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Advertorial: Cutting down your monthly mortgage costs

In the last three years Police Mutual has helped more than 10,000 members of the police family to find a mortgage.

Advertorial: Cutting down your monthly mortgage costs

Date - 29th October 2019
By - Police Oracle

One of the biggest bills we face each month is a mortgage. Here are some ways you could reduce your monthly mortgage costs..

Consider coming off a standard variable 'lenders rate'

If you’re on a mortgage deal, most lenders will revert you to their standard variable rate (SVR) once your rate comes to an end. This will usually see your mortgage payments increase as the SVR tends to be higher than the product rate your payments were based on.

Now is a great time to shop around for a more competitive deal either with your current provider, or by switching to a new one.

Switching to a cheaper mortgage deal

Even if your mortgage deal hasn’t come to an end you could still switch to a cheaper mortgage deal with another mortgage lender.

Whilst this could reduce your mortgage payments, it is likely that you will have to pay charges for ending your current deal early. It’s worth looking at your current deal to see what these would be and working out if switching deals is a cost-effective option.

Review your term

Repaying your mortgage over a longer period of time can reduce your monthly payments in the short term, making them more affordable if meeting your monthly payments is a struggle. You could talk to your lender to discuss your options in the first instance, as extending the term may not be suitable for everyone.

By increasing your term you will pay more in interest over the duration of the mortgage. If this is something you’re considering, you must make sure you get mortgage advice to make sure that all of the options available to you have been fully explored.

Get good advice

Any decisions you make need to be carefully considered as they could have a big impact on your finances. In the last three years Police Mutual has helped more than 10,000 members of the police family to find a mortgage.

So whether you’re looking at re-mortgaging to get a better deal, or buying your first home, Police Mutual can help. Its expert impartial mortgage advisors can review the whole of the market and have access to deals that aren’t available on the high street to get the right mortgage deal for you.

To find out more about the Police Mutual Mortgage Advice Service visit policemutual.co.uk/mortgagepath or call 01543 441 630

Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage repayments.

Mortgage Excellence Plc, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 03527577. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire, WS13 6QS. For your security, all telephone calls are recorded and may be monitored.

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