Momentous March: Smart Money Moves for Spring
Aleka Gutzmore
Award Winning Financial Advisor | Business Development Manager | Driving Growth in Financial Services | Community Organiser
As we leave behind Frugal February, a month dedicated to reining in our spending and tackling overdue finances, it's time to turn our attention to spring cleaning our financials.
After taking the necessary steps—cancelling unwanted subscriptions, recycling unused clothes, and clearing our debts—let's refresh our financial approach and prepare for a season of growth.?
It's a season of growth, with brighter and warmer days.
Spring is traditionally a time for renewal, and it’s the perfect opportunity to apply the same mindset to our finances as we do to our homes. Whether you’re a homeowner or a landlord, one area of focus this March should be your mortgage. If your fixed-rate mortgage term is ending, now is the time to act before potential rate increases hit your monthly payments.
Many homeowners and landlords face the possibility of an increased mortgage rate, which could significantly impact their finances. By engaging early with a professional mortgage advisor, you can assess your options, make informed decisions, and secure a more favourable rate before changes take effect.
You may want to get started and get things in order, but if you are unsure what would make sense and wish to remove the stress from the process, I have included my suggested starting points.
Four steps to reduce the stress of the process:
- Review your current mortgage:
Start by gathering the relevant information, including the remaining term, interest rate, payment amount, and repayment charges. Understanding where you stand is the first step to planning.
?- Gather financial information:
Compile details such as 3-6 months of pay data or self-assessment figures, balances for all other debt (credit cards, loans), monthly lifestyle outgoings, savings balances, and any known changes. This will give you a clear snapshot of your financial situation.
?- Consult a mortgage advisor:
A professional can help you understand complex options, explain the best route, and identify potential deals that you need.?
- Act sooner rather than later:
Mortgage deals can be sourced up to six months in advance, giving you ample time to plan and adjust accordingly. The earlier you act, the better positioned you’ll be to secure the best deal.
Organising your finances and gathering the necessary information will help you avoid unnecessary stress and minimise the impact of any changes. With the right preparation, you can enter the new season with a renewed financial outlook.
As a mortgage expert, I'm here to help you through this process. Book a free discovery call today, and let’s ensure that your mortgage remains one less thing to worry about as we head into the warmer months.
Or you can message me to start the conversation.
Remember: If you do not keep up repayments on your mortgage, you are at risk of repossession.