If we asked you the following questions would you know the answers?
Mortgages may not be the most exciting of products but by making sure you know the answers to the following questions you can ensure that you’ll always be able to select the best mortgage for you. Attention to detail can save you £Thousands over the duration of your mortgage. So have a go at these and see how you do…
- Who is your mortgage with ?
- What interest rate you are paying ?
- What is the current mortgage amount outstanding ?
- How much per month are your mortgage payments ?
- Are you in a fixed rate – if so when does it end ?
- Do you have any Early Repayment Charges (penalties) if you paid off the mortgage early ?
- What rate will your mortgage revert to after any current deals ends ?
- What will your new mortgage payments be per month ?
- Are you paying your lender’s standard variable rate ?
- What is the current value of your house ?
Once your current rate ends unless you review your mortgage you will revert to your lender’s Standard Variable Rate (SVR) – dependent on lender this could mean a rate of anywhere between 3.50% and 6.00% .
If looking to change lender ( re-mortgage ) you need to be reviewing your mortgage at least 3 months before your current deal ends as with re-mortgage solicitors will have to be involved in the process which sometimes can delay matters.
Protecting Your Income
If you are employed how much & for how long will your employer pay you if you are off work ?
If you are self employed – do you have any cover in place to protect your income ?
If your income stopped due to accident or illness, how would you be able to pay your monthly mortgage and bills and maintain your (and if applicable your family) lifestyle ?
Life Cover / Critical Illness
If you died how much life cover do you have ? – would it repay your mortgage ?
If you had a critical illness such as a heart attack or suffered a cancer have you cover which would pay out for a second opinion and access to treatment by the best doctors in the world ?
Do you have any policies which offer cover / treatment for your children in the event of them suffering a critical illness ?
Time flies by and peoples circumstances change – it maybe that when you last took out your existing cover you were young, free & single – but now you are married / living with your partner and have children and a bigger mortgage !
Life companies now offer much more by way of benefits and flexibility in their policies – Manchester Mortgages can review your existing policies and advise on the best way to provide the cover you need to suit your present circumstances.
If you’re being honest you most probably knew a few of answers straight away such as your mortgage lender and how much your mortgage payments currently are – the rest maybe not.
Why not contact MANCHESTER MORTGAGES on 0161 706 0242 or via or website www.manchestermortgages.co.uk and we will be happy to offer you a free review of your mortgage, income protection, & life / critical illness cover.