A mortgage is possibly the largest expenditure that a person will ever have and as interest rates are predicted to rise, you could find yourself with much larger monthly mortgage payments.

Before looking at the many products available, check the mortgage rate that you are currently paying, how much you pay each month and the amount that is outstanding. You will also need to know what type of mortgage you have, for instance a tracker, fixed rate, discounted rate or the Standard Variable Rate (SVR). Check what your mortgage term is and when the mortgage is due to be paid off. You may also need to know when any current deal ends.

Once you have this information, look for the cheapest deals available at the moment, deciding whether you want one that is fixed for a specific period, a tracker or other product. You may require advice on this as many factors can affect your decision.

You may be charged fees to change to another mortgage product, which can be expensive. Working out how much the fees will cost to repay over the period of the deal ensures that you know that it is worth swapping. Prepare for the new lending criteria which were introduced in April 2014, by managing your credit in the months before application, as lenders may refuse you if they believe you can’t afford the mortgage. A qualified mortgage advisor who has had CeMAP training will have all the information about each lender’s criteria and will be able to advise you on the most suitable mortgage.

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