Mortgage rates are now at record low levels, following two Bank of England rate cuts in March to bring the base rate down to 0.1%.

Borrowers on a tracker, discounted or variable rate mortgage may have already benefited from this rate drop, but those borrowers whose mortgage deal is nearing its end, or those currently on an uncompetitive standard variable rate (SVR), should review their situation as there are some very competitive products on the market, with potential savings to be had.

Remortgaging explained
A remortgage is where you take out a new mortgage on a property you already own - either to replace your existing mortgage, or to borrow more money against your property. You should consider remortgaging if:

• Your current deal is about to end
• You are looking for a better rate
• You want to overpay, but can’t do this on your current mortgage
• You want to borrow more
• Your home has increased in value and your loan-to-value ratio means you can get a better deal.

Lenders have adapted
Due to uncertainty, many lenders initially reacted to the coronavirus crisis by restricting the products available, (particularly to those borrowers with a high loan-to value ratio) and remortgage applications faced operational constraints such as an inability to do physical valuations. However, optimism has started to return, with lenders reintroducing a wider range of products and adjusting their processes to overcome problems, for example by using automated ‘drive-by’ valuations.

Don’t delay
In such a fast-changing environment, those who are considering remortgaging over the next few months would be well advised to assess their options now. Remortgaging can take around eight weeks, so it’s best to contact set the wheels in motion sooner rather than later.

Advice is essential
There are pros and cons to remortgaging and it won’t be right for everyone. The market is more complex right now and getting good advice is vital. We have expert insight and knowledge of the market. As well giving you advice on whether a remortgage is suitable, we will explain the costs, outline potential implications and guide you through the mechanics of remortgaging.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Buying a home takes careful preparation and planning. As well as finding a property you like, you need to get your finances in good order before lenders review them and assess your ability to make repayments on your loan.

Save up
During the recent lockdown, many lenders pulled their ‘high loan-to-value (LTV)’ products which typically only require a deposit of 5% or 10% (often first-time buyers) to take out a mortgage. The good news is that lenders are returning to the high LTV market, but you may need to act quickly to secure the deals. This is where we can help as we have our finger on the pulse.

Save as much as you can towards a deposit. Open a dedicated savings or investment account and make sure it’s paying a competitive interest rate.

Check your credit score
Even if you’re remortgaging or moving up the housing ladder your credit history will be important. A good credit rating can help you secure a better mortgage deal, with a lower interest rate.

The general rule is the higher the score the better, and the more likely you’ll be accepted for a mortgage or other credit. If you’re looking to take out a mortgage or remortgage, check your credit score regularly. You can usually get a simple overview for free and it pays to check with several different sources. Credit Karma, Equifax, clear Score and Experian all offer a service to help you understand your rating.

If you find it is lower than expected there are ways to improve it:

• Pay more than your minimum payments on credit cards
• Bring your overdraft down
• Close unused credit accounts
• Register for the electoral roll

Budgeting
It’s important to review your income and outgoings. If you have accounts, memberships or subscriptions that you no longer use, it makes sense to close them down.

Prospective lenders will also look at the debt you currently have, including whether your current account is in credit. If you have any savings, it makes sense to pay off loans and credit cards but be sure to leave yourself enough saved to cover emergencies.

Support from families
Research carried out suggests the bank of Mum and Dad or even the bank of Gran and Grandad will help to buy 175,000 homes during 2020 by lending or giving you cash to help with a deposit or acting as a guarantor.

Get some good advice
As qualified and professional mortgage advisers we know what a good deal looks like, we know the market and we’ll do the hard work for you

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Contrary to costs such as legal fees, estate agency fees or Stamp Duty, having your new home surveyed isn’t actually compulsory. However, with a property being the most expensive thing most of us will ever buy, the price of not having it checked by a surveyor could be devastating.

If you buy a property and later find it has serious defects, it could be too late to back out of the purchase or renegotiate a price with your seller. You’re also likely to find yourself paying out to rectify the fault – and probably a lot more than you would have paid for a survey in the first place!

