If your fix ends in the next 6 months, don’t wait for your renewal letter 👀
Most big UK lenders let you lock in your next deal up to 6 months early. If rates drop before it starts, you can ask to switch to a cheaper like-for-like deal.
That’s exactly what I did on my own remortgage.
Send this to a friend who’s remortgaging soon 🏡 follow for more UK money tips
My own experience, not financial advice. Check fees and terms with your lender or a broker.
#remortgage #mortgagetips #ukmortgage #ukpersonalfinance #homeowneruk mortgagecharter financetips
Most big UK lenders let you lock in your next deal up to 6 months early. If rates drop before it starts, you can ask to switch to a cheaper like-for-like deal.
That’s exactly what I did on my own remortgage.
Send this to a friend who’s remortgaging soon 🏡 follow for more UK money tips
My own experience, not financial advice. Check fees and terms with your lender or a broker.
#remortgage #mortgagetips #ukmortgage #ukpersonalfinance #homeowneruk mortgagecharter financetips
89
How much could your mortgage go up?
This table gives a rough idea of how much extra you might pay each month if your mortgage rate rises by 1 or 2 percentage points.
It can be useful if you are:
🏠 Coming off a fixed-rate deal and want a rough idea of what a higher remortgage rate could do to your monthly payment
or
📈 On a tracker mortgage and wondering how much your payment could rise if the Bank of England increases interest rates and your lender passes that on.
A useful rule of thumb from the table is:
For every £100,000 of mortgage, a 1 percentage point rise adds roughly £58 a month. A 2 percentage point rise adds roughly £119 a month.
So, for example:
* a £200,000 mortgage could rise by about £117 a month if your rate rose by 1%
* the same mortgage could rise by about £239 a month if your rate rose by 2%
Assumptions used in the table:
* repayment mortgage
* 25 years remaining
* 1% rise = 4.5% to 5.5%
* 2% rise = 4.5% to 6.5%
* figures rounded to the nearest pound
*
Your actual increase will depend on your current rate, new rate, mortgage balance and remaining term, so this is an illustration, not a quote.
And just to be clear, a 1% rate rise here means one percentage point — for example 4.5% to 5.5%, not 4.5% to 4.55%.
For a more personal calculation CLICK THE LINK IN BIO. to use my intrerest rates rise calculator
#mortgage #remortgage #interestrates #personalfinance #ukmoney
This table gives a rough idea of how much extra you might pay each month if your mortgage rate rises by 1 or 2 percentage points.
It can be useful if you are:
🏠 Coming off a fixed-rate deal and want a rough idea of what a higher remortgage rate could do to your monthly payment
or
📈 On a tracker mortgage and wondering how much your payment could rise if the Bank of England increases interest rates and your lender passes that on.
A useful rule of thumb from the table is:
For every £100,000 of mortgage, a 1 percentage point rise adds roughly £58 a month. A 2 percentage point rise adds roughly £119 a month.
So, for example:
* a £200,000 mortgage could rise by about £117 a month if your rate rose by 1%
* the same mortgage could rise by about £239 a month if your rate rose by 2%
Assumptions used in the table:
* repayment mortgage
* 25 years remaining
* 1% rise = 4.5% to 5.5%
* 2% rise = 4.5% to 6.5%
* figures rounded to the nearest pound
*
Your actual increase will depend on your current rate, new rate, mortgage balance and remaining term, so this is an illustration, not a quote.
And just to be clear, a 1% rate rise here means one percentage point — for example 4.5% to 5.5%, not 4.5% to 4.55%.
For a more personal calculation CLICK THE LINK IN BIO. to use my intrerest rates rise calculator
#mortgage #remortgage #interestrates #personalfinance #ukmoney
18
Mortgage deal ending in the next 6 months? Don’t wait for the renewal letter.
Lenders are pushing their fixed rates up. The good news is many will let you lock in a new deal up to 6 months before your current one ends. The new deal then starts when your current deal ends.
How to protect yourself:
1️⃣ Switching lender? You can usually lock in a new deal up to 6 months before your current one ends but will require a new affordability assessment
2️⃣ Staying with your lender? A product transfer can typically be secured up to 4 months early, depending on the lender - this won’t require an affordability assessment
3️⃣ If rates keep rising, you’re protected. If they fall, you can often swap to a cheaper deal before your old one ends (check for fees first)
4️⃣ Compare the total cost, fees included, not just the headline rate
5️⃣ Avoid taking out new credit before you apply
Save this if your deal ends in the next 6 months, and share it with someone who’s remortgaging soon.
This is an excerpt from episode 564 of my podcast. Listen to the full episode via the Link in bio.
This is general information, not personal financial advice. Make sure you speak to a mortgage broker about your own situation and all the mortgage options available. If you don’t have one you can trust then go to the link in bio where you will find the resources for this podcast episode including a guide on ‘How to find a mortgage broker you can trust’.
#mortgage #remortgage #mortgagerates #personalfinanceuk #moneytips
Lenders are pushing their fixed rates up. The good news is many will let you lock in a new deal up to 6 months before your current one ends. The new deal then starts when your current deal ends.
How to protect yourself:
1️⃣ Switching lender? You can usually lock in a new deal up to 6 months before your current one ends but will require a new affordability assessment
2️⃣ Staying with your lender? A product transfer can typically be secured up to 4 months early, depending on the lender - this won’t require an affordability assessment
3️⃣ If rates keep rising, you’re protected. If they fall, you can often swap to a cheaper deal before your old one ends (check for fees first)
4️⃣ Compare the total cost, fees included, not just the headline rate
5️⃣ Avoid taking out new credit before you apply
Save this if your deal ends in the next 6 months, and share it with someone who’s remortgaging soon.
This is an excerpt from episode 564 of my podcast. Listen to the full episode via the Link in bio.
This is general information, not personal financial advice. Make sure you speak to a mortgage broker about your own situation and all the mortgage options available. If you don’t have one you can trust then go to the link in bio where you will find the resources for this podcast episode including a guide on ‘How to find a mortgage broker you can trust’.
#mortgage #remortgage #mortgagerates #personalfinanceuk #moneytips
11
Tu as atteint la fin 🎉