Why it pays to review your mortgage
For mortgage advice in Belfast and throughout Northern Ireland contact Best Mortgage services. Our Advisors provide a free mortgage review service.
Is your current mortgage as competitive as the best new deals on the market today? You can save hundreds, perhaps thousands of pounds by shopping around. You should review your mortgage payments at least once per year.
How often should you review your mortgage?
At the very least, you should review your mortgage:
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- When interest rates change especially if your mortgage rate is a tracker or variable.
- When your current mortgage deal comes to an end.
- Once a year if you are not tied in to a deal with early repayment penalties.
If you do nothing when rates change or your mortgage deal ends, you could lose out to many better deals that are available elsewhere in the market.
How much can you save by remortgaging?
Let’s assume you have £150,000 balance on your mortgage with 20 years left paying £1003 per month on a repayment basis. Your previous discounted rate ended and you are now paying the standard variable rate of 5%.
Switching to a 3% fixed rate deal reduces the monthly payment to £840 per month. That is a huge saving of £163 per month. An extra £1956 per year in your bank account.
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