It has been well documented that over the past 12 months and more that many thousands of mortgage payers having come to the end of their FIXED, TRACKER or DISCOUNTED MORTGAGE DEALS are now paying extra interest on their mortgage as they pay The Lenders’ Standard Variable Rates. The danger is if Mortgage Rates rise in the future then it may become an issue. Many mortgage payers could save money on their monthly payments and thousands of pounds of interest over the term of the mortgage by securing a good FIXED, TRACKER or DISCOUNTED RATE then reviewing their mortgage on a regular basis REDUCING THE TERM thus saving even more in interest payments.
Unfortunately many payers are TRAPPED in their mortgage for several reasons such as restrictions on equity due to falling house values over the past few years and struggle because of status including self-employment, adverse information recorded or even holding on to their present good deal.
There is also the problem of First Time Buyers getting onto the property ladder and home movers wanting to upgrade or downgrade (whatever their circumstances). Other factors influencing the choice of a good deal include affordability issues.
Finally, many mortgage payers miss an opportunity to protect what is their BIGGEST DEBT which is their mortgage. Premature death and Serious Illness are factors that can cause heartache for families in many ways.
“IT’S PROBABLY NEVER BEEN MORE IMPORTANT FOR BORROWERS TO HAVE ACCESS TO WHOLE OF MARKET MORTGAGE AND PROTECTION ADVICE”
Submitted by Bob Gardener of Abba Financial Services