Review your finances for 2013

January of often a time when we all look to tighten our belts and look to save money in the coming months of 2013. There may be aspects of your finances that could help you save on some of important monthly outgoings.
If you currently have a mortgage on a standard variable rate (SVR) or if your mortgage deal has come to an end, now might be a great time to re-mortgage. Many lenders have recently reduced their interest rates on new products particularly on mortgages with low loan-to-values. There are a number of reasons for this reduction in rates including the announcement in July of the Funding for Lending scheme in which the Bank of England and Treasury offer incentives to banks to boost lending and lower interest rates.
A number of lenders increased their SVR last year, meaning your monthly mortgage payments would increase if you are a borrower on SVR with these lenders. There are an estimated 1.6 million customers* that have been affected by these increases. If you have been affected by an SVR increase, moving your mortgage could save you money. While not all lenders have made an increase some lenders could make a change at any time. Lenders could also have the option of increasing the cap on how much they can increase their SVR by, so it is also worth checking your mortgage contract to see if this may apply to you.
You could also reduce your monthly out-goings by reviewing your Buildings & Contents insurance. We offer buildings and/or contents cover through a panel of reputable insurers. This means that we can fully guide you through the benefits of different policies and assist you in choosing the most appropriate policy to meet your requirements & budget effectively.
It is always a good idea to keep your finances under review to see if you have the best products for your circumstances. Thankfully here at Harvey Bowes we provide a full advice service and guide you through all the options available, so why not contact us today? Call 029 2115 6918
*Figures from Barclays
Please note that you should never cancel an existing policy prior to taking out a new one without fully investigating the generic and individual elements that are covered.
Your home may be repossessed if you do not keep up repayments on your mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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About harveybowes
Mortgage Broker and founding Director of Harvey Bowes Limited. A mortgage broking practice with bases in Cardiff & Poole, UK. We take a fresh and positive approach to mortgage broking which pays dividends for both our clients and frankly, ourselves. The team at Harvey Bowes are expert advisors in all aspects of mortgages from residential to commercial and buy to let.

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