If you’re worried about how you’re going to afford your mortgage, there are things you can do now to make your repayments more affordable. Take a look at our top 5 tips:
1 Swap your variable rate for a better rate
If your mortgage has now gone on to a variable rate, you may be worried about being able to afford the higher payments. There are things you can do though – and did you know you can swap your mortgage on to a better rate without producing any other paperwork?
2 Made overpayments? You could have a payment holiday
If you’ve made overpayments, your lender may allow you to have a payment holiday or maybe reduce down the mortgage payments to make them more affordable.
3 Look into extending your mortgage term
You can speak to the bank about your current mortgage term being extended, lowering the monthly mortgage payments. Your lender can go to a 30, 35 or 40 year term depending on the age of the applicant.
4 Shop around to get a better deal
If your mortgage product is due to be renewed you might get a better deal by looking around at different lenders, so that could be another option to save money!
5 See if you can remortgage
If you’ve lived in your house for a period of time, you may be able to get a better deal because the value of your property may have gone up.
Always speak to your lender
Remember, rule number 1: try not to worry and always speak to your existing lender or broker about your options. Other deals may be available to you that could be cheaper than what you’re currently paying. And if you opt for a product transfer, it may surprise you to know that this will probably be done for you free of charge – this is because it’s just a swap of an interest rate, not a new mortgage application.
Give yourself peace of mind by taking control of your mortgage. At Mortgage Light we’re always here to help. Our advice is free so why not give us a call to talk through your options?