*This post is written for thriftyscot.co.uk*
Do you feel that you need to remortgage your house? With today’s mortgage rate that is increasing, perhaps you should look around for lenders that could give better deal for your mortgage loan rates. By doing so you can cut back on repayment amount each month and save a lot on the interest imposed on the mortgage you took. Believe me, for almost 30 years, those little percentage really makes a difference.
I honestly believe that hardly any person (at least normal, working class people) would be able to own a house without considering taking one kind of another type of mortgages. And surprisingly in UK alone, 8 out of 10 people are paying too much for their mortgages. How could this happen? Some blame banks for making it very easy for homeowners to get mortgages and later increase the interest rate and making it difficult for them to pay monthly repayment.
But I think the problems could be solved if we as the borrowers are equipped with extra knowledge and do our own homework – do mortgage rate comparison before we sign up the papers. Ignorance most of the time make people feel sorry later for themselves (which could be avoided by getting all the useful information beforehand).
There is another type of protective insurance that we as homeowners or borrowers need to consider. Taking the mortgage payment protection plan is really crucial because you might never know what lies ahead over the path of 30 years of your mortgage period. You might become disabled by accident, lose your job unexpectedly and coming down with illness.
Such mortgage plan protection will help you carry on with life peacefully until you can get back on your feet and earn income as per normal. At least you wouldn’t have to worry that the roof you are sheltering under will be repossessed anytime soon.