Items Tagged With remortgage

We can add the following to the basic 15 Steps To Reducing Your Mortgage:

1. Buy a house rather than a flat
   
   
2. Always keep your monthly payments WITHIN THE MONTH CONCERNED - even a few days out can cost you dear for the rest of the year, or when taking out another loan
   
   
3. Go direct to the lender
   
   
4. Try NOT to take out a mortgage with the same bank that holds your current account - they say that power corrupts and absolute power...
   
   
5. DON'T take out a foreign currency mortgage
   
   
6. Unless you really need to, avoid taking out a long term fixed rate mortgage - rates tend to be high and you almost always never do it at the right time
   
   
7. Don't over-capitalise the property with "improvements" - buy as large a house as you can, rather than one you have to keep adding to
   
   
8. If your eyes really are bigger than your pocket, consider a "split equity" type of deal (more of these later)
   
   
9. Choose well and stick with your decision - like good investments a good mortgage is worth sticking with rather than switching from one fad to another, particularly when you consider the charges involved in remortgaging

Many housing associations are buying repossessed properties for these very reasons and then renting them out after the necessary works have been done. They have the money in hand to carry out the renovations and are very unlikely to default on the loans. They are therefore considered 'safe' pairs of hands by lenders.

This benefits everyone because the more repossessed properties are taken out of circulation, the more other house prices can rise. The more values rise, the more companies can grow as businessmen can once again secure their loans to expand. The depth of the last recession in the UK was as much to do with credit squeeze (individuals and businesses not being able to borrow) as it was with temporarily high interest rates and a drop in overseas business.

As someone just about to take on the biggest debt of your life you need to know EXACTLY how to find the best product AND how to apply it to your best advantage. Structuring your mortgage to its optimum cost-effectiveness is ESSENTIAL, IRRESPECTIVE OF HOW GOOD A PRODUCT YOU TAKE ON. The best interest rate applied carelessly will still end up costing you more per month than is absolutely necessary.

There are many ways you can buy potatoes. At the local corner shop or in the out-of-town supermarket. Ready washed in small bags or unwashed by the half-hundredweight. Bakers or roasters. Named or unnamed.

A lot of potential decisions, but often people just "buy a bag of tates whilst they're out shopping". Those in-the-know will buy very specifically because they understand the taste and texture benefits they'll get from a clever purchase. Those who haven't a clue will take what's on the shelf.