January is often seen as the month for fresh starts. We declutter our homes, reset routines and take a closer look at our spending after the festive season. But one area that’s often overlooked is the mortgage, even though it’s likely to be your most significant monthly commitment.
If you haven’t reviewed your mortgage in the last couple of years, January is a great time to check whether it’s still working as hard as it could for you.
Many homeowners are now coming to the end of fixed-rate deals or sitting on variable rates without realising it. When that happens, monthly payments can creep up quietly, putting pressure on household budgets just as people are trying to regain control after Christmas. A mortgage review can help identify whether a better rate, a different term, or a more suitable product is available.
Remortgaging isn’t always about chasing the lowest rate. For some, it’s about certainty. Fixing payments to help plan ahead. For others, it might mean consolidating other borrowing, releasing funds for home improvements. Or simply ensuring the mortgage aligns with changing life circumstances, such as a growing family, self-employment, or the future.
January is also a sensible time to get organised. Lenders usually ask for documents such as payslips, bank statements and ID, and having these ready early in the year can make the process smoother and less stressful. A review now also gives you time to get organised if your current deal isn’t ending immediately.
It’s worth remembering that not everyone will benefit from switching. Early repayment charges, affordability checks and product fees all need to be considered carefully. That’s where advice comes in. A broker can assess whether staying put, switching lenders, or moving to a new deal with your existing lender is the most suitable option for your circumstances. As with any financial decision, your home may be repossessed if you do not keep up with your mortgage repayments, so taking a balanced and informed approach is essential.
If one of your New Year goals is to feel more in control of your finances, a mortgage review can be a practical first step. Contact us today to hear how we can help.
Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
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