Mortgage MOT – Book today
A mortgage is one of the biggest monthly commitments of your life, however, people spend very little time thinking about it. A mortgage MOT from your local mortgage experts may help.
The importance of a mortgage review
Undergoing a mortgage review from time to time could save you lots of money. If you’ve not moved home or reviewed your mortgage in a while, chances are that you are on your lenders’ standard variable rate (SVR).
Standard variable rate (SVR)
This SVR is usually a higher rate of interest than their fixed-rate deals that are available.
You’re overpaying for freedom, as, unlike fixed-rate deals that usually come with a tie in periods. If you’re paying SVR then it’s highly likely you don’t have any switching fees to pay. So, you’re free to shop around.
Lots of equity in your home
Due to house price increases, if you’re lucky to have lots of equity in your home, better mortgage deals will be available to you.
Mortgage rates are based on loan to value ratios, as a rule, the more equity you have, the lower your interest rate will be.
You may also have capital raising options available to you if you require.
Little equity in your home
If you are a relatively new homeowner, or your property has yet to increase in value, there may still be money-saving options with your current mortgage lender.
Usually, if you’ve kept your payments up to date etc product transfer deals will be available.
The true cost of a mortgage deal
The mortgage deal with the lowest interest rate isn’t always the best one. A trusted mortgage broker in Hull (like us) will be able to work out the ‘true mortgage cost’ for you.
We’ll be able to take into account your personal situation, your credit history, the property being mortgaged, valuation fees and any arrangement fees that are payable and recommend the most suitable one for you!
For open and honest mortgage advice in Hull, please contact us today to book your free mortgage MOT.
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