Don’t Let 2023 Catch You Off Guard – Reevaluate Your Mortgage Rate
If you have a mortgage rate coming up for renewal this year, it is essential to start planning early. Don’t let yourself get blindsided by the rate increases. Having a mortgage review is a key part of ensuring you are in control of your finances when your current mortgage deal is ending. A financial adviser can help you evaluate your options and make the best decision.
What is a mortgage rate review?
A mortgage rate review is a process that helps borrowers review and compare different available mortgage rates. To help you find the most suitable deal from a lender, your financial adviser will consider various factors that can affect the rate offered, such as your credit score and the amount you have for a down payment.
An experienced mortgage broker or financial adviser will typically ask multiple questions about a borrower’s financial situation before providing potential rates and terms. This method can help borrowers make an informed decision when selecting a mortgage rate, potentially saving them both time and money in the long run.
What are the benefits of having a mortgage rate review?
There are two main benefits to having a review of your mortgage rate when your current deal is coming to an end.
You could save money
Comparing rates between lenders is a great way to find the lowest possible interest rate and potentially save hundreds or even thousands of pounds over the lifetime of your mortgage.
Plus, if your credit has improved since taking out your original mortgage, you may be able to secure better terms with a different lender. A mortgage rate review could ultimately be invaluable in securing lower monthly payments and bigger home-owning budgets in the future.
You might be able to borrow more
A mortgage rate review can be an excellent opportunity to explore the potential of getting a lower rate, potentially enabling you to borrow more and secure a better property. Through an analysis of current market trends and your individual financial situation, a mortgage professional can provide advice for exploiting favourable conditions.
Benefits of having a mortgage review with a financial adviser
When it comes to making a significant financial decision like taking out a mortgage, it pays to have an expert review your situation. Seeking the help of a financial adviser can give you the confidence that you are on the right track; they will be able to provide valuable advice and answer any questions that arise.
An experienced professional can provide important information on different mortgage options, allowing you to make the most suitable decision for your needs. A mortgage review by an adviser is also helpful if you are already in the process of purchasing a house, as they can ensure that all paperwork is in order and that your finances are in good shape.
In addition, they may be able to find areas where you could save money, reduce costs associated with taking out a mortgage, or simply find a better interest rate than your current mortgage.
If your current deal is coming to an end, or you want to review your mortgage rate, contact Downton and Ali today to discuss how we can help you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 14th April 2023.
