Life changes – so should your mortgage
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Life changes – so should your mortgage
The cost of living has shot up in recent months, with inflation expected to reach a peak of 8.7% in Q41 and many families facing a significant hike on their annual energy bills from April.
With finances squeezed, every penny counts – so it’s important to consider all the options for streamlining your outgoings. If you’re reaching the end of your current mortgage term, taking the time to explore whether more favourable rates are available could really pay.
Paying over the odds?
If your mortgage deal has expired and you are on your lender’s Standard Variable Rate (SVR), it is likely you’ll already have been hit by recent increases to the Bank of England base rate. SVRs are typically higher than those offered by available deals and fluctuate as interest rates rise and fall. Switching to a fixed rate mortgage deal instead could both save you money and make budgeting easier, as you’ll know exactly what is going out each month.
Time for a review?
While you can switch your mortgage at any time, you may face early repayment charges (ERCs). Even if your current mortgage deal hasn’t quite expired, however, you could start the remortgaging process up to six months beforehand. Many lenders will permit you to lock into a new deal in advance, so starting early will give you the time you need to assess your available options. That’s where we can help – we can scour the market for the most suitable mortgage finance for your circumstances.
1OBR, 2022
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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