Some lenders are distributing letters to those coming to the end of their product term offering them new rates, but indicating a deadline in which to switch.\u00a0\u00a0We had one customer recently who was four months out from their current rate changing from a fixed rate to the lenders Standard Variable Rate.\u00a0\u00a0They were offered some great new rates to stay with the lender, but had an effective deadline of just two weeks in which to accept, even though their product wasn\u2019t changing for four months!\u00a0\u00a0This is not acceptable, no one should be pressured to accept a deal and we have passed this example on to the industry trade body to review and take on.\u00a0\u00a0However, some customers might accept this and go with the deal. This might be understandable but what if rates were to decrease in the next three months? There would be every good reason to be annoyed!\u00a0\u00a0Always read the small print, do not panic and seek expert advice.<\/p>\n
With this in mind, do you look at your financial budgets frequently?\u00a0\u00a0A report from a well-known credit referencing agency has suggested that over 78% of mortgage people surveyed are not currently budgeting for a rate rise.\u00a0\u00a0We all know rates will rise at some point, probably a while after Brexit, but nobody knows when exactly this will happen!\u00a0Many of those questioned did not know how much a rate rise would cost them on a monthly basis, despite many respondents believing rates would rise over the next twelve months!\u00a0\u00a0A 1% rise on a \u00a3100,000 mortgage can increase the monthly payment by as much as \u00a383.\u00a0\u00a0As we go in to some months of uncertainty, and especially with regards to the cost of funding within the mortgage market, do make sure you are ready for all eventualities.<\/p>\n
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, right now, there are some potentially great products in the market.<\/p>\n
However, always shop around.\u00a0\u00a0The initial rate may look good, but there might be hidden fees, large lender fees and early exit fees too!\u00a0\u00a0There may be better options available to you elsewhere.<\/p>\n","protected":false},"excerpt":{"rendered":"
Some lenders are distributing letters to those coming to the end of their product term offering them new rates, but indicating a deadline in which to switch.\u00a0\u00a0We had one customer recently who was four months out from their current rate changing from a fixed rate to the lenders Standard Variable Rate.\u00a0\u00a0They were offered some great […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"slim_seo":{"title":"Coming to the end of your mortgage deal? What next? - Impact Specialist Finance","description":"Some lenders are distributing letters to those coming to the end of their product term offering them new rates, but indicating a deadline in which to switch.\u00a0\u00a0W"},"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/8440"}],"collection":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=8440"}],"version-history":[{"count":0,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/8440\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=8440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=8440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=8440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}