A survey to suit your needs
There isn’t just one type of survey available – you can get different ones that range in cost, according to the kind of property you’re buying:

1. Condition report
   What is it: a basic overview of the property that only highlights the most significant defects; it doesn’t go into detail.
   Suitable for: those buying a relatively new homes in good condition.
2. Homebuyer report
   What is it: a more comprehensive survey that highlights obvious defects such as damp or subsidence. It will include advice on any necessary repairs or maintenance and may also include a valuation or an estimation of rebuild costs. However, it’s not an intrusive survey, meaning the surveyor will only be picking up on visible issues.
   Suitable for: those buying a standard property in a reasonable condition.
3. Building survey
   What is it: the most comprehensive type of survey, which looks at the property’s structure and condition, lists any defects and advises on repair and maintenance work. Unlike a homebuyer report, this is a much more hands-on survey, so the surveyor will do things like going up in the loft or looking under floorboards or behind sofas.
   Suitable for: older or listed buildings, or properties that are in poor condition or have an unusual design or structure.

But what if you're buying a new build?
Even though it’s tempting not to have a new build property surveyed, there can still be issues with new build homes that could be costly to repair. If you’re buying a new build, you’ll need a slightly different survey called a snagging survey. It identifies any defects with new build homes, from cosmetic issues to structural problems, which the developer will then have to fix within the two-year warranty period.

Surveying is not regulated by the Financial Conduct Authority.

 

Key takeaways

• Do you need a survey of your new home? The short answer is yes!
• Getting a survey done ensures you won’t buy a home only to find out about serious defects that could cost you a lot of money to repair
• There are three types of survey: a condition report, homebuyer’s report and a building survey
• Each goes into more detail than the last, with the condition report being the most superficial and a building survey the most comprehensive
• The type and cost of the survey you undertake depends on the property you’re buying; if it’s a relatively new property in good condition, a condition report will be probably be most appropriate
• If you’re buying an older, listed or unusual property, you’ll likely need a building survey
• As a member of Openwork, come to us and we’ll refer you to our Surveying Service.

Chancellor of the Exchequer, Rishi Sunak, delivered his second Budget on 3 March declaring that "we will recover". The key fiscal event, which had been delayed from the Autumn due to the pandemic, centred on a £65bn three-part plan designed to continue supporting British people and businesses through the pandemic, ‘fix’ the public finances once recovery begins and lay the foundations for the future.

Economic Forecasts
The Chancellor revealed the latest forecasts produced by the Office for Budget Responsibility (OBR) which provide hope of "a swifter and more sustained economic recovery" than previously expected. The economy is now forecast to grow by 4% this year and by 7.3% in 2022, which means it will regain its pre-pandemic level by the end of Q2 2022, six months earlier than November’s forecast implied.

In terms of public finances, the OBR expects government borrowing to rise to a peacetime record of £355bn in 2020/21 in order to fund the government’s economic support measures. As the economy reopens and emergency fiscal support is withdrawn, borrowing is forecast to fall back to £234bn in 2021/22. The Chancellor did not set any new fiscal targets in this Budget, though he did acknowledge that tax rises would be needed in the coming years to help repair the public finances.

COVID-19 Support Measures
Prior to Budget day, Mr Sunak had already announced a number of coronavirus support measures including an extension to the Coronavirus Job Retention Scheme, further support for a greater proportion of self-employed workers and details of the Restart Grant and traineeship schemes. 

• The furlough scheme will continue until September with no change to employee terms, although in July businesses will be asked for a 10% contribution rising to 20% in August and September

• The Self-Employment Income Support Scheme will pay a fourth and a fifth grant, which will potentially be available to an additional 600,000 self-employed people

• The Universal Credit £20 per week uplift has been extended for a further six months

• A new Recovery Loan Scheme will replace existing government-backed schemes at the end of this month offering an 80% government guarantee on SME loans of between £25,000 and £10m

• The business rates holiday in England has been extended until the end of June with a two-thirds discount then available across the rest of this year

• £126m of new money will enable 40,000 more traineeships, with cash incentives for firms taking on an apprentice doubling to £3,000

• The 5% reduced rate of VAT for tourism and hospitality sectors has been extended until the end of September followed by an interim rate of 12.5% for a further six months

• A £5bn Restart Grant scheme will provide grants of up to £18,000 for high street businesses.

Personal Taxation, Wages and Pensions
The Chancellor will freeze personal tax thresholds and increase tax rates on corporate profits in a policy he says is “progressive and fair.”

