📢See the latest article from Martin Lewis of moneysavingexpert.com with the sobering news regarding mortgage interest rates.
💰 Martin says: Typical fixes now cost more than 6.5%. Will rates keep rising? How can you find the cheapest deals? And what to do if you just can't afford it. The average 2 year fixed rate hit 6.6% today, worse than after the mini-budget, worse than at any time since 2008. Someone coming off a typical fixed rate shifting to even the cheapest fix will see repayments jump by a sobering £200/mth per £100,000 of mortgage.
💻 Martin provides some great information in the following areas.
- Finding the cheapest new deals
- Support if you're struggling
- Still on a cheap fix? Start prepping for it to end
🔍He highly advocates using a mortgage broker as follows:
Most should use a mortgage broker; on top of guidance for those who find sorting a mortgage tough, they have details of most lenders' acceptance criteria (not usually publicly available). Plus there are sometimes top deals, and even some product transfers, which are only accessible through brokers.
🚀 If, after taking all of Martin's suggestions into account, your adult children are still struggling to cope with their mortgage and you would like to help support them financially, then give me a call to discuss how a flexible lifetime mortgage could provide support to loved ones and alleviate financial worries.
https://www.moneysavingexpert.com/latesttip/?anchor=hiya#hiya
A lifetime mortgage is secured against your home and will reduce the value of your estate. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or if you want your family to inherit it. If you are in any doubt, seek independent advice.
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