We’ve welcomed 2019, and while it’s difficult to predict how the year will affect your mortgage, we’re here to provide some helpful pointers on what you can do to ensure you’re in the best possible financial situation for 2019.

  1. Pay big now, save bigger later

Wouldn’t it be great if you could be mortgage free sooner? If you’re able to, and your lender allows you to, overpaying on your mortgage can reduce your outstanding balance, meaning you’ll pay less interest overall and reduce the length of your mortgage term! Sounds like a dream doesn’t it? But don’t go about overpaying without your lenders consent – you’ll need to check with your lender how much you’re allowed to pay, as there’s usually a limit before a penalty applies. For those who are on a fixed-rate mortgage deal you’re usually able to pay up to 10% of the balance per year.

  • Switch before another rate rise

Following the Bank of England’s rate rise last August, several homeowners were surprised to find their monthly bills had increased each month, and with another rate rise on the horizon, act now before it’s too late. Let us help you, we can help find the best deal for you. If you’re currently on a tracker mortgage i.e. this type of deal moves in line with the base rate, we recommend switching to a fixed-rate mortgage. Switching to a fixed-rate mortgage can save you hundreds of pounds.

  • Hidden charges

While remortgaging can save you thousands in the long run, it’s vital that you’re aware of any additional fees that may be hidden in plain sight. Some lenders often have exit fees or early replacement charges, as high as 5%. Here at First Financial Solutions we can search the market far and wide to find the right deal for you.

If you’d like to speak to an independent adviser about your current mortgage deal or to find out more about remortgaging, contact us today on 01639 26222 or click here.

**Please be aware that your property may be repossessed if you fail to keep up repayments on your mortgage.