Securing a good mortgage deal is important – not just for your short term payments, but because it will affect you for years to come. But how do you find a deal that’s a good fit for you now and in the future?
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Take advantage of low rates
Maybe when you first secured your mortgage, it was a great deal. But often rates change and better deals become available. When this happens, you should review your mortgage and consider remortgaging to potentially save thousands of pounds.
If you’re happy with your current home, remortgaging will help you move your mortgage to a new lender while staying in the same property. If you’ve had your mortgage for a while, it’s worth reviewing because there could potentially be huge savings to be found.
At the moment, the BoE base rate is quite low. This is important because it acts as a benchmark for the cost of borrowing money – the lower the base rate, the lower the interest rates.
Beat inflation and Standard Variable Rates
The rate of inflation is rising, and with that so will mortgages rates. So, if your fixed-rate mortgage is coming to an end soon, check to see if remortgaging could be the right move for you now.
There are great mortgage deals to be found out there for doctors. If you choose to stay with your lender, you’ll revert to their standard variable rate (SVR). If you wish to switch, it’s best to give at least four months lead time before your term ends so you can make it happen. Take advantage of the state of the market and interest rates available now.
Save money on your mortgage repayments
If you find a new mortgage lender that could save you thousands of pounds on your repayments, start getting ready for the mortgage application process as soon as possible. Securing a lower mortgage rate will provide peace of mind and security in the event of further rate rises, which might be on the horizon.
Ready to look for options?
With the way the market is, it could be a great time to find a lower rate mortgage. To discuss switching up your mortgage deal or simply want to see what’s on offer, get in touch with and expert at Dental & Medical Financial Services now.
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