In recent years final salary pension schemes have been phased out by employers because people are living for longer and the uncrystallised liabilities are wreaking havoc with corporate balance sheets. Robert Blumberger explains why this is happening and sounds a cautionary note for those attracted to the idea of transferring.
For many people, their mortgage is their single largest monthly outgoing. In the UK, the mortgage market is highly competitive, so it makes sense to ensure you’ve got the right mortgage for you, whether you’re a first-time buyer, re-mortgaging, moving home or downsizing.
Rather like insurance, mortgages are completely unique to your individual circumstances and consulting an expert is the best way to find out if the interest rate, term and early repayment restrictions match your long term financial plans.
Questions to ask yourself to take control of your mortgage
- How long are you prepared to wait before you own your own home? How much are you able to save each month?
- What do you know about your current mortgage? What type is it, how much do you pay each month, how much are you paying in fees/interest?
- Could a re-mortgage save you money?