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Billericay
Essex
CM12 9AJ
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Authorised and Regulated by the Financial Services Authority
INDEPENDENT FINANCIAL ADVICE CENTRE
You should remember that past performance is not necessarily a guide to the future. Market and currency movements may cause the value of units, and the value derived from them, to fall as well as rise and you may get back less than you invested when you decide to sell your units. The tax treatment of investments and pensions is not guaranteed and may change in the future.
Your home is at risk if you do not keep up the payments on a mortgage
In financial planning terms, buying the property outright that you want to live in should be near the top of your financial planning priorities. Mortgages should be repaid as soon as possible as they become expensive over the longer term due to effect of the interest being multiplied by the number of years of outstanding debt. This is how mortgage companies make their money. They know that once a person has moved into their property and chosen their mortgage, which is often from their own bank or building society they are unlikely to move their mortgage elsewhere.
Take Charge
This is where an independent financial adviser (IFA) comes in i.e. us. We can talk through your financial situation and advise you on your various options. This way you can see clearly what the immediate impact of re-mortgaging might be and, most importantly, plan for any future repayment difficulties should interest rates begin to rise.
This is where an independent financial adviser (IFA) comes in i.e. us. We can talk through your financial situation and advise you on your various options. This way you can see clearly what the immediate impact of re-mortgaging might be and, most importantly, plan for any future repayment difficulties should interest rates begin to rise.
Review your mortgage regularly
It's important to review your mortgage regularly, not only to see if you could be saving money, but also to ensure the terms you have agreed to continue to suit your personal circumstances. For example some people may be stuck with a mortgage term that runs on longer than the day that they want to retire. But not many people will have built up a pension fund large enough to provide enough income to pay for their chosen standard of living and keep paying off a mortgage. It may be that they need to re-mortgage to reduce, or even increase the length of their mortgage term.
Mortgages have become increasingly flexible, with many products now allowing borrowers room to vary the amount they repay to suit their circumstances, or even to take limited repayment 'holidays'. You could even combine your mortgage and savings into a single account and offset one against the other. Whilst some of these features may seem attractive, they may well come at a price, so it's worth considering which ones you would actually use.
Once you have decided whether you're better off re-mortgaging, we can help you either to arrange changes to your mortgage with your existing lender, or if necessary to find a more suitable product from a different provider.
We can talk through your financial situation and advise you on your various options. This way you can see clearly what the immediate impact of re-mortgaging might be and, most importantly, plan for any future repayment difficulties should interest rates begin to rise.
But won't the cost outweigh the benefits?
Many people are put off re-mortgaging by the perceived cost and hassle of switching between lenders and paying the various involved. However, even when you add up the associated costs of re-mortgaging such as the valuation fees, legal fees and the time taken to deal with the paperwork - changing to a different mortgage can still prove to be a very sensible decision.
Many people are put off re-mortgaging by the perceived cost and hassle of switching between lenders and paying the various involved. However, even when you add up the associated costs of re-mortgaging such as the valuation fees, legal fees and the time taken to deal with the paperwork - changing to a different mortgage can still prove to be a very sensible decision.
MORTGAGES
