Most of us have a mental list of tasks that we never quite find the time to tackle, from switching energy provider to getting the car cleaned. Here at Mortgage Light, we believe some are more important than others; the dog could probably go another couple of weeks without a full groom, but some of those jobs you’ve been putting off for a rainy day could save you money.
If you find you have more time on your hands in the coming weeks, we’ve compiled the top three financial tasks you should deal with first.
CONSIDER A RE-MORTGAGE
Many people believe that a re-mortgage is something you only consider if you need to release some capital. Many others might believe that their personal circumstances restrict them from finding a better mortgage deal than the one they currently have.
There are plenty of people who will let their mortgage roll onto a variable rate after their fixed rate deal ends, even though in reality, they do qualify for cheaper rates. They just don’t know it!
Why not explore your options? If you consider a product transfer to a new mortgage with your current lender, you don’t need to produce proof of income. And, you won’t usually be charged a fee.
LOOK AT YOUR INSURANCE
You’d never forego your car insurance, and it is also very likely that if you do own a home you also have buildings insurance.
Well, what about income protection or critical illness cover? If you find you are not able for work for a long period of time for health reasons, this type of protection will mean you can still pay the bills and keep your mortgage payments going even without a regular salary coming in.
GET ONTO RIGHTMOVE!
While the property market is likely to slow down because many people lack the confidence to move house during a period of economic uncertainty, now might actually be a good time to browse Rightmove.
Last week, the Bank of England cut interest rates from 0.75% to 0.25. This, coupled with prices dropping, might be good news if you are a first-time buyer trying to get onto the ladder. Lower interest rates could equal better rates on the mortgages available to you.
If you’d like some support in tackling your financial life admin, Mortgage Light’s experts are here to help with advice and guidance. Contact the team on 01908 597655.