{"id":1481,"date":"2022-06-06T13:16:57","date_gmt":"2022-06-06T11:16:57","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=1481"},"modified":"2024-04-23T12:07:01","modified_gmt":"2024-04-23T10:07:01","slug":"life-changes-so-should-your-mortgage","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/life-changes-so-should-your-mortgage\/","title":{"rendered":"Life changes \u2013 so should your mortgage"},"content":{"rendered":"

A cost-of-living crisis has emerged in recent months and has been exacerbated further by pressure on energy and commodity prices following Russia\u2019s invasion of Ukraine. The latest O\u00adffice for Budget Responsibility (OBR) \ufb01gures suggest in\ufb02ation will average 7.4% across the rest of 2022, peaking at 8.7% during the \ufb01nal quarter. 1<\/sup><\/em><\/p>\n

Families have already been expecting a signi\ufb01cant hike on their annual energy bills. As every penny counts, it\u2019s important to consider all your options for budgeting and streamlining your outgoings; this could be the time to explore whether more favourable rates are available on your mortgage.<\/p>\n

Paying over the odds?<\/strong><\/p>\n

If your mortgage deal has expired, it\u2019s likely you are on your lender\u2019s Standard Variable Rate (SVR) and will have been hit already by recent increases to the Bank of England Base Rate. SVRs can be higher than those available on \ufb01xed deals, especially when interest rates are on an upward trajectory. SVRs \ufb02uctuate as interest rates rise and fall. Switching to a \ufb01xed rate mortgage deal instead could both save you money and make budgeting easier, as you\u2019ll know exactly what is going out each month.<\/p>\n

Take time to review and get advice<\/strong><\/p>\n

You can switch your mortgage at any time you like but you could face early repayment charges (ERCs) in doing so. Even if your current mortgage deal hasn\u2019t quite expired, however, you could start the remortgaging process up to six months in advance, as many lenders allow you to lock into a product before the end of your current deal. Getting ahead in the process can give you the time you need to assess your available options. That\u2019s where we can help \u2013 by searching the market for the most suitable mortgage \ufb01nance for your circumstances.<\/p>\n

1 <\/sup>OBR, 2022<\/p>\n

\ud83d\udea8Think carefully before securing debts against your home.\u00a0 Your home may be repossessed if you do not keep up repayments on your mortgage.<\/p>\n

\ud83d\udea8 Data accurate as of the date of publication \u2013 06.06.2022.<\/p>\n

\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n

 <\/p>\n

Source: Quilter Financial Planning \u2013 Essentially Mortgages Q2 2022<\/p>\n","protected":false},"excerpt":{"rendered":"

A cost-of-living crisis has emerged in recent months and has been exacerbated further by pressure on energy and commodity prices following Russia\u2019s invasion of Ukraine. The latest O\u00adffice for Budget Responsibility (OBR) \ufb01gures suggest in\ufb02ation will average 7.4% across the rest of 2022, peaking at 8.7% during the \ufb01nal quarter. 1 Families have already been […]<\/p>\n","protected":false},"author":1,"featured_media":1479,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28,21],"tags":[],"class_list":["post-1481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive","category-dom-i-mieszkanie"],"acf":[],"yoast_head":"\nLife changes \u2013 so should your mortgage - Prestige Financial Advisers<\/title>\n<meta name=\"description\" content=\"Mortgage changes in the UK. The most suitable conditions and rates. 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