Mortgage Mistakes

Three of the biggest mistakes that you can make with your mortgage are featured over at The Motley Fool.

  • Sticking with your loan or lender – as the article says, don’t do it! Getting tied in to a poor mortgage deal or one with high redemption penalties, or just being too lazy to change, are all to be avoided.
  • Getting stung for insurance – lenders often try to sell you their mortgage-related insurance policies together with your mortgage, and these can often be poor deals compared with independent insurance providers. Shopping around on the internet for your life insurance, buildings & contents insurance and mortgage protection cover can save you hundreds of pounds a year.
  • Not overpaying – if you’ve got money left at the end of the month to spare, then over-paying on your mortgage (if this is an option with the type of mortgage you’ve got) can potentially save you thousands of pounds over the term of the mortgage, and can also reduce the term that you will be paying for. Try out our mortgage overpayment calculator that can give you an idea of the money and time savings you could make.

All good advice.

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