Our mothers would like us to think they have everything under control and some do a very good job at hiding their concerns.
Have you spoken to yours about how she’ll deal with the interest rate rises predicted for 2010 and 2011? Perhaps you can work on your repayment strategies together to make sure you’re both prepared and feeling clear headed about the imminent changes.
Anyone with a mortgage will know it’s best to stay on top of your finances and be conscious of all ongoing financial commitments – no matter what your age.
Ahead of the new financial year, May is a good time to set an annual reminder to review the household budget, according to Peter Johnson, your local loan consultant at Mortgage Choice in Sutherland.
“Set yourself a ‘Mayday’ alarm for this time of year – a reminder to check how your loan repayments are travelling, what you expect to happen over the next year and if there is anything further you can do to better the situation. This may help you own your home sooner or help you to invest in another property in the near future.”
Peter said anyone with a loan, whether it’s for your home or another debt, should check its health regularly.
“Since taking out your loan you might have changed jobs, switched to part-time work or extended your family - all of which could change your loan’s suitability. Or, there could simply be a better loan out there now with a cheaper interest rate and/or improved features.”
“Consult an expert if you’re unsure. Reputable mortgage brokers exist to help you save time running around to different lenders and they may also help you save money over the long-term.”
This May Peter invites you, your mum and anyone else who feels it’s time to review their loan, to see him for a free home loan health check. In one quick visit, you each could compare your current loan with others and ensure it’s still tailored to your needs.
With access to a wide range of loans and lenders, Peter is experienced in helping individuals, friends and families achieve their property ownership dreams sooner.
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