Have you decided on your finance resolutions for 2024 yet? I suggest starting with your mortgage.
Undertaking a protection and mortgage review should be top of a financial to-do list for the coming year. But don’t worry if you haven’t tackled this task yet, just try to make it a priority in the coming months.
We’re keeping our finger on the pulse
The housing market has seen some turbulent times recently. Knight Frank, a Real Estate Consultancy, forecasts a 3% increase in house prices in 2024 instead of the previously predicted 4% decline for this year. When property prices rise, it can be good news if you’re thinking of remortgaging. This is because an increased house price often means a more favourable loan to value ratio (LTV), which can result in a better deal.
It’s time-consuming and difficult to know where to start, if you try and review your current mortgage deal on your own. That’s where we can help, by being on top of current deals and understanding what would be most suitable for you.
We also know that there will be times when remortgaging is not such a good idea. For instance, if your mortgage debt is very small, your property’s value has dropped, your credit situation has changed or if you have a high early redemption charge (ERC) on your current deal.
Don’t get stuck on SVR
Once your current mortgage deal ends, you will normally be automatically switched onto your lender’s standard variable rate (SVR). This is likely to be more costly. If you do nothing and stay on this variable rate, you could find you’ll be paying more for your mortgage each month than if you were to shop around and look for a better deal.
When you switch to a new deal, you can usually borrow the outstanding amount owed on your mortgage.
Don’t forget protection!
People take out protection insurance to cover the cost of their mortgage in case anything happens to them. You should also consider your other protection needs, above and beyond your mortgage
If your circumstances have changed, the level of protection may no longer be suitable. We can help you to review your protection cover if your circumstances change – so you end up with the right amount of cover. This includes reviewing for life events such as getting married, moving house, having children, changing jobs, or quitting smoking.
Get in touch – We’re here to help…
Don’t put off your resolutions any longer! Get in touch to see how we can help. We may be able to make some savings on your mortgage and protection costs. As well as ensuring you have peace of mind that you’ve got everything covered for 2024.
Click here to book an appointment to discuss your options.
Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. As with all insurance policies, conditions and exclusions will apply.