Why now could be a good time to review your mortgage…

Our mortgage specialist, Will McBride discusses why now could be a good time to compare your current mortgage deal to today’s mortgage rates.

A recent study by the Citizens Advice Bureau found that 53% of customers who roll over onto a Standard Variable Rate (SVR) don’t remortgage for 10 years. Furthermore, a quarter of people that did remortgage said that they found the process difficult and that they did not have enough time to do more shopping around.

It would appear from these findings that mortgage customers may have seen a reduction in their monthly repayments at the end of their fixed rate deal and decided to remain with their current lender. They may also be perturbed by the perceived complexity of changing lenders.

Just as you did when you took out your first mortgage, it’s important to reevaluate your finances every now and then, and consider all your options in order to know you’ve got a mortgage that is right for you at that moment in time.

A couple of things that you need to bear in mind though if you are considering a switch. You will need to check with your current lender to find out if there are any early repayment charges to switch to a new deal. Also a SVR might well be the right option if you are considering moving house in the short term.

However if you have been on your SVR for a number of years and are not looking to move you may well benefit from having a lower loan-to-value due to repayments you have made or if your house has increased in value. The lower the LTV the lower the rates on offer from lenders.

With mortgage rates currently at all time lows now might well be the time to think about considering a fixed rate deal, this will provide you with certainty of outgoings for the period of the fix which helps with household budgeting. This is where we can help at Hartey Wealth Management as our independent mortgage consultant can help guide you through the process.

If you would like to discuss your current mortgage and feel that now is the time to compare your options please feel free to contact us and we will be pleased to assist.

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