There are a number of ways to lower your mortgage repayments, but some of these ways may not be suitable. It’s important to identify why you want to reduce your monthly repayments and determine whether the right strategy is suitable for you.
We are pretty sure everyone would like to be able to lower their monthly mortgage repayments, and more often than not, it’s not because they are struggling to meet the repayments. Often clients just want to ensure they have the best deal to allow them to pay off the loan faster. Who doesn’t….but putting the right loan and strategy in place is important for us to ensure the loan meets their requirements.
In this case the clients was looking for the best deal to enable them to pay down the loan faster. The obvious first step is to find a lender who will do the deal at the best rate with the lowest fees. Whilst first choice was the cheapest, it wasn’t suitable as the client wasn’t satisfied with the repayment options the lender presented. We are all about choice, so the second cheapest option proved to be the winner.
But it didn’t stop there. The client wanted to reduce repayments not because they were struggling to make them, in fact they were miles ahead. Their financial situation from an income perspective had improved for the better, however there was a slight catch. Their income was going to be a little less predictable each month, and they wanted to reduce any potential stress that may arise of meeting monthly repayments.
So if you would like to reduce your monthly repayments, we can help put the right strategies in place to allow you to do so. Contact Us for a discussion today.