From April, the Personal Allowance will rise with inflation as planned, to £12,570, before 20% Income Tax becomes payable. The Income Tax higher rate threshold, at which people start to pay tax at 40% will rise to £50,270. Both thresholds will remain at these levels until April 2026 (rates and thresholds may differ for taxpayers in parts of the UK where Income Tax is devolved). As previously announced, the National Insurance threshold will rise to £9,568 from April and the Upper Earnings Limit will be £50,270.

With regards Inheritance Tax, the nil-rate bands will remain at existing levels until April 2026: £325,000 nil-rate band, £175,000 residence nil-rate band with taper starting at £2m.

The 2021/22 tax year ISA (Individual Savings Account) allowance will remain at £20,000. The JISA (Junior Individual Savings Account) allowance and Child Trust Fund annual subscription limit will stay at £9,000.

The Capital Gains Tax annual exemption will also remain frozen at £12,300 for individuals, personal representatives and some types of trusts, and £6,150 for most trusts.

The National Living Wage will rise to £8.91 per hour and for the first time will include those aged 23 and over. The Lifetime Allowance for pensions will stay at its current level of £1,073,100 until April 2026. As previously pledged, the new single-tier State Pension will increase from £175.20 a week to £179.60 in April 2021. The older basic State Pension will increase from £134.25 to £137.60 per week. The rise is the result of the triple-lock system, whereby the State Pension rises in line with CPI inflation, average earnings, or 2.5%, whichever is the highest. For this year, the increase is 2.5%.

Business Taxes
In 2023, the main rate of Corporation Tax, paid on company profits, will increase to 25%. Businesses with profits of £50,000 or less will continue to be taxed at 19%. A tapered rate will also be introduced for profits above £50,000, so that only businesses with profits of £250,000 or more will be taxed at the full 25% rate. A temporary super-deduction tax incentive will cut companies’ tax bills by some 25p for every £1 they invest, by providing allowances of 130% on qualifying investment in new plant and machinery.

Housing
A three-month extension to the temporary Stamp Duty Land Tax ‘holiday’ in England and Northern Ireland was announced, with the £500,000 threshold at which SDLT starts to apply now set to end on 30 June. A threshold of £250,000 applies for a further three months, with the regular £125,000 threshold returning from 1 October 2021.

The Chancellor introduced a new mortgage guarantee scheme. From April, the government will provide guarantees to UK lenders who offer mortgages to buyers to secure a loan with a 5% deposit on a property of up to £600,000 up to 31 December 2022.

Environment and ‘Help to Grow’ Initiatives
Mr Sunak outlined his plans for Britain’s “future economy”, with a “commitment to green growth” at its heart. He announced:

• The UK’s first Infrastructure Bank, based in Leeds, with an initial capitalisation of £12bn, it will invest in green projects across the UK

• New funding for offshore wind infrastructure in Teesside and the Humber

• A new NS&I retail ‘green’ savings product

• An updated monetary policy remit for the Bank of England, reinforcing the importance of environmental sustainability and the transition to net zero

• Support for the development of new solutions to cut carbon emissions

• At least £15bn of green gilt issuance in the coming financial year.

Skills training for small businesses is also part of the future economy, Mr Sunak said, announcing a £520m ‘Help to Grow’ scheme that includes:

• Help to Grow: Digital – offers SMEs free online advice and a 50% discount on productivity-enhancing software (up to the value of £5,000)

• Help to Grow: Management – offers access to a 12-week training course with leading business schools, which is 90% government subsidised.

As well as peace of mind, many insurance providers offer additional benefits that you may not know about.

Whether we’re crossing the road or getting on a plane, we encounter risks every day. For many of us, life has felt more uncertain than ever over the past year as we continue to deal with the coronavirus pandemic. Although we can’t always control what’s happening in our lives, we can plan for the unexpected.

By taking out a protection policy, you can safeguard your family’s finances if your situation changes. The main types of protection include:

• Life cover – pays out a lump sum if you die
• Health insurance – pays medical costs at a private hospital or private ward
• Critical illness – pays a tax-free lump sum if you’re diagnosed with a major illness
• Home contents and buildings – covers your home’s structure (including fixtures and fittings) and contents (furniture)
• Income – pays out if you can’t work due to illness or injury

As well as peace of mind, protection policies often come with added extras. We’ve highlighted examples of some of the perks you could receive when you take out a policy, even if you don’t make a claim.

