise in interest are causing concerns for many homeowners. If your current mortgage deal is looking to end in the next 12 months, you have options you can explore now.
Start the remortgage process early
Avoid landing on your lender’s standard variable rates! Some lenders can lock in deals up to 6 months in advance so let’s start the conversation as soon as possible!
Use professional advice
Rates are changing and are currently being withdrawn at high speed, but a whole of market mortgage broker will be able to navigate this volatile market for you. We know the market inside out and have access to exclusive rates you may not be able to find elsewhere.
Monthly repayments too high?
One way to soften the blow and lower the mortgage payments is to change lender and increase the mortgage term. Although you will end up paying more interest overall, as a short-term fix. If your own personal circumstances improve and/or rates go down later, you may be able to reduce your term again when your next remortgage.
Consolidate your debt to ease the burden of financial outgoings
If you have a considerable amount of debt in loans and credit cards, you are likely to pay a hefty amount each month to repay it. By consolidating your debt with your mortgage you may reduce your monthly outgoings since interest rates on secured borrowing are typically lower than on unsecured borrowing.
Unsure of your options?
As a mortgage holder, it can be confusing and unclear what the changes mean to you, but if you’re unsure we’d encourage you to pick up the phone and get in touch with us to discuss your current situation so we can advise on the most suitable options.
If you’re struggling to pay
Avoid missing repayments without first speaking to your lender.
With the cost of living increasing, many homeowners are struggling to meet their mortgage repayments. Missing a mortgage payment is known as falling into 'arrears'. You want to try to avoid this as best you can, as it'll have a serious impact on your ability to get credit in future. So, speak to us, or your lender as soon as you can to discuss your options.
Remember, our team of experienced financial advisers are available to provide personalised guidance tailored to your specific needs and circumstances. If you would like to discuss your financial situation further, please do not hesitate to get in touch.
SPEAK TO AN ADVISER
Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. You may be charged a fee for mortgage advice. The exact amount will depend on your circumstances. Some forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority.