Greenwich, (PressExposure) October 02, 2008 -- Numerous reports in the press may have prompted many homeowners to worry about the imminent end of their fixed-rate mortgage deal. Greenwich mortgage broker [http://www.idfmcity.co.uk/mortgage_greenwich.php/] IDFM City Ltd have produced a ten point report which details the things that we should be looking out for when our fixed rate mortgages our coming to an end.
Peter Curtis from IDFM City Ltd says "Sitting tight when a fixed-rate deal ends and paying the new and potentially higher monthly repayment may seem like the simplest option, but it may or may not be the most cost-effective. Your mortgage is a major financial commitment and as such should be reviewed on a regular basis. The expiry of a fixed-rate deal provides you with an excellent opportunity to do this."
If you have decided to investigate the alternative interest rates or other mortgage types and terms that may be available to you, it makes sense to speak to a professional mortgage adviser about a mortgage review. IDFM's ten point report will help you know exactly what questions you should be putting to your mortgage adviser.
The credit crunch has shrunk the mortgage market. So it is now even more important that you use a mortgage expert who is familiar with the deals now available in the market place. For example, it doesn't always follow that switching to a lower interest rate will save you money.
Some lenders may be reluctant to adjust their own lending rates to match reductions in the base rate, while others may increase their rates regardless of base rate changes. This makes it all the more important to speak with a mortgages adviser who has access to products from the whole market and who can compare the latest rates offered by different lenders.
There are a variety of fixed-rate, variable-rate and other types of mortgages available, with some lenders specialising in particular segments of the property market, all of which will have their own specific advantages and disadvantages. IDFM's report helps identify the main features that should be considered when shopping for new mortgage deals.