Why You Should Review Your Mortgage

This week we’re going to be talking about why you should review your mortgage. Why? Because we can’t get enough of talking about mortgages, but it’s what we do… If you’ve got a mortgage and had it for more than 2 years or so, what’s the guarantee you’re getting a good deal? Well, there’s not. That’s because many mortgages have incentive periods and introductory rates in order to make it seem cheaper – at the start. Then the deal ends and you’re paying more on your mortgage than you’d like to.

Reviewing your mortgage means you can find a better deal, which means you’ll save yourself money. Good right? If you want to save money on your mortgage, you’re in the right place. In this post, we’ll be telling you the reasons you should review your mortgage. Find out all you need to know, below.

Why you should review your mortgage

There are about two reasons you should review your mortgage, and the top being that you can save money! Who in their life has ever said ‘nah thanks, I’d rather pay more’? No-one that’s who. If you regularly review your mortgage (and by regularly we mean every 2 or so years), you can see if your rates have ended and how much you’re paying, and even if there’s a better deal out there for you. Because when the incentive period on your original mortgage ends, it means that the good deal you thought you were getting, changes. By looking at your mortgage, you can find out if you can land yourself a better deal.

The second reason is if you’re looking to borrow more money. Maybe if you’re looking for a bigger home, or want to borrow against your property, reviewing your mortgage means you can see if you’re able to borrow more. You can review to see if you can remortgage (if you’re not sure what this is, we’ve done a whole blog on it, which you can find HERE).

After all, money does make the world go round. So, if you’re looking to save, or even borrow more, then you should consider reviewing your mortgage to make sure you’re getting the best rates.

Why you shouldn’t remortgage

If you’ve reviewed your mortgage, and decided to remortgage, then you should know the reasons not to… Because there is a right and wrong time to remortgage – even if it means you pay a little more for a while. Here are the reasons not to remortgage:

  • Your income has fallen
  • There’s an exit charge on your mortgage
  • Your credit rating has decreased
  • Your home’s value has fallen

Remember to check yourself before you wreck yourself (yeah, we used this old reference…) It’s key to make sure you monitor your income, your credit rating as well as the value of your home. Avoid remortgaging if any of these have decreased. Finally, if your mortgage company is trying to charge you hefty exit fees, avoid remortgaging, sometimes the pay-out isn’t worth the money you’d save.

If you keep reviewing your mortgage, you’ll be able to see if you can save money. By understanding what type of mortgage you’re on (fixed, tracker, variable etc.) then you’ll know if there’s a better deal out there for you.

If saving money isn’t reason enough to review, then we don’t know what will convince you…

To see if you could get a better mortgage rate, have a browse through Zing’s website, to find out more.

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