Contents
All change for pensions
A waste of time & money
Tax credit mess
Fuel up (shock)
Gimme shelter
Gulp! SIPPS
Paper or plastic?
Re: Mortgages
Bank the cheque
Subs beware
VAT's the limit
Dividend end?
The buck stops
Sack with care
Selling up
A matter of trust
We're watching
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There are reports that banks are getting fed up with people saving money by remortgaging every few years. It seems that they are looking at increasing the charges for getting out of one deal and starting up another. It's a reminder that you can save a worthwhile amount of money, without much trouble, by reviewing your mortgage. The banks don't like it, but as long as there's a competitive market with someone else prepared to offer a better deal, there's not much they can do. They rely on most people thinking that it would be too much effort and staying put. Sometimes it can be difficult to be sure that you will save money, particularly if there are costs involved in swapping. But sometimes it's really easy. For example, suppose the costs are £1,000 to switch a mortgage of £100,000 onto a different deal that will discount the rate by 1% for two years. You get your £1,000 back after one year, and then you get a "free" £1,000 saving the next year. Sometimes you can get better deals than this - some banks even give a "cashback" to help with the costs. If you haven't looked at your mortgage for a while, there's a chance you could make a good saving - before the banks put the costs up too much. If you are not clear how the numbers work, we can advise you. |
© Bayar Hughes & Co., 2010.