Mortgage Review Could you save money by shopping around?

Mortgage Review

A home is the most expensive purchase most people ever make. As an owner t from expert advice on the condition of your property – whether you plan to live in it, rent it out or sell it.

Is your current mortgage as competitive as the best new deals on the market today? It’s no secret that the mortgage market is a highly competitive one. New products, new rates and better deals appear all the time, meaning there could be huge potential for homeowners to get better value somewhere else. Regular mortgage reviews are an effective way of keeping an eye on the current market and could save you money in the long run.

SWITCH TO A BETTER DEAL
If appropriate to your particular situation, you could save hundreds – perhaps thousands – of pounds by shopping around, so it’s a good idea to review your mortgage at least once a year to check whether you should switch to a better deal. Ideally, you should keep a regular eye out for better mortgage deals – new ones are coming onto the market all the time, and, if you’re not locked into a fixed or discount rate deal with an early repayment charge, it could be worth your while changing lenders (remortgaging) at any time.

EARLY REPAYMENT PENALTIES 
You should review your mortgage when interest rates change to see how your current deal compares to new deals that have come onto the market. This is because the change of interest rates will affect how competitive your current deal is when your current mortgage deal comes to an end – your rate may increase once a year if you’re not tied in to deal with early repayment penalties. If you do nothing when rates change or your mortgage deal ends, you could lose out to many better deals that are available in the market. It’s a good idea to set up a reminder to review your mortgage once a year – or before your current fixed deal ends. You could save yourself hundreds of pounds! Typically, it’s prudent to set a diary reminder to start shopping around at least three months before your current fixed or discount deal reverts to the lender’s standard variable rate.

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