Some would say don’t stay on a standard variable rate (SVR) mortgage. It can be the most expensive mistake that mortgage borrowers make staying on standard variable rate (SVR) mortgage after their introductory rate (whether tracker or fixed) has expired.
Others would say overpay on your mortgage repayments whenever you can with interest rates at an historic low, there may never be a better time to get your mortgage down by paying more than your scheduled monthly payments by as much as you can afford to.
What about a deal with daily interest calculation if the interest on your mortgage is calculated annually, you could still be paying interest on the parts of the loan you have paid off for almost a year after you have repaid it, worth checking.
Have you checked your insurance deal because if you paid a deposit of less than 20 percent, you might have been sold private mortgage insurance (PMI), which can cost thousands on top of your mortgage each year. Once you have paid off 20% of the mortgage, you can drop your PMI the lenders probably won’t be reminding you, and it will be you who has to ask them to cancel the insurance. Checking out the details of the deals and making sure you have the best mortgage deal for your circumstances can be worth talking through with an IFA.
Your home could be at risk if you do not keep up mortgage repayments.
Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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