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Why regular mortgage reviews could save you thousands !
The Cost of Living Crisis and Your Mortgage:Why Regular Mortgage Reviews Could Save You Thousands
By now, most of us have felt the effects of the rising cost of living in one way or another. From the weekly food shop to energy bills, insurance premiums to everyday essentials, household budgets across Scotland and the wider UK have been under pressure for several years. In the midst of all this financial noise, one of the most powerful things you can do for your finances is also one of the most overlooked: reviewing your mortgage regularly.
Your mortgage is almost certainly your biggest monthly outgoing. So when the cost of everything else is rising, making sure you are on the right mortgage deal is not just sensible – it could make a significant difference to your quality of life.
What is the cost of living actually doing?
While inflation has eased from its peak of over 11% in late 2022, the cost of living remains elevated compared to where it was just a few years ago. Everyday prices have not fallen back – they have simply stopped rising as fast. Groceries, fuel, energy, and household bills are all still considerably higher than they were in 2020 and 2021, and wage growth has not kept pace for many households.
This squeeze on household income is real, and it is continuing. For homeowners, this pressure makes it even more important to look at every area of outgoings – and your mortgage is the most logical place to start.
Why your mortgage deal might not be working hard enough for you
Many homeowners take out a mortgage, set up the direct debit, and simply do not think about it again until they receive a letter telling them their fixed rate deal is about to end. By that point, it is often too late to plan properly, and you may find yourself rolling onto your lender’s Standard Variable Rate (SVR), which is almost always more expensive than the deals available on the open market.
Here are some of the most common situations where a mortgage review could make a real difference:
• Your fixed rate deal is ending soon: When your product rate expires, you will automatically move onto your lender’s SVR. This is rarely competitive. A timely review means you can switch to a new deal before this happens.
• You are already on a Standard Variable Rate: If you are already paying your lender’s SVR, the chances are you are paying more than you need to. Remortgaging to a new fixed rate deal could reduce your monthly payments immediately.
• Your circumstances have changed: A change in income, a new job, a growing family, or plans to move in the next few years can all affect which mortgage deal is right for you. Regular reviews ensure your mortgage continues to reflect your life as it is today.
• Your property value has increased: Rising property values across many parts of Scotland mean your loan-to-value ratio may have improved significantly. A lower LTV often unlocks access to better rates, which could mean lower monthly payments for you.
The cost of doing nothing
It is easy to put off reviewing your mortgage, especially when life is busy. But the cost of inaction can be significant. A homeowner on a £180,000 mortgage who drifts onto their lender’s SVR instead of switching to a competitive fixed rate deal could be paying hundreds of pounds more each month than necessary. Over the course of a year, that is money that could go towards the weekly shop, energy bills, or simply reducing financial stress.
In a climate where every pound matters, staying on the wrong mortgage deal is one of the most avoidable financial mistakes a homeowner can make.
When should you review your mortgage?
The short answer: regularly, and ideally well before your current deal expires. We recommend speaking to a mortgage broker at least six months before your fixed rate ends. This gives you time to explore your options without any pressure, and in many cases, you can secure a new rate in advance so it is ready to begin as soon as your current deal finishes.
Even if you are mid-deal, a review can still be worthwhile. Depending on any early repayment charges and the rates available, switching early can sometimes still result in a net saving. Every situation is different, which is why personalised, professional advice is so important.
How Advantage Home Finance can help
At Advantage Home Finance, we make the mortgage review process straightforward and stress-free. We take the time to understand your current deal, your personal circumstances, and your plans for the future. Then we search the market on your behalf to find the most competitive options available to you.
We have access to mortgage deals from a wide range of lenders, including rates that are not available directly to the public. Whether you are looking to lower your monthly payments, release equity for home improvements, or simply make sure your mortgage is still working as hard as possible for your household – we are here to help.
And because we believe everyone deserves access to expert advice, there are no fees for our time or guidance.
We strive for the highest standards of service, and are committed to offering bespoke individual mortgage, insurance and personal protection policies that match the unique circumstances of every single client.
Your home may be repossessed if you do not keep up payments on your mortgage or other loan secured on it.
The information contained in this article is for general information purposes only and does not constitute financial or mortgage advice. You should always seek professional advice tailored to your individual circumstances before making any financial decisions.
Contact Advantage Home Finance today:
property.connections@advantagehf.co.uk
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