Mortgage Interest Offering
Interest Certificate issued recently
You would have received your interest certificate from your mortgage provider recently.
It should have contained
- Information on your outstanding balance, time remaining and current interest rate
- Information on other interest rates available to you.
It would look something like the one below. Please forgive my editing....
So, what should you do?
Firstly, figure out what rate you are currently on. It will be stated on the paperwork
Is your lender offering a better rate?
Have a look at the other rates offered by your lender. In most cases the better rates are offered if you fix your mortgage for a period of time.
You should be aware of the implications of this before taking up the new offer.
Whether to fix your rate or not is a very individual decision, there is no right or wrong answer to this. It is what it best for you in your circumstances.
Find out if any other lenders are offering a better rate if you were to switch your mortgage to them.
Remember, your current lender in only offering rates they have, other lenders may offer a better rate.
Better Rates Available
You may have the option of switching lenders and getting a better rate. With rates as low as 2.55% with some lenders, it is worth checking.
Terms, conditions & lending criteria apply if you were considering switching providers. This option will not be available to everyone.
Cash back Offers
With some lenders offering cash back if you switch your mortgage to them, you may be able to get a better rate and have the cost of switching rebated by the cash back offer from the new lender
|Warning: Make sure you understand the cash back offers before switching, some offers are better than others and it is not just about how much cash back they are offering|
For more on cash back offers https://goo.gl/yeb4XY
So, action you should take.
- Understand what rate you are on currently
- Review what your lender is offering and what the implications of taking this offer up are
- Find out if there is a better rate on offer from a new lender if you were to switch your mortgage
- Find out if you have the option of moving lenders
- What are the implications if you were to take the offer from the new lender
If you want an easy way to do all this, give us a call. We are able to help you with all of the above.
|Warning: If you do not keep up your repayments you may lose your home|
|Warning: You may have to pay charges if you pay off a fixed-rate loan early.|
|Warning: The cost of your monthly repayments may increase.|
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.