You pay off your mortgage regularly but how much do you actively take an interest in how it could be working better for you? We often take a bit of a set-and-forget approach to our home loans once they’re set up, and then we only review them when it comes time to refix. But could you benefit from having a review sooner than this? Here are a few reasons why you might be due for a mortgage review.
You could get a better interest rate
Although people tend to wait until their fixed term is up to look at changing their interest rates, you might actually benefit from a review of your current rates to see what’s available now, especially if you had fairly high rates when you last fixed your mortgage. If you do switch to another bank or lender to take advantage of lower rates, bear in mind that there could be some break fees and administration costs involved, but our mortgage team can weigh up the pros and cons for you so you get the best deal!
You’ve had/will have some lifestyle changes
Whether you’ve recently gotten married, had a baby or you’re planning for retirement, your mortgage should be able to change with you and your needs when your lifestyle changes. It’s a good idea to have a mortgage review if your circumstances have changed, especially financially, because you may be able to find a better repayment structure elsewhere. By chatting to the experts who have helped out home owners in every situation, you can get some great recommendations for how you should handle your home loan to make it easier for you.
You have a lot of debt
A mortgage is a significant debt to have on its own, let alone if you have other debt that you need to pay off too. If you have a bit of credit card or personal loan debt that you can’t seem to shake, it’s a good idea to have a review of your mortgage payments, but also your finances in general to see how you might be able to consolidate any debt and manage your payments more effectively. If you have the right mortgage structure for your situation, your payments should be easier to manage so make sure you talk to our team to see how you can feel more comfortable with your mortgage loan.
You want to start some renovations
Depending on how much equity you have in your home, you may be able to use that to help you out with any home renovations you might need to undertake. Renovations can be quite costly but they can also increase the value of your home overall so it’s a good idea to have a review to see how much equity you currently have and whether you could use it for something like that. You can also use your equity to finance another home to increase your property portfolio so it’s worth checking out!
If you’d like to take a look over your current mortgage situation, get in touch and our friendly mortgage team can sort out a free, no-obligation review for you!