Paying off your mortgage faster
For many of us, our mortgage is our biggest financial commitment. Reducing the amount you pay each month or your overall debt, could make a big difference to your finances and help you pay off your mortgage faster, and we have compiled a few handy tips to help you do just that!
Most of the best mortgage deals only last for a short time, so when your current deal is due to expire, speak to your current lender to see what they are prepared to offer you. But, make sure you also look at what else is on offer, or you could end up paying a lot more than you need to!
Get the best deal for you
Ensuring you pay the lowest interest rate possible is a great way to clear your mortgage debt quicker, without having to increase your repayments!
As expert mortgage advisers, we can help you compare thousands of exclusive deals from the UK’s leading mortgage lenders, to ensure you get the right product for your needs.
Reduce your term
When calculating your monthly repayments, most mortgage lenders use the standard repayment term of 25 years. But, if you find that you can afford to pay more, then increasing your payments is certainly worthwhile, as the shorter your term, the cheaper your mortgage will be overall!
Increasing your monthly payments, even just slightly, will help you to reduce both your mortgage term and rate of interest, with most mortgage lenders allowing you to make overpayments up to 10% of the outstanding loan value.
If you want to make overpayments or pay a lump sum off your mortgage, which will take you over this threshold, then remortgaging could be the best option. Your lender may charge you an exit fee for repaying your mortgage early. But, we can help you work out whether a new mortgage deal would be the best option for you.
Make your savings go further
If you’re a keen saver, then you can use your savings to reduce your mortgage. Offset mortgage deals deduct your total savings from your mortgage debt, and only charge interest on the remaining balance. You won’t earn interest on your savings. But, you’ll pay less interest and clear your mortgage faster, without having to increase your monthly repayments!
Speak to a professional
As expert mortgage advisers, we ensure you get the mortgage that’s right for you. We take the time to understand your individual needs, and compare thousands of exclusive deals from the UK’s top mortgage lenders, to find you the perfect mortgage.
If you choose to proceed with a new mortgage deal, we also manage your entire application for you; liaising with the appropriate parties and completing all the necessary paperwork, to remove the stress and hassle from you. Sound good? Get in touch for your free consultation!
5 tips to help you get the best remortgage deal
If your current mortgage deal is coming to an end, or you want to switch to a new mortgage deal to either help you make some long awaited home improvements, purchase additional property or reduce your current mortgage term, then there are a few things you should consider to ensure you get the best remortgage deal.
Here’s our top 5 tips for remortgaging your home:
When your current mortgage expires, your lender will automatically move you to a new deal, which will likely be a higher rate and therefore more expensive, unless you shop around!
Ensure yours remains competitive by searching for a new deal around 3 months before your current mortgage is due to expire. This will give you plenty of time to see what’s on offer when remortgaging your home.
Look at all your options
When looking for the best mortgage deal, speak to your current lender to see what they are prepared to offer you. But, make sure you also look at what else is on offer, or you could miss out!
As a whole of market mortgage broker, we can help you compare thousands of exclusive deals from the UK’s leading mortgage lenders, which can’t be found on either the high street or comparison sites, to ensure you get the right product for your needs.
Consider the costs
If you are currently tied into a mortgage, you will need to check whether repaying your mortgage before the end of the agreed term will incur an exit fee and/or early repayment charge.
Your new lender may also charge a fee for arranging your mortgage, valuation and legal fees, so it’s important to check whether a new mortgage deal would be the best option, which we can take care of for you.
Explore the benefits of remortgaging
If you’re looking for a more flexible mortgage that will allow you to make overpayments when you can afford to, or a deal that enables you to use your savings to reduce your mortgage interest, then seeking expert advice will ensure that you get a mortgage that works for you. Again, we can guide you throughout the entire process to make sure you’re 100% happy with your new mortgage deal.
Speak to an expert
Our mortgage advisers are experts in their field and offer personalised remortgaging advice, regardless of your circumstances. They will help you work out how much you can afford to borrow and talk you through all your available options, to ensure that you get the right remortgage product for your needs.
If you choose to proceed with your application, we will also handle everything for you; completing all the necessary paperwork and liaising with the related parties, to remove the stress and hassle from you!