‘Be fearful when others are greedy and greedy when others are fearful’.
This quote is possibly opportune in the current climate, and whilst it’s directed more at holding an investment portfolio, much of what you do with your own borrowing and protection requirements also relates to investing in your current and future needs.
You don’t want to be reckless, you should consider the opportunities that may be out there for you.
One of these may be to remortgage onto a better deal than the one you’re currently on. In short, you remain where you are, but simply try to find a deal that will cost you less each month, or perhaps one that will generate additional funds to enable you to undertake key home improvements.
The good news is that there are still decent (and in some cases, improved) deals out there, particularly if you’re currently sitting on your lenders Standard Variable Rate (SVR).
You may even decide to utilise some of the mortgage payment money you save to provide additional protection for yourself (and perhaps family too) in the way of life assurance, or cover against illness, injury, or job loss.
Alternatively, even though you may enjoy a lower rate of interest from a new deal, you could decide to maintain the level of payment, if possible, enabling you to pay off the loan sooner than expected.
Benefit of Advice
In short, there’s simply a massive range of options on offer to meet both your borrowing and protection needs. So it makes sense to take advantage of calm, sensible and professional financial advice. And that’s before we even mention the raft of ‘tighter’ rules, which apply stricter ‘evidencing of income’ and ‘affordability’ measures to ensure that borrowers are stress-tested to see if they can not only meet current payments, but also be able to cope should the interest rate rise.
Even here, different lenders may interpret the rules in alternate ways, meaning that if you can’t get the loan you need from one lender, the answer may not be the same elsewhere. Hence the benefit of securing advice from someone that is dealing in this marketplace day-in, day-out.
Hold your hand throughout
We are also aware that you may have time-pressed lives, so we can hold your hand throughout the process, and liaise with the various parties along the way.
We already help a whole range of clients, from those who are new to home ownership, have a home and may want to move up (or down) the property ladder, or simply want to stay put and seek out a better deal, or require further funds. We recognise that each situation is different and needs to be tailored accordingly. To hear more, please get in touch.
You may have to pay an early repayment charge to your existing lender if you remortgage, nobody wants that!
|A MORTGAGE IS A LOAN SECURED AGAINST YOUR NAME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.|