EK Advice column: Now's the time to review your mortgage to save cash

dailyrecord.co.uk:

Hello and welcome to this month’s edition of my monthly mortgage advice column.This month, 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, so now is the perfect time to review your mortgage and see if you could save some money.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 it 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 going on to what is called a ‘Standard Variable Rate’ (SVR) with their mortgage lender.This means that your initial deal has expired and you fall onto a higher rate, which can fluctuate if rates change.This can make it more difficult to budget your money effectively each month.The Bank of England have increased their rates a number of times recently, 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 expires, if it’s not already.You have two choices at this point.

Either complete a rate switch with your current lender and go on a new deal with them.Alternatively, look at remortgaging with another lender.