Review your 2024 resolutions

Have you managed to stick to your new year resolutions? Undertaking a protection and mortgage review should be top of a financial to-do list for the coming year. But don’t worry if you haven’t tackled this task yet, just try to make it a priority in the coming months.

 

We’re keeping our finger on the pulse

The housing market has seen some turbulent times recently, but according to Real Estate Consultancy Knight Frank, house prices are set to rise by 3% in 2024, compared to their October forecast which predicted a decline of 4% for this year. When property prices rise, it can be good news if you’re thinking of remortgaging. This is because an increased house price often means a more favourable loan to value ratio (LTV) which can result in a better deal.

It’s time-consuming and difficult to know where to start if you try and review your current mortgage deal on your own. That’s where we can help, by being on top of current deals and understanding what would be most suitable for you.

We also know that there will be times when remortgaging is not such a good idea. For instance, if your mortgage debt is very small, your property’s value has dropped, your credit situation has changed or if you have a high early redemption charge (ERC) on your current deal.

 

Don’t get stuck on SVR

Once your current mortgage deal ends, you will normally be automatically switched onto your lender’s standard variable rate (SVR), which is likely to be more costly. If you do nothing and stay on this variable rate, you could find you’ll be paying more for your mortgage each month than if you were to shop around and look for a better deal. When you switch to a new deal, you can usually borrow the outstanding amount owed on your mortgage.

 

Don’t forget protection

Many people take out protection insurance so that the cost of their mortgage is covered should anything happen to them. You should also consider your other protection needs, above and beyond your mortgage.

If your circumstances have changed, the level of protection may no longer be suitable. We can help you to review your protection cover if your circumstances change, so you end up with the right amount of cover. This includes reviewing for life events such as getting married, moving house, having children, changing jobs, or quitting smoking.

 

Get in touch

Don’t put off your resolutions any longer! Get in touch to see how we can help. We may be able to make some savings on your mortgage and protection costs as well as ensuring you have peace of mind that you’ve got everything covered for 2024.

 

Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. As with all insurance policies, conditions and exclusions will apply.

7 March, 2024

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