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Am I paying too much for my mortgage?


Accurate at point of publication and is subject to change.

According to research company CACI, there are over £38.9 Billion in fixed rate mortgages maturing in October this year. It is vital that anyone who has a mortgage, with a fixed or discounted rate coming to an end, ensures that they explore their options.

Mortgage rates are at record lows, it might be that your existing lender would be a good option for a new fixed rate or alternatively moving to a new lender might be a good choice, it is important to consider what will suit your individual circumstances and it might not be just the best rate.

We are recommending more clients take out a longer-term fixed rates of 5 years or even longer. There used to be quite a gap between 2 year fixed rates and 5 year fixed rates, however these have now narrowed considerably. Knowing exactly what your mortgage payments are going to be for the next 5 years gives great piece of mind. There are now a number of lenders offering fixed rates at less than 1% interest, which is quite staggering when compared to previous years.

It may also be an opportune time to review your borrowing amount, you may wish to pay off some of your mortgage at the time of your fixed rate maturity, this is normally a good time to do this as it is likely that there will be little or no redemption penalties. On the other hand, you may wish to raise further funds to improve your property or even consolidate other debts.

One other important fact to consider is the potential change in the value of your property since you last took out a mortgage, if the property has gone up in value, you may be able to get a better interest rate. The lower the loan to value the better the rate will be, we can arrange for a new (or existing) lender to look at a more up to date valuation.

At Village Financial Solutions we believe that we have a responsibility to contact our clients well in advance of their mortgage rates maturing, if your broker is not contacting you before your rate is due to change, we would be happy to have a look and see if we can help get you a better rate. Our mortgage brokers in Barnt Green can even deal with your existing lender and then put you under our review system, to ensure that we look after you each time your mortgage rate comes to an end.

If you would like any further information, please get in touch with our mortgage brokers in Bromsgrove.

Our Other Blogs:

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Mortgages can be a lot to wrap your head around as a first-time buyer. Our mortgage brokers list some considerations that you should take.

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