Do you get stressed at the thought of paying your mortgage each month?
Paying your monthly bills can sometimes feel daunting! That’s why we’ve put together some nifty little tips to see if you could potentially reduce your monthly mortgage repayments.
Top Tips to see how you could potentially lower your mortgage repayments
Just note we do advise that you speak to a mortgage advisor ideally one that does not charge fees such as ourselves before taking any rash action…after all this is what we are here for…CLICK HERE TO GET IN TOUCH
1. Extend your repayment – if you wish to lower your monthly repayments you could look at extending your mortgage term. This may help depending on the agreement you have in place with your mortgage provider. In theory you should be pay less but over a longer period. The downside to this is you will have the debt for longer and will end up paying more interest overall.
2. Remortgaging to a lower rate – If you have a fixed term you will need until the term ends. In most cases the lower the interest rate, the lower your monthly repayments will be. It’s worth speaking to a mortgage advisor to see if there are better rates available out there for you.
3. Pay off your mortgage in large chunks where you can – If you are able to make a large lump payment should you come into some money you should be able to reduce your monthly payments, but again be aware some mortgage lenders have a penalty agreement in place for overpaying, so make sure you check with your lender first, or ask us to on your behalf!
4. Put down a larger deposit – if at all possible, a larger deposit will reduce the Loan-to-value (LTV) of the property you wish to buy, meaning you should be eligible for a better interest rate, lowering the monthly payments. Try and cut back wherever you can those unnecessary splurges could save you a fortune overall in the long run!
5. Change from a Standard Variable Rate – If your Standard Variable Rate (SVR) mortgage automatically goes up after your fixed term ends, it’s worth exploring your options with a Mortgage Advisor such as ourselves to see if we can help secure you a better rate!
Here at MTGE we pride ourselves on actually caring We do not charge you for our advice because we do not need to. If you want a human service with a caring touch, then get in touch with one of our team today.