Welcome gifts
When you sign up for a protection policy, some providers offer a welcome gift. For example, health insurers sometimes offer gadgets like an Apple Watch to help you track your activity – with some even offering a discount based on the amount of exercise you do each month.

Discounts
Many health insurers offer discounts on gym memberships and weight-loss programmes to help you embrace a healthier lifestyle. Some also offer you the option of taking a health check to reduce the amount you pay each month.

It’s worth noting that when you take out a protection policy, your provider is likely to offer you discounts on other products such as pet or travel insurance.

Additional healthcare options
Some health insurers now cover complementary therapies such as osteopathy and acupuncture, giving you more treatment choices. In addition, counselling services are now included in most health insurance policies and many also give you the option to upgrade your hospital room if you need treatment.

Will writing
Some providers of life insurance give new policyholders the opportunity to draw up a will free of charge.

Cover for children
Many critical illness plans include free cover for dependent children.

What support do insurers offer after the event?
Illness and bereavement help. Many providers give free access to services offering practical and emotional support for those left behind after the death of the policyholder.

Rehabilitation
Insurers usually offer back-to-work support services, including physiotherapy, careers guidance or advice if you choose to go self- employed. If you’re returning to work following a mental health issue, providers will continue to cover counselling sessions for a set period of time.

Whatever type of protection you’re looking for, get in touch and we can help!

Lenders are now offering a government-backed 95% mortgage scheme to help more first-time buyers onto the property ladder.

The government is hoping to turn ‘generation rent’ into ‘generation buy’ with the help of a 5% mortgage deposit scheme launched on 19 April.

Following the outbreak of the coronavirus pandemic, many lenders withdrew low-deposit mortgages. In just under a year, the number of 95% mortgages available to first-time buyers fell from 391 to just three. It’s hoped the scheme will give lenders the confidence to offer low-deposit mortgages again by taking on some of the risks involved.

What is the 5% deposit scheme?
First announced in this year’s Budget, the programme offers first-time buyers or current homeowners the chance to secure a 95% loan-to-value mortgage on homes worth up to £600,000. It’s available on both new-build and existing properties.

The government hopes the scheme will provide an affordable route to home ownership by helping people who may be renting but are unable to save for a deposit.

Buyers will still only be able to borrow in proportion to their income, typically a multiple of 4.5. As a result, the scheme will particularly benefit buyers in lower-value housing markets such as northern England and Scotland.

There are also a number of lenders offering 95% loan to value mortgages without using the government guarantee. With an ever increasing range of options to consider, speak to your financial adviser about the current range of 95% loan to value mortgages.

What’s the catch?
There are a few conditions that you’ll have to meet under the scheme. You’ll need to:

• Buy a property to live in – second homes and buy-to-let properties aren’t eligible.
• Apply for a repayment (not interest-only) mortgage
• Pass standard affordability checks, including a loan-to-income test and credit score assessment.

It’s worth considering the fact that the higher proportion of the property price you borrow, the higher the amount of interest you’ll repay on your mortgage. So it might be good to take a step back and figure out if you can save for a little longer and borrow less.

Speak to your financial adviser about how the 5% mortgage deposit scheme could help you get on the property ladder.

What does loan to value mean?
Loan to value is the percentage of the property value you’re loaned as a mortgage – in other words, the proportion you're borrowing. For example, if you have a 95% mortgage on a house worth £200,000, you would put down £10,000 (5%) of your own money as a deposit and borrow the rest (£190,000).

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

 

There’s plenty of advice and ‘life hacks’ on how to make spring-cleaning less of a chore. A quick Google search will throw up hundreds of random tips – like using cola to clean the toilet, lemon to clean the taps and vinegar to clean just about anything!

When you’ve finished scrubbing your worktops with baking soda and polishing your windows with newspapers, why not try spring-cleaning your finances? Here are some handy hints to get you started:

Throw away unnecessary spending habits

Look at your bank statements for the last couple of months for a snapshot of your finances. It can help highlight any problem spending areas and where you can potentially make savings.

