Combat Rising Interest Payments

Interest Only Repayment Strategy Graphic

Combat Rising Interest Payments

Next Webinar Starts in:

How to Combat Rising Interest Payments – Webinar

Our “How to Combat Rising Interest Payments” webinar discusses what people with variable and fixed-rate mortgages can do to prepare for the rising cost of interest rates.

The webinar will look at ways that may help lessen the impact of increases in monthly mortgage repayments and the use of savings to combat higher interest charges.

In a recent comment, Bill Divall, partner at MDFS Mortgages said:

“Interest rates are rising at the Bank of England, which means higher monthly payments for those with variable-rate mortgages. Those with fixed-rate mortgages, ending later this year and during 2024, may face higher interest rates when they come to remortgage or negotiate a new deal.”

Bill went on to say:

“Higher interest rates mean higher monthly payments for those with variable-rate mortgages and potentially higher rates for those with expiring fixed-rate mortgages. Early forward planning is advisable…”

Higher interest rates could strain finances and make it difficult to meet other financial commitments.

Decreases in house values may lead to negative equity for those with mortgages higher than their home’s worth, making selling or re-mortgaging difficult.

Webinar Agenda

Expected to take no longer than 30 minutes our “How to Combat Rising Interest Rates” webinar includes:

  • Mortgages Rates – Previously, Today, Future
  • Government’s New Mortgage Charter – Lender Support
  • Product Transfers – Rate Switching Options
  • Term Extensions – Use Time to Lower Payments
  • Interest Only Options – Use Interest Only to Lower Payments
  • Deferred Payment – Use Payment Holidays or Breaks
  • Offset Your Savings – Tax Efficient Lowering of Interest Payments

There are things people with fixed-rate mortgages ending in 2024 can do to prepare for the rising cost of interest rates, including:

Start saving now. This will give you a buffer if your payments go up and you need to make up the difference.

Remortgage early. If you can remortgage early, you may be able to lock in a lower interest rate before rates rise further.

Consider an offset mortgage. This can help reduce your monthly payments and repay your mortgage sooner.

Consider mortgage structure changes. It may be possible to consider extending mortgage repayment terms or temporarily using interest-only elements for some or all of your mortgage.

Speak to your lender. They may be able to offer you some advice or help you to find a suitable mortgage deal.