How your mortgage payments could be affected
With increase rates going up yet again recently if you are on a standard variable mortgage it is likely that you’ve already been told that your monthly payments will rise.
We are in that very position with one of our flats. Unfortunately we had no option but to go onto a variable product and within three months our payment will have increased by 0.75%.
Fixed rate mortgage
If you are on a fixed rate mortgage it is important that you know when this will end. Otherwise you will find yourself being put on the standard variable rate which could be around 5% or maybe even more.
Good fixed rates seem to be appearing and disappearing just as quickly at the moment. We’ve been trying to secure mortgages on both a residential flat and commercial premises and have found that rates have changed overnight. What hasn’t helped is the speed that mortgage companies seem to be turning around applications. We are expecting at least a 6 week wait for our commercial application to be reviewed and the rate we’ve been applied for to be agreed.
Start looking early
It’s also useful to know that you can apply for a remortgage up to 6 months prior to the end of the fixed rate. The fixed rate on our own home is due to end in Jan 2023 and our mortgage broker contacted us a few weeks ago recommending that we start to look for a new product. This is great as you can secure a rate well ahead of when you need it and always have the option to switch if something better comes along before the end of the fixed rate period.
Realm Property Investment are still actively pursuing opportunities. We are out actively viewing properties and will pay good referral fees for any opportunities that go through to purchase.
We offer great returns on your investment but without the hassle. Get in touch if you would like to learn more. To read more about our recent projects head to our projects page.