Do you have countless direct debits or standing orders? Is there anything you’ve signed up for that you no longer use? Those small payments going out every month can really add up! If you have credits cards make sure you pay them off in full each month, or if not see if you can shift your debts to a lower interest credit card or loan. Just to give yourself space to gradually pay it off without incurring huge amounts of interest.

Invest in an ISA

An Individual Savings Account (ISA) is a tax-efficient way of saving. In the current tax year (April 2022 to April 2023) the government allows us to put up to £20K into an ISA. Make sure you take advantage of this before the tax year ends in April 2023.

You can save your money in a Cash ISA or Stocks and Shares ISA or split the allowance across both types. A Cash ISA you don’t pay tax on the interest you make on these savings. With a Stocks and Shares ISA means you don’t pay tax on any income or capital gains you’ve made on your investments - but obviously this involves more risk.

There are a few other things to bear in mind. The tax efficiency of ISAs is based on current rules. The current tax situation may not be maintained. And of course, the benefit of the tax treatment depends on individual circumstances.

With Stocks and Shares ISAs, although there is no fixed term you should consider them as a medium to long term investment, of ideally five years or more. And remember, the value of your Stocks and Shares ISA and any income from it may fall as well as rise. You may get back less than you invest.

Spring clean your protection

Spring-cleaning your protection insurance is also important as you’ll want to make sure you have the right cover for your family and your lifestyle.

If you’re renting a property you will want to protect your belongings with home contents insurance. If you have just bought a home, you’ll need to make sure both your building and possessions are adequately covered. You should also think about accidental damage cover or home emergency cover.

If you have others who depend on your income, consider taking out cover to provide financial security for them should you become ill or die. Life insurance and critical illness insurance may give you the peace-of-mind that you or your family could cope should the worst happen.

Set yourself a budget

To get started, use your bank statements to analyse your spending patterns and tally up your typical monthly outgoings. Compare this to your monthly income and you can quickly see what’s left (or not) by the end of the month.

Once you’ve done this you can set yourself a budget based on accurate figures. Keep it realistic as you’re more likely to stick to it.

Check on your mortgage

If you’ve got a tracker, fixed or discount rate mortgage, make sure you know when it ends as you’ll likely be switched to your providers Standard Variable Rate (SVR). The SVR is usually higher than the amount you’ve been paying and when interest rates change, so can your monthly payments.

It’s worth finding out what alternative products your current mortgage provider offers before checking out the rest of the market.

Get trusted advice

Discussing your finances with an expert can make managing your finances simpler. We can help you establish a financial plan that’s designed around your specific needs, make sure it stays on track, and provide ongoing advice that will help you achieve your goals.

If you would like to spring clean your finances this year, please get in touch for a review.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

When preparing to buy your first home, saving for a deposit can be a difficult process. As house prices, inflation, cost of living and mortgage rates increase, it can mean that some mortgage lenders may require larger deposits of the property value. This can be challenging trying to save a large sum of money and for some within a limited time. According to the Office for National Statistics, the average UK house price was £277,000 in February 2022, which is £27,000 higher than this time last year. It’s also important to consider all the other costs that are involved in buying a property – conveyancing, legal fees, insurance policies and moving costs to name a few.

How much do I need to save?

A 5% deposit of the property value is the minimum amount you are able put down and however with this your options may be limited. A 10% deposit will provide with more options, whilst a 25% deposit will enable you to get competitive mortgage rates. The larger deposit you can provide, the less risk you will be considered to lenders and better rates will be available to you.

Where do I start?

Set a savings goal, which you can break down into easier amounts and a time frame to achieve it. Regular saving is most effective and it’s important to be realistic on how much monthly you can save so that it’s more easily attainable and doesn’t feel like such a chore or impact your life severely. To decide on how much to save, researching house prices in the area you would like to buy your property and using mortgage borrowing calculators online can help you work out how much you may need to save.

Buying schemes and saving accounts options

There are various government buying schemes such as Help to Buy and Shared Ownership and mortgage deals which you may be able to use depending on how much deposit you can raise.

With a Lifetime ISA (LISA) as a first time buyer under 40, you get a 25% bonus on your savings. For example, if you put £1,000 into your Lifetime ISA, the government will add an extra £250. This would mean you have £1,250 at the end of the tax year. It could help you in reaching your deposit goal quicker.

