Reasons to Review Your Mortgage - With a Mortgage Advisor
If you’ve had your mortgage for a while, and you haven’t reviewed it, how sure are you that you’re still getting the best rates? Like we’ve said in our remortgaging article, the incentive periods of low-interest rates usually end after the first two years or so. Which means it’s key to review your mortgage regularly, to find out if you’re getting a good deal.
Not convinced? Well, if saving money doesn’t appeal to you then kindly hit the back button… However, if you’re looking for more reasons to convince you to review your mortgage, you’re in the right place. Welcome back to MO, and today we’ll be giving you reasons you should review your mortgage. Whether you're first-time buyers or remortgaging, you should review your mortgage often! Find out why, below.
Reasons to Review
- You can save money…
This is the top, and possibly the only reason that you should need to review your mortgage. Like we’ve said, if you’re not regularly reviewing your mortgage, you can’t know for sure if you’re getting the best rates. Many people choose to remortgage, finding a better deal with better rates and a new incentive period too. Once the incentive period ends, you could be paying a lot on your mortgage than you should be. Incentive periods are where you’re offered introductory rates to make your mortgage seem cheaper, but when this ends, you’ll be paying back more. So, you could always consider remortgaging to a better mortgage – to find yourself a new incentive period.
- You need to borrow more money…
Many people choose to remortgage in order to free up some extra cash for themselves. You can remortgage your home if you’re in need of more money. By reviewing your mortgage, you’ll be able to see if you can remortgage and secure some money – for whatever you need. We’ve written a whole article on Remortgaging – take a look if you’re not sure what we mean!
Money, money, money. Yes, reviewing your mortgage can not only help you save money but can help you borrow more too. By reviewing your mortgage, you’ll be able to see what you could save and if you can find a better deal to borrow more – through remortgaging.
Reasons not to Remortgage
So, reviewing your mortgage and deciding to remortgage is great if you want to save/borrow more money. It’s important to review your mortgage often to know how far along you are through. It helps monitor your interest rates and incentive period too. If your incentive period has ended and the rates aren’t as good as they used – remortgage!
However, there are numerous reasons you shouldn’t decide to remortgage. And you’ll only find these out if you review your mortgage frequently. Here’s why you shouldn’t remortgage:
- Your income has decreased
- Your mortgage charges ‘exit’ fees
- Your credit rating has fallen
- Your home’s value has decreased
So, not only do you need to review your mortgage, but yourself too. Monitor your income and credit rating. Then, it’s key to review your mortgage and see if they charge any exit fees (these can sometimes be extremely costly. Finally, if your home’s value decreases remortgaging is not wise.
Frequently reviewing your mortgage can be a great way of saving yourself some money. You should know what mortgage you’re on, if it’s a fixed, tracker or variable etc., and if the deal on your mortgage has ended. Reviewing your mortgage often, and remortgaging if it’s right, can help you save a lot of money – so, make sure you do!
What other reasons do you need?! Everyone likes saving money…
Whether you're looking to remortgage through building societies, mortgage brokers or any other lender, always seek the right mortgage advice. A mortgage adviser can help you navigate the mortgage market, to find a new deal (should you review your mortgage and decide to remortgage).
To see what deals you could get on a mortgage, use our Application form to see your personalised mortgage options. Mortgages made easy from Mortgages Online.