If you are downsizing be sure to get the best mortgage rate.
If you are downsizing, getting the best mortgage rate can help you save money when you move to your new home.
According to a recent report nearly 60% of home owners who downsize chose a smaller property to suit their circumstances. Whether you want to reduce financial outgoings or do less housework, if you can reduce your mortgage costs you could save money.
If the equity in your existing home has increased and you move to a smaller cheaper property, your access to mortgages could improve. A larger deposit could give you access to lower interest rates on your new mortgage and improve your finances.
Statistics show that you do not need to be nearing retirement to consider downsizing. According to research over 25% of people downsizing are aged between 46 and 55 and more than 5% are younger than 45.
Figures suggest that there has been a significant rise in home owners selling to get access to the equity in their property. Some home owners who have chosen to downsize later in life have benefited from a 40% increase in value.
If you combine releasing equity with a larger deposit and lower mortgage rates, this can make a substantial difference to your finances. With a number of lenders competing to offer the lowest rates for larger deposit mortgages, there are some great deals on offer.
At Deal Direct we can source the best mortgage rate, to suit your personal and financial circumstances.
Call one of our advisers today.
