Act before interest
With varying degrees of interest rates, one might believe they are getting the best possible deal when signing on only to find that the low rate was applicable for just the first few years.
Becoming fully aware of any of these clauses can help one mitigate the extra charges they bring, such as remortgaging, switching mortgages or talking to one’s lender to find a better deal within the same company.
Remortgage on shorter terms
The key to becoming mortgage free as soon as possible is the time factor, and remortgaging to a shorter timespan can greatly assist.
However, this will require clear communication with one’s lender as the payments will increase but not to the point that it is no longer affordable.