How to Get Your Mortgage in Shape for the New Year, plan for Stability and the Future

Review Your Mortgage Rate: Fixed vs. Variable Rates

As we move into a new year, it’s important to understand how different mortgage rates can impact your monthly payments. A fixed-rate mortgage offers stability, locking in your interest rate for the life of the loan. If you want predictability in your monthly payments, this is often the best option. Alternatively, a variable-rate mortgage offers lower initial payments but can change based on market conditions.

Opting for a fixed mortgage rate might be the ideal choice, giving you the stability and peace of mind to budget your finances over the long term. It’s especially important as your family grows and your lifestyle changes.

Diversify Your Mortgage Strategy for the Future

Diversifying your mortgage strategy is essential for long-term financial health. Consider ways to build equity faster by overpaying or adjusting your loan term. You may also explore options like remortgaging or changing your loan type to suit future goals.

Investing in your mortgage now will give you the flexibility to take advantage of long-term financial growth. Whether it’s adding additional payments to your principal or refinancing for better terms, thinking about the future of your mortgage will provide you with options when life changes.

Overpay on Your Mortgage Before Year-End

As the year winds down, consider making a one-off mortgage overpayment to reduce your balance and save money on interest. Even small overpayments can make a significant difference in the amount you pay in the long run, speeding up the mortgage repayment process.

This is a great opportunity to get ahead and reduce your debt as you move into the new year with fewer financial worries.

Refinancing: Start the Year Off Right

Beginning of a new year is the perfect time to explore refinancing options for your mortgage. Refinancing can lower your monthly payments, change your mortgage term, or even help you tap into your home’s equity.

If you’re looking to purchase a new property or simply want to save on interest, refinancing your mortgage can provide the financial flexibility you need for future projects or investments.

How to Take the Stress Out of Finding the Best Mortgage Deals

The process of finding the right mortgage deal can be overwhelming, but with the right tools, it doesn’t have to be. That's where Rettie’s Mortgage Monitoring Tool comes in.

This tool tracks mortgage deals in real time, alerting you to the best offers available based on your needs. Staying on top of mortgage rates has never been easier, and by registering, we can help guide you through the entire process, saving you time and money.

Starting early is the key. Ideally, you should start looking a few months before your current mortgage deal expires, or if you think you can find a better rate right now.

Ready to find the right mortgage for you? Start your journey today with Rettie’s Mortgage Monitoring Tool which can be found using this link: Mortgage Monitoring. We make it easier for you to get the mortgage deal you deserve. Register today!

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Rettie Financial Services Ltd is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

Rettie Financial Services Ltd. Registered Office Address: Deuchrie, Dunbar, East Lothian, United Kingdom, EH42 1TG. Registered in Scotland Number: SC711925.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

There is no guarantee that it will be possible to arrange continuous letting of your property, nor that rental income will be sufficient to meet the cost of your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.