With interest rates at an all time low, mortgages are more attractive than ever for the prospective buyer. Contrastingly, a common concern amongst purchasers is what to do in the event of an interest rate increase, here are some professional tips on how to stay afloat:
1. Reconsider your mortgage provider
If you’ve been with your current lender for a while, it may be time to reconsider. There is a good possibility of cheaper loans available that suit your needs. Searching for a more suitable mortgage can be a very daunting and time consuming process. “Consult a professional broker, they have the necessary expertise to not only provide the best advise and help you find the perfect home loan, but also streamline your personal finances – giving you more control over your money and the freedom to enjoy the life you love”, Daniel Pym Mortage broker and financial planner.
2. Consider an interest only loan
Where you pay only the interest on your loan, which means your monthly repayments are less, this should be considered only as a last resort.
3. Reconsider your Budget
Attempt by all means to restructure your budget by cutting out unnecessary expenses, once again a professional broker can advise on this if budgeting is not your strong suit.