When was the last time you checked your Mortgage rate?
29 May 2024
Published in: Member News
With teh cost of living crisis biting, it is now more important than ever to know what we are paying for our mortgage
Record-high inflation has significantly driven up mortgage rates, pricing many first-time buyers out of the market and saddling existing homeowners with higher mortgage payments, all while they grapple with a cost of living crisis.
According to MoneyWeek.com, approximately 2.2 million homeowners are currently sat on their lenders variable rate, with the average Standard Variable Rate mortgage currently estimated to be 8.18%, which really begs the following questions:
- When was the last time you checked your mortgage statement?
- When was the last time you logged into your on-line banking to check your monthly mortgage repayments?
At a time when the cost of living is biting many people, we need to start being more vigilant and aware when it comes to our mortgage payments - why waste money unecessarily for the sake of logging into your on-line banking to check and see if your monthly repayments have increased?
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