Big mortgage mistakes you can avoid

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Avoiding a daunting experience by being ready before you approach your broker
70% of all UK households are owner occupied.
And of those about two thirds have some degree of mortgage on them.
So most mortgage holders main financial goal is to pay off their mortgages due to the burden it places on them.

Around seven in ten of the UK's 25 million households are owner-occupied, which comes to about 17 million properties. Of these, around 11 million are mortgaged to some extent.
When you ask homeowners what they'd do with a sizeable financial windfall, many will reply, pay off the mortgage, of course!

1. Be wary of paying too much on your mortgage insurance cover
Although this tends to come up at the end of the main mortgage discussion, its one that you could easily be saving up to £1,000 per year or more.
Most insurance sold at the end of the discussion are at grossly inflated prices so watch out for these things:
On the high street, life insurance is going to be costly because of the costs of the High street operator. The easy answer is to simply shop around. It will save you to do so.
Mortgage payment protection again is an area where you could pay way over the odds. So again, shop around and don’t sign up just for convenience.

2. Flexibility to make larger payments when you want to

As you will know you will pay much more than your purchase price over the term of your mortgage.
So if you enter into a flexible mortgage or a mortgage that allows overpayment, you can reduce the total amount borrowed according to your financial circumstances at any one time, and reduce your overall payment amount
You can’t do that if you don’t have these features built i.e. a feature that could save you thousands

3. Staying with the same lender
If you have taken the trouble not to lock yourself into a lender that required a massive penalty should you switch lenders, then you can shop around at any time fro another lender offering a better % rate, and there are thousands to choose from
You could start the process by asking your existing lender to offer you a better deal.
This has the advantage of avoiding any penalties of moving. Be strong when you ask them. Remember you are the customer
If however, you see much better deals from other lenders then read you local and national press and get up to date with what is on offer.
Your original lender will not want to lose you and if you have made regular payment, they will probably relent and give you a better deal.
Many mortgage holder have swapped lenders  a number of times over the length of their mortage.