tips uk housing market future

3 Tips for Saving on your Mortgage

Your mortgage is a long term commitment. It’s right up there with marriage and kids – the long term anchors in your world. Saving money on it… that’s something you’re interested in, right? Check out our top 3 tips for saving money now and in the future. Whether it’s your current mortgage, first mortgage or third mortgage, there’s usually a way that Active Brokers can help you save money.

1Making overpayments on your mortgage

Way before the credit crunch began in 2007 there was a phenomenon of overpaying on the mortgage each month! Yes, you heard right, people voluntarily paid that little bit extra each month to get the mortgage paid off even faster. Now, back to the current year of 2015. The economy is mostly recovered and unemployment is still relatively low – now could be the time to consider making those extra little payments again. The best thing about making those early repayments is that you could end up saving SO MUCH money in the long term when you cut back on interest. If your current lender doesn’t allow you to make these early-repayments then it might be worth considering remortgaging. Through remortgaging you could make early repayments a possibility as well as many other benefits explained in this blog post. If you want to learn about the fine details of making overpayments and the maths about how it can help you, then try this blog post (although we warn you, it is American).

 

2Buy to Let Tax Relief

Buy to Let – one of the most popular ways right now to make money from property you own and/or rent out. If you keep up to date with politics and new legislation then you’ll know that as of 2016 the tax relief you get on your buy to let mortgage will be reduced.Our tip for you is that if you can afford to pay off that buy to let mortgage now then do it! While the reduction in tax relief means that the buy to let market isn’t quite as efficient, Active Brokers predicts that this market won’t slow down: it could be worth jumping on board to help you bring in some extra money to take care of your own mortgage too. Find out more about Buy to Let here.

 


3
Help to Buy Scheme

Quick! The help to buy scheme will soon be coming to an end, with the loans ending in 2016! Now could be the time to invest in the Help to Buy scheme, as funded by the government, if you’re a first time buyer. A conservative government is rarely good news for young people looking to own their first property (or young people in general), so the help to buy scheme is a real diamond in the rough. Even if you miss the help to buy scheme, Active Brokers encourages you to use a broker or other helpful advice system to help you get your first property – getting all the tricks right and ticking all the right boxes is something you’ll struggle at without professional help. Use Active Brokers and get the right price for you. Find out more about the Help to Buy scheme here, and how Active Brokers can help first time buyers here.

 

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