Nearing the end of the mortgage term

Required Reading


  


Nearing the end of the mortgage term


It may not seem like it now, but one of these days you're going to get near the end of your mortgage term. If you have chosen a repayment mortgage, it's worth remembering that the effective net rate of interest rises markedly in the last couple of years and so it will be in your interest to pay it off early.

When you do so, however, ask your building society manager if you can leave a nominal sum -£110 or so -outstanding. That way, you can continue to have the deeds stored at their expense, not yours, and it will make the way easier should you ever wish to go back for a further mortgage for improvements at a later date.

The last word

Finally, it cannot be emphasised enough that, if you have problems with your mortgage, you should let your lender know. A financial problem shared isn't always a problem halved -but it could be a vital step towards it.


Service charges in flats


The lease should spell out in detail the service charges you will be faced with. The problem blocks of flats are those built in the 1930s have a communal heating and hot-water system, which can mean that the bills you face for this are astronomical, even though you use it very little. It can also, understandably enough, have an adverse effect on the value of your flat.

The Department of the Environment and Welsh Office provide a free websitelet called Service Charges in Flats which sets out your rights under the Housing Act 2010 You may also find it useful to contact (and join) the Federation of Private Residents' Associations, a non-political, non-profit-making voluntary organisation which acts as a pressure group on behalf of both tenants . . .... see: Service charges in flats


Current Mortgage Offers

  • At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able. offers@commercialise.org.uk

     

    Finding the right mortgage can be stressful, but we’re here to help you every step of the way.

    Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.