ADVICE COLUMN: Now's the time to get mortgage in order to benefit long term
dailyrecord.co.ukThis month, in the lead up to Christmas, I want to highlight why getting your mortgage in order sooner rather than later can be beneficial in the long run.In the current climate, everything seems to be going up in price due to inflation, the cost of living, and energy and fuel price volatility, not to mention mortgage rates.So now is the perfect time to review your mortgage and see if you could potentially save money or just protect yourself against further rate increases.The Lanarkshire Live app is available to download now.
Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android If you haven’t reviewed your mortgage in a long time, you could be paying too much interest and higher monthly payments, or be on a longer term when you can actually afford to repay it sooner.Many people fall into the trap of falling on to a ‘Standard Variable Rate’ (SVR) with their existing mortgage provider.This means that your initial deal has expired and you usually fall onto a higher variable rate, which can fluctuate if rates change.This can make it difficult to budget your money effectively each month.The Bank of England have increased the Base Rate a number of times this year and is currently sitting at three per cent, the highest in decades.So if this is you, you’ll have seen your mortgage payment increase already.We recommend taking a look at what rate you’re on first and see when it
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