{"id":20002,"date":"2019-05-12T19:05:54","date_gmt":"2019-05-12T19:05:54","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=20002"},"modified":"2020-12-17T17:57:10","modified_gmt":"2020-12-17T17:57:10","slug":"is-your-mortgage-still-working-for-you-5-things-to-check","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/is-your-mortgage-still-working-for-you-5-things-to-check\/","title":{"rendered":"Is Your Mortgage Still Working For You: 5 Things To Check"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><span>It\u2019s important to check your mortgage against what is available on the market regularly,<\/span><a href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/articles\/why-it-pays-to-review-your-mortgage-regularly\"> <span>at least once a year<\/span><\/a><span> is advisable or more if there are any big changes in interest rates or some other big change in the <a href=\"https:\/\/www.thehouseshop.com\/mortgages\" title=\"Mortgage Market\">mortgage market<\/a>. There are also other things to check with regards to your mortgage to ensure it is still working for you, here are a few things to be mindful of.<\/span><\/p>\n<h2><b>Are You Getting The Best Interest Rate Possible<\/b><\/h2>\n<p><span>The real key to how much your mortgage is working to your advantage is the interest rate you are getting, are you currently on a fixed or variable rate? This is a question to ask and think about in terms of whether or not it\u2019s working for you as much as it was when you first took the mortgage out, maybe you could do with<\/span><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/how-to-save-money-on-your-mortgage-in-2018\/13587\/\"> <span>considering a change<\/span><\/a><span> if you are on a fixed rate and we have seen a drop in rate then you would perhaps be loosing out and consider a change, but if the interest rates have raised then you would be best placed to stick with what you have.<\/span><\/p>\n<h2><b>Should You Take A Cash Release<\/b><\/h2>\n<p><span>The value in your property up to the value of what you\u2019ve paid off in your mortgage is yours although this equity (value in your property) is not traditionally easy to access if you need it, there are ways to realise this cash and get access to it if you feel you want to enjoy some of it or have an unexpected emergency or cash problem then this is the way to go about it. If you want to find out more than it\u2019s best to seek some advice from a reputable advisor such as key or if you just want a quick check then use their<\/span> <span>free lifetime mortgage calculator<\/span><span> and this will give you a quick as to what sort of funds you could release.<\/span><\/p>\n<h2><b>Should You Pay The Mortgage Off Early<\/b><\/h2>\n<p><span>It is often worth taking the time to consider<\/span><a href=\"https:\/\/www.nerdwallet.com\/blog\/mortgages\/pay-off-mortgage\/\"> <span>if you should pay off the mortgage early<\/span><\/a><span>, obviously paying it off early will save you huge sums in interest, but it\u2019s not necessarily that simple. It makes sense to think about where the money to pay off the mortgage would be coming from and would it be put to better use elsewhere, for example, if you are pulling it out of another investment then is it doing more for you there compared to what you would save in mortgage interest.<\/span><\/p>\n<h2><b>If You Have Changed Circumstances Do You Need To Change Mortgage<\/b><\/h2>\n<p><span>If circumstances have changed you may need to consult your lender to see if you are allowed to make these changes and if not you\u2019ll need to ensure that you get a new mortgage first. Things like these include running a business from your home or<\/span><a href=\"https:\/\/budgeting.thenest.com\/happen-rent-out-mortgaged-property-20328.html\"> <span>letting it out<\/span><\/a><span> to someone else.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s important to check your mortgage against what is available on the market regularly, at least once a year is advisable or more if there are any big changes in interest rates or some other big change in the mortgage<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/is-your-mortgage-still-working-for-you-5-things-to-check\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[15],"tags":[],"wl_entity_type":[602],"modified_by":"Editor","_wl_alt_label":[],"jetpack_featured_media_url":"","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/is_your_mortgage_still_working_for_you__5_things_to_check","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/20002"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=20002"}],"version-history":[{"count":2,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/20002\/revisions"}],"predecessor-version":[{"id":23714,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/20002\/revisions\/23714"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=20002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=20002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=20002"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=20002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}