The summer holidays are over, the kids are back to school, and you may (or may not) be looking forward to peace and quiet and having some time on your hands. However, as the final few months of the year race towards us, maybe it’s time to start thinking about 2012 and what trials and tribulations this may bring.
Without doubt, the only certainty in the current financial markets is uncertainty. When will bank base rate rise? Who really understands what is happening with house prices? Will 2012 mortgage lending be more or less restrictive than what we have seen throughout 2011, especially as the banks scrape and save(!)to pay back the circa £300bn to the Bank of England in early 2012, advanced to them via the Special Liquidity Scheme? Will the world really end on 21/12/2012? Ok, the latter is a Mayan ancient prophecy and has nothing to do with mortgages….!
All of the others point towards ensuring you review your current financial arrangements and determine that you are on the best deal to see you through the medium to long term. Whether you require the security of fixing your payments for an amount of time, or whether you are a bit of a risk taker and might look at a short to a medium term tracker, or a discounted option, right now, all are available at attractive rates in the mortgage market.
Other things to consider – Do you have a Will? Statistics show that only one in three people has a will in place, with the remainder leaving the state to take over and determine how their assets and belongings are distributed, if they die.
Do you have Life Assurance, Mortgage Payment Protection, Accident Sickness and Unemployment cover, Critical Illness Cover, and more? Any of these products might be beneficial to your personal circumstances or needs.
A quick review with an independent mortgage advisor with permissions for access to whole of market mortgage rates and other associated financial products, could be time very well spent.