MARTIN LEWIS, founder of Money Saving Expert, claims that homeowners can save thousands of pounds on their mortgage. By Christine Younan/Published 30th January 2019 Speaking on BBC Radio 5 Live, Martin Lewis advised property owners to lock into mortgages that change low interest rates.Often rates go down in times of economic uncertainty but the 46-year-old pointed out that this isn’t guaranteed if the withdrawal from the EU has a negative impact on the pound.To avoid being hit by any sudden rises as a result of Brexit, the Money Saving Expert shared his tips earlier this week.He said: “If you check right now, especially those remortgaging, if you can find cheaper mortgage deals available than your existing mortgage and there are no penalties for moving it then I wouldn’t let the fact that Brexit is coming stop you.“There isn’t that much room for interest rates to drop but there is room for them to rise.” Related Articles Money Saving Expert Martin … [Read more...] about Martin Lewis advises to do ONE thing to save thousands of pounds on your mortgage
Penalties for paying off mortgage early
HOMEOWNERS could shave thousands of pounds off their mortgage by switching deals, Martin Lewis has revealed. The MoneySavingExpert advises property owners to lock into mortgages that charge low interest rates now ahead of Brexit to avoid being hit by any sudden rate rises. Often, rates go down in times of economic uncertainty but Mr Lewis pointed out that this isn't guaranteed if Brexit has a negative impact on the pound. Speaking on BBC Radio 5 Live this week, Mr Lewis said: "If you check right now, especially those remortgaging, if you can find cheaper mortgage deals available than your existing mortgage and there are no penalties for moving it then I wouldn't let the fact that Brexit is coming stop you. "There isn't that much room for interest rates to drop but there is room for them to rise." Two million borrowers are believed to be stung by pricey standard variable rate (SVR) deals, forking out an extra £2,500 a year. How to switch your mortgageHERE's how to switch … [Read more...] about Martin Lewis reveals how to save THOUSANDS of pounds on your mortgage
IF you've come into some extra cash, overpaying on your mortgage means you can reduce your loan and it can help you to save thousands in interest. When paying off your mortgage you'll usually pay set monthly repayments, which are calculated depending on how much you're loaned, the interest rate and the period you agree to pay it back over. Paying more than the set amount can help you to clear your debt quicker than planned and reduce the interest on your loan. Overpayments can be made using a lump sum or by regular monthly payments. But there are some things you should take into account before overpaying, such as how much you can repay by and penalty charges that could be imposed. We've put together a guide on whether overpaying on your mortgage is the right choice for you and how much you could potentially save.Why should you overpay your mortgage? Overpaying on your mortgage can help to reduce your loan and, as a result, cut the amount of interest you pay on it. It could also give … [Read more...] about Should you overpay your mortgage, how do you calculate it and should you put money into savings instead?
The interest rate you pay, the type of mortgage that buyers choose, and the possibility of paying off the loan early are all factors to consider when buying a property, writes John LoweI don't think it would be an overstatement to say that property — and, in particular, owning it — was something of a national obsession.It is easy to understand why: home ownership offers security and the potential to make a capital gain. Indeed, in the 10 years up to 2006, residential property prices had grown at an average rate of 12% per annum.Sadly the downturn took hold, but there are still opportunities in the property market especially now for those with money and income. Only the fortunate few can afford to buy a home outright. For the rest of us, saving up until we had the full cost of the apartment or house we wanted to buy would be impractical.Leaving aside the fact that it would probably take decades, we would need to live somewhere else in the … [Read more...] about Planning pays off when looking to put roof over your head
BORROWERS can now cut the cost of their loan by boosting their credit score with a new personal loan that claims to be the first of its kind in the world - but it's not the cheapest out there. The Sun can reveal that LiveLend, which is part of challenger provider Chetwood, has teamed up with credit score company ClearScore to deliver the new loan. You'll be able to borrow between £1,000 and £12,000 from the lender over a 12 to 60 month time frame with interest rates varying from 9.9 per cent to 36.7 per cent depending on your circumstances. For every 25 points of improvement you make to your credit score, you'll see 2 per cent shaved off the interest rate on a three monthly basis - down to a floor of 7.9 per cent. But if your credit score goes down, you won't see your interest rate rise. The lender reckons one in four (25 per cent) of people who take out the loan will see their rate drop within the first three months, with almost half expected to have their rate slashed after … [Read more...] about New loan that gets CHEAPER as you pay it off and your credit score improves