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Do Your Finances Need a Workout?
Many of us will be setting our New Year’s Resolutions soon, and for the majority, this is to get back to a healthy lifestyle after the indulgences of the festive season. But how many of us think about doing a complete healthcheck for our finances, and especially mortgages, as part of these resolutions?
To help you on your way, here is our step by step guide get your mortgage back into tip top health by reviewing the questions below and then talking to us to ensure you are currently getting the best possible deal:
1. Check your bank statements to see the amount of your current mortgage payment. Is it what you expected?
2. Check who your lender is – when did you last receive a mortgage statement?
3. Check your last mortgage statement – is the outstanding balance what you expected to see? Are you reducing it with each monthly payment (Capital & Interest) or are you just repaying the interest each month?
4. What is your current interest rate? When did you last review it?
5. Are you tied into a product with an early redemption penalty?
6. Is there a way of repaying your mortgage faster? What can be done to reduce the amount you owe?
7. Are you concerned about interest rates rising and if so, would you like to fix your rates to keep your payments stable?
8. Have you recently received a letter advising you that your mortgage payment has gone up as a result of the base rate increase?
If you have been unable to answer some of these, or have answered yes to some of the questions here, then we would like to give your mortgage a healthcheck from one of our brokers. Please feel free to give us a call and discuss it. If you are able to provide your last mortgage statement, we should be able to conduct the review for you, and based on our research let you know if your mortgage is in top health, or if it needs some New Year attention where we can potentially offer you a better rate. Call us today on 0207 317 2820 to discuss.