With spring in the air now is a good time to take a fresh look at your finances. We think about the physical side of spring cleaning and rejuvenating our homes such as sprucing up and redecorating, so why not do the same with our household finances.
The team at local mortgage specialists, Homeline Mortgages, suggest there are several ways in which you may be able to freshen up your finances, starting with a look at your current mortgage arrangements.
Oliver Bishton, Mortgage and Protection Adviser says “If you haven’t reviewed your mortgage arrangements in the last 5 years, then we recommend that you take the opportunity to do so now. Many lenders have some excellent mortgage products on offer, and any savings you make could be used to either use for general living expenditure, invested in your property, or used to reduce your loan and save on longer term interest payments on your home.”
With spring being a time of renewal it’s the perfect time to evaluate things and make any necessary changes. The team at Homeline Mortgages have put down their top 5 tips.
1. Sort out that pesky paperwork
Most of us are guilty of storing up household paperwork, so now is a good time to go through everything and throw out any out of date material and check the status of current policies etc. Take a look for example at the level of protection you have in place. Is it up to date, and are you covered for any unexpected eventualities, such as being made redundant or unable to work?
2. Check out your credit status
If you are applying for a mortgage or any sort of loan, any lender will check your credit rating. You can use free credit checks from companies such as Experian and Equifax and use the report to help you work out your financial position.
3. Clear out unwanted stuff
If you’re having a spring clean, how about making some cash from your unwanted stuff. Good quality items that you no longer want or use could be sold on online sales sites or a local car boot or even a garage sale. The proceeds could go towards a home improvement or decorating project. If you’re a first-time buyer, selling things you no longer need could help you boost your savings on the deposit for your first home.
4. Shop around
There has been a lot of media coverage lately about how the main suppliers we use for our home utilities and services are not rewarding us for customer loyalty. It’s worth spending a bit of time checking out if you could save money on regular household bills such as gas, electricity, telephone and broadband bills.
5. Make your money work harder for you
If you are having a spring money make over, look at any savings, ISA’s, pensions or investments. Make sure your money is working hard for you, and if you need help with specific matters, we can put you in touch with our sister company Baggette Wealth Management for whole of market, independent financial advice [www.baggette.co.uk]
Homeline Mortgages offer a free, no-obligation mortgage and protection review.
To talk to an adviser or book and appointment call Homeline Mortgages on 01202 937444
A fee may be charged should you proceed with a Mortgage or Protection application. Please ask your adviser for further details.
Your home may be repossessed if you do not keep up repayments.