When did you last review your mortgage?
UK mortgage rates are currently as low as they have been for many years but many people in the UK may well be missing the opportunity to reduce their mortgage payments by neglecting to review their financial arrangements on a regular basis. While there may well be potential penalty payments for some people to consider when transferring their mortgage arrangements, there is a need to look longer-term rather than be blinded by short-term penalty payments.
However, as with any major financial decision you need to take professional financial advice at the earliest opportunity and make sure that your advisor is fully aware of your situation. Many people make the simple mistake of looking at their financial arrangements in isolation when the wider picture should be taken into consideration. Whether or not you look at the potential for a variable rate mortgage or indeed look to lock in the relatively low rates available today is something which you need to consider very carefully.
There are potentially significant cost savings to be made in the UK mortgage arena although those who have a spotless credit rating are likely to attract the better rates. Inefficiencies in the UK mortgage arena are potentially costing UK mortgage holders millions upon millions of pounds a year - don't give your hard earned money away!
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