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Ways to Manage Higher Monthly Mortgage Repayments

No doubt you will have seen in the news that mortgage rates are increasing. This is making many people nervous about their future repayments and affordability. 

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We've created a short guide listing some ways to help you manage increased mortgage costs.

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Like most things, it's better to get in touch to discuss your concerns rather than waiting, and hoping rates will come down. Click here to get in touch and Ray or Leonie will get back to you as soon as possible. 

Ways to Make Your Mortgage More Affordable
Intro to ways to manage mortgage repayments increasing
You can lock in a mortgage deal up to eight months before your remortgage is due
Extend Your Mortgage Term
Check with a broker before going directly to your bank
If you've got some time until your mortgage deal ends, overpaying now will mean you have a smaller overall loan when you come to renew. Even if you only overpay by £25 per month, this can make a big difference in the long run. Check with your lender how much you are able to overpay, as some charge a penalty for overpayments.
Paying off loans and other creit commitments before applying for a mortage may well end up boosting your affordability in the eyes of the lender, and possibly get you a better deal. You may also be able to consolidate your debts into your mortgage. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
It is possible to change part or all of you mortgage from repayment to interest-only. Whilst interest- only will keep your monthly payments lower, you aren't actually paying off any of your mortgage so you would need to think about what you would do when it came to paying it back. This is not advised as a long-term solution.

Need more help?

Phone

07899 755157

Email

Ray@RMRFinance.co.uk

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