Mortgages can be soooo much more flexible than I realised.
Depending on the lenders, in the UK, you can be looking at up to a 40 year term!!
Considering your age & your expected retirement this of course factors in. So if you're 50 & expecting to retire at 68, then you could explore mortgages for an 18 year term.
Phew! I mean I had no idea that you were able to have this much time available AND add to that if you have an income from your pension that elevates your affordability this has a positive effect as well.
So, if your life is changing which for so many of us this is true, there are financial options to ensure you can still buy your first home or go it alone if you wanted to.
I know this is a huge worry for many women who are feeling stuck in a marriage that has long since run its course particularly if they have not had much to do with the managing of the household finances.
Daunting doesn't even start to describe it!
If this is you or your friend right now, then pick up the phone to Donna or your own preferred mortgage advisor & start the conversation.
If you have no clue about how to manage your money on a fundamental level then you've come to the right place - welcome home 🤍
Budgeting for your first home ebook has the whole process ready for you to take personalised notes & create your timeline.
You can then transfer that timeline onto your spreadsheet so you know exactly what costs are going to hit down & when.
The 4 weeks to moving countdown will be really useful - I love a list to cut through the stress don't you? Just pack & ✔
If you're experiencing changes in income at any age & feel you can make overpayments on your mortgage from time to time, most mortgage products allow up to 10% extra without any fees to pay. It makes a massive difference when you overpay even just a little bit. And having the flexibility to do so on your terms is liberating. Dreaming of a mortgage free life...
However if you can afford to make overpayments regularly then chat to your mortgage advisor about reducing the length of time you have the product for. This way, you are likely to be paying less interest overall & can clear the mortgage more quickly.
Your mortgage isn't set in stone forever - understanding how yours works is important so you know what is your option A, B and even C. Early repayment charges