If you want face-to-face help, ask friends for a local recommendation or fi nd one via www.unbiased.
co.uk or
www.VouchedFor.com.
Don’t ignore the fees The smaller your mortgage, the bigger the impact of fees. A good way to compare mortgages is to divide the fee across the discount or fi xed period. So, a £1,200 fee on a two-year (i.e., 24-month) deal is £50 a month. Then add that to the monthly repayment. I designed a “Total Cost” tool that does this automatically for you within the www.
MoneySavingExpert.com/mortgagebestbuys comparison.
Fix or variable rate? A fi x’s advantage is you get price and budgeting certainty that the rate won’t move for a set time, whereas variable deals move with the UK interest rate (and sometimes just on the provider’s whim). Generally, you pay a little more to fi x, but not much. Ask yourself how much you think rates will rise over the period. If safety’s what’s important to you, err on the side of fi xing, and fi xing for longer. Right now, with fi xed deals being outrageously cheap, it’s great time to do it.
Got savings? They could get you a better mortgage. For this, you need to fi nd your current loan-to-value (LTV) – the proportion of the value of your home you’re borrowing, so £80k on a £100k property is 80% LTV. At every 5% LTV threshold, from 95% down to 60%, deals tend to get better, so a little extra can have a big impact on your rate. For example, if you’ve a £150,000 home, and want a £137,000 re-mortgage, that’s a 91% LTV, and the top fi ve-year fi x is 3.98%. Yet use £2,000 of savings to reduce the borrowing, and you’d be at 90% LTV – where the top fi ve-year fi x is 2.54%, saving c. £1,100/year in payments.
Martin Lewis is the Founder & Editor in Chief of Money Saving Expert. To join the 10 million people who get his Martin’s Money Tips weekly email, go to
www.moneysavingexpert.com/latesttip
Accounting Services
www.cathedralaccountingservices.com
Cathedral
We are a local accounting practice who specialise in assisting small / medium companies and sole traders report on the past and plan for the future.
We can provide a full range of accountancy, payroll, VAT
and taxation services to your business.
Phone Andrew Hemming on 01786 821 895 or 07971 769 851
Robertson Jones Wealth Management Ltd
We care and have the patience to explain and explain again without jargon.
Guy Jones BSc (Mech. Eng), APFS Chartered Financial Planner
We help you with: • Local, bespoke, confi dential service. • Estate and Inheritance Tax Planning. • Retirement Planning. • Tax relief and tax effi ciency. • Long-term Care Planning • Investment growth and diversifi cation. • Protection.
To fi nd out more, contact Guy on 01786 822 291
guy.jones@
sjpp.co.uk www.rjwm.co.uk
23 High Street, Dunblane Please mention thewire when responding to adverts 35
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