A E Thomson Ltd

Mortgages

Ask yourself how much you know about your mortgage product.

If you can't answer many of your own questions, you may not have the best deal for your circumstances. Questions to ask yourself include:

• When was my mortgage last reviewed ?
• Am I tied in to a particular deal or rate?
• What type of mortgage do I have ? (i.e. Fixed, Tracker, Variable, Discounted, Capped)
• Do I feel that my monthly payment is too high, or could I pay more ?
• How flexible is my mortgage in terms of overpayments, cash reserves or payment breaks ?
• Am I on a Capital Repayment or Interest Only ?
• Have I heard from my endowment company regarding the performance of my repayment vehicle ?

These and many more questions could be the key to you saving money or time on the repayment of your mortgage. If you have not addressed these issues for a few years then now may be the time to do so. Some lenders may neglect to tell customers when their introductory offer is over, leading to you paying a higher rate than necessary. Finding out all about your current mortgage puts you in a commanding position to shop about and to understand what is the right deal for you.

If you feel that you may be able to pay more to your mortgage you may wish to reduce your term, or it maybe that you are struggling to make your payments.

If you are in a job where your salary fluctuates, you may wish to benefit from flexible options offered by other products, allowing you to make overpayments, including large lump sum payments off of your mortgage. For those with poor performing repayment vehicles, it may be possible, for example, to add a part and part option whereby you begin to pay back some of the capital to help offset any potential shortfall.

Don't forget these questions apply to Buy to Let properties as well as residential. It is worth pointing out that Buy to Let is not covered by the Financial Conduct Authority rules.

If any of the above has made you think about your current circumstances and you would like to discuss how we may be able to assist you, then please contact us. We believe we are among the best and friendliest independant finacial advisors but don't just take our word for it. Read our testimonial below and see what our clients have to say about us.

Testimonial

Mr & Mrs T Lewis - Cambridge

Having been recommended to A E Thomson Ltd by a work colleague we were delighted to have found a "friend" to deal with. The personal approach and professionalism made us feel very at ease with the jargon associated with the financial services industry. Nothing ever appears to be too much trouble. Having now used A E Thomson on a regular basis for such business as pensions, protection policies and most recently a mortgage, we feel assured that our finances appear to be in very good hands.