A time for giving, a time for receiving and a time to keep a close eye on your finances! I know, boring and Bah Humbug! However, a little bit of your time, and sifting through old paperwork over the Festive period, could save you money in the New Year!
It always surprises me how few people actually know what rate they are on, the type of mortgage, i.e., fixed rate, tracker rate, etc, and whether they are paying interest only, or capital repayment. Unsurprisingly, almost everyone knows what it costs per month to the nearest penny! They will haggle for a £10 discount on a new washing machine whilst letting ‘sleeping dogs lay’ when it comes to their mortgage!
It’s very easy when the promotional rate period comes to an end to keep your mortgage with the same lender, ‘brush it under the carpet’, and deal with it ‘tomorrow’. But, we all know tomorrow never comes. A review of what’s on offer from other Lenders could give you a nice start for 2011, especially if you’re currently on a Standard Variable Rate, or equivalent.
Many Lenders are offering superb remortgage opportunities with minimal costs to change, including free standard valuations and legal costs. Rates are competitively low and mortgage product choice is at it’s highest for some time.
With the Festivities just around the corner, there really is no better time to think about finances. Available credit is in somewhat short supply and the price people will be prepared to spend on Christmas this year may well receive much more thought than in previous times.
It could go two ways - firstly, people could put their cares to one side, forget the 2010 trials and tribulations and flex the credit cards with any spends being forgotten until later. Or secondly, the purse strings will be drawn and funds will be tightly managed.
The important thing is to remember to only spend what you can afford and, if you are a mortgage holder, look to see what savings you can make (it could be hundreds per month) to prepare for a better year in 2011.
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