December is a time when everyone starts to wind down and the period between Christmas and New Year can be a time for financial reflection. For homeowners and first-time buyers, taking the time to review your mortgage in January can give you a stronger financial footing in 2025.
Whether it’s taking advantage of competitive mortgage rates or aligning your financial plans, a year-end review can give provide you with significant benefits.
Why Review Your Mortgage Now
- Secure Lower Rates: Mortgage rates in 2024 have shown signs of stabilising, with rates dipping below 5%, which has boosted buyer confidence by 12% compared to the previous year. Acting now could allow you to lock in these favourable rates before any potential adjustments in early 2025.*
- Stay Ahead Of Market Trends: With property prices stabilising in Surrey and across the UK, this could be a great time to remortgage or refinance before inflation and other economic uncertainties potentially influence future rates.**
- Plan Ahead for the Tax Season: Aligning your mortgage payments and financial goals with tax planning can create additional savings, especially as government policies evolve to support sustainable housing.***
Surrey continues to experience steady demand for homes, with some resilience against nationwide housing price fluctuations. The county’s appear, driven by excellent schools and transport links, continues to attract both buyers and investors. This makes it crucial for Surrey homeowners to review their mortgage terms now to remain competitive in this dynamic market.
Benefits of a Year-End Financial Review
Whether you are planning home renovations or aiming to reduce debt, reviewing your mortgage is an opportunity to realign your finances. A proactive review in January, could lead to substantial savings and a stronger financial plan for 2025.
Get in touch with us today, Surrey-based mortgage experts, to schedule your consultation.
Please note: your home maybe repossessed if you do not keep up repayments on your mortgage.
References
*Lloyds Banking Group – Housing Market Review, Lime Property – UK Housing Market Trends in 2024
** Readings Property Group – UK Housing Marketing Predictions 2024, Lime Property – UK Housing Market Trends in 2024
*** Readings Property Group – UK Housing Marketing Predictions 2024