Homeowners took another hit last week when the Bank of England raised interest rates to 5.25 per cent
. While fantastic news for savers, the increase does mean more difficult choices for people with mortgages.
reports. Whatever people decide, it is vital they take realistic, professional advice and understand all the options and implications before making their decision.What does this mean for me and my mortgage? Mortgage holders are automatically put on a 'standard' rate. This does not mean it is the best and only option.
Don't wait until your deal comes to an end. Your lender will need to understand more about your financial situation, so take some time to write down what the next few years might hold in terms of your job and any significant life changes that might be on the horizon. For example, you owe £300,000 and you have £40,000 in savings. The lender agrees to reduce the amount you owe interest on to £260,000 as long as you keep that £40,000 untouched.
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