The end of the year is when we typically like to batten down the hatches and hibernate until springtime. However, the winter period is a great time to get your finances in order ahead of the new year. Rather than waiting until January to review your mortgage deal, December is an opportune time for financial planning—lenders and mortgage brokers are less busy, and you can start off the new year with one less resolution to tick off that long list.
Furthermore, the Bank of England has just our friendly team to ensure you you have the best possible mortgage deal. Don’t make the mistake of waiting until the next interest rate increase to make the decision to review your mortgage—by then, the best fixed rate deals will be gone.to 0.5%, with further hikes predicted over the next three years. Now is the optimal time to speak to an
Benefits of fixing your mortgage rate
The past 10 years were great for borrowers, particularly first-time buyers and those with variable and tracker mortgages. Such a prolonged period of record-low interest rates led homeowners into a false sense of security, causing many to neglect regular mortgage reviews. This is understandable because the 0.25% rate did feel like the norm. It meant lower mortgage payments for many and provided the option to pay off larger chunks of debt in a shorter period of time.
In light of this recent change, we are starting to receive significant more re-mortgage enquiries from new and existing clients who areon a fixed-rate deal. Securing your monthly mortgage payments for a certain period of time provides certainty and will allow you to better manage your finances. Regardless of any future rises, your mortgage payments will remain unchanged during that time.
The general consensus is that mortgage rates at the present time are as attractive as they have ever been, so now is the time to plan and review your mortgage deal. The mortgage market is incredibly competitive at the moment, but the situation is likely to change rapidly in the new year once more borrowers start switching and fixing their mortgages.
The most attractive mortgage deals offered by lenders are only available in limited numbers—when the best deals are gone, it has a knock-on effect throughout the mortgage market and causes other lenders to raise their interest rates.
If you are currently on a variable rate or tracker mortgage, or your current deal is coming to an end, it would be prudent to review your mortgage now,, and consider fixing your mortgage as soon as possible to avoid increased monthly payments and missing out on the best offers on the market.
is an independent mortgage advisor serving the greater Glasgow area. Whether you are planning to buy your very first home and need the right , or are looking to due to a house move or to growing family – we understand your journey is so much more than a financial process, it’s a journey to achieve your dreams, improve your lifestyle and achieve your true potential.