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Step 6
Discount to discount. Plenty of long term fans of discount mortgages have been jumping from deal to deal every few years in order to ensure they never pay full price on their homeloan. And however hard some lenders try to stop them, the so-called ‘rate tarts’ can still come out ahead. All you need to do is to make sure you know exactly when your existing discount deal is due to end – then start shopping around for an alternative a few months beforehand. If you pick your new deal and start the application process around eight weeks before the old deal ends you should be able to move your mortgage directly on to the new low rate without ever seeing your payments jolt upwards. The size of the discount and the level of standard rates may be very different when your current deal ends. But as long as you shop around and swap in time you should keep on getting a bargain. A host of websites can help you shop around – take a look at www.moneyfacts.co.uk, www.thisismoney.co.uk or the sites of independent, low-fee brokers for the latest best-buys.
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