Big plans for smaller mortgages

Allison Crawford, Director of Lending, Savings and Investments at Standard Life Bank, said: "Starting a new year is a great opportunity to look at the goals you want to achieve in the year ahead and plan to make these happen. Our research found that being mortgage free is the biggest aspiration for many people. Clearing your mortgage entirely may not be suitable for all homeowners, as mortgages can be a savvy financial planning tool when finance is needed."
In light of this research, Standard Life Bank has compiled 5 tips for a financially strategic start to the year:
- Mortgage free or mortgage minimal? If your client has financial plans on the horizon e.g. helping kids through university, then perhaps being mortgage free is the wrong route
- Consider the flexible features available with a mortgage such as offsetting or overpayments
- Go above and beyond. Your clients can overpay with lump sums or regular deposits to lower monthly payments or cut years off the term
- With offsetting interest is calculated daily, so any savings offset against a mortgage will reduce overall mortgage costs
- Go for a double whammy of offset and overpay. By combining both features your clients can potentially reduce their mortgage term, mortgage costs and save on tax.
Follow the link for information on
the Best Mortgage Rates available
the Best Mortgage Rates available
Related Articles
Millions of borrowers dissapointedNew fixed mortgage rate from Northern Rock
BM Solutions launch new mortgage rates
HBoS close TMB
New offset mortgage rates from Coventry
Latest News:
Millions of borrowers dissapointed
GE Money Home Lending, the parent company of mortgage and loan brands First National and I...
Published: 21-Aug-2008
New fixed mortgage rate from Northern Rock
Northern Rock has today announced a new three year flexible fixed mortgage rate available ...
Published: 21-Aug-2008
Equity Release special offer annouced by Just Retirement
An announcement from Just Retirement indicates the introduction of a Special Offer availa...
Published: 19-Aug-2008
Sub Five per cent mortgage rate launched
The Mortgage Works has announced the launch of a two year fixed rate buy to let mortgage a...
Published: 19-Aug-2008
Best UK Mortgage Rates & Remortgage Rates