Top tips on how to build your savings:

• Set up a savings account – look into a suitable ISA and consider a Lifetime ISA
• Look at your current spending habits – analyse and see where you can possibly reduce your monthly bills and expenditure (e.g. minimise unused subscriptions/gym membership, change energy or network providers, eating out, daily coffees etc.) to save money.
• Create a budget and stick to it – make the budget realistic so it’s easier to stick to and when you struggle, remember the goal in mind. Set up standing orders so the money is automatically allocated to savings before you have chance to spend it.
• Reduce your rent/living costs – If possible, consider moving in with family, friends or find cheaper/shared accommodation which can allow you to save money quicker.
• Make extra money – sell clothes, items online that you don’t need, or if you have a skill/talent/craft that you can turn into a business, this can help you earn extra cash.
• Make use of discounts, vouchers and online deals – every little saving helps.
• Try “no spend” months or weekends” – only pay your bills and regular outgoings and necessities and move the money you save to your savings. Consider alternative free activities.
• Set limits – If it helps, take out a certain amount of money in cash for the week or month and leave your cards at home.
• Consider investing options – including saving accounts with higher interest rates, stocks and shares ISAs
• Ask for help and advice – from friends and family for support and we’re here for any financial advice you may need.

We’re here to help you and advise you on how much you can borrow for a mortgage. We’ll also be here to help find the right mortgage deal when you are ready to buy your first home!

A remortgage is the process of moving your home’s existing mortgage to one with a new lender. Remortgaging could help you save money if you weigh up the fees involved with the savings you could make. Here’s how it works.

People remortgage for many different reasons, including:

• Finding a better deal elsewhere – you might be on a standard variable rate (SVR) and want to move to a fixed-term rate.
• Coming to the end of a fixed-term deal on your current mortgage and wanting to lock in a lower rate with a new lender.
• The loan-to-value on the home is lower (as more of the mortgage has been repaid).
• Wanting to get ahead of a rise in interest rates, which would affect mortgage rates.

How a remortgage could help you save 

One of the big reasons people remortgage is to save money on their monthly payments. If you’re on a standard variable rate that is higher than the fixed-rate deals currently available, you could save by switching – either to a fixed-rate mortgage or one that ‘tracks’ the Bank of England’s base rate.

If your home has gone up in value and you’ve paid off enough of your mortgage to give you a lower loan-to-value, it means you own more of your home and have less to pay off. Remortgaging could result in lower monthly mortgage payments because you’re paying off less of a loan amount (and in turn, less interest on it too).

How long does the remortgage application take?

The process can take between four to eight weeks from the time you apply so it’s good to start planning early. If you’re coming to the end of a fixed-rate or tracker term, your lender should tell you that your mortgage will move onto their standard variable rate1. This could be an ideal time to move if you find a better deal elsewhere, or you may even find an attractive deal with the same lender and go through a ‘product transfer’ (see box).

How much does a remortgage cost?

• Existing lender fees
  Your existing lender could charge you a fee if you’re leaving them early into a fixed period in your mortgage. This is known as an ‘early repayment charge’ and could be in the range of 1% to 5% of your outstanding mortgage balance. They will also charge you an ‘exit’ fee of around £50 to £100 to cover their administration costs.
• New lender fees
  Your new lender could charge you a range of fees, so before you commit it’s important to check what you will pay. This will help you calculate whether a move is financially beneficial overall.
  • Their fees could include:
    Application fee to set up your new mortgage. Could also be called an ‘arrangement’, ‘product’ or ‘booking’ fee. This could be around £1,000.
  • Valuation and conveyancing fees. Some providers won’t charge for these, but it’s worth checking if you are moving to a new lender.
  • Solicitor’s fee covering the legal paperwork to do with managing the transfer of your mortgage.

Is a remortgage right for you?
Whether or not you remortgage all depends on your situation and the type of mortgage plan you’re currently on. You may want a mortgage that lets you make overpayments, or you could be coming to the end of your current deal’s fixed term and think the lender’s SVR will be too high. One of the most important things you can do before you decide is gather your current mortgage paperwork, look at the fees and get some expert advice on your next steps.

What about product transfers?
If your mortgage is coming to its maturity date but you’d prefer to stay with your current lender, you could consider a product transfer. Switching to a new mortgage product with the same lender could save you money and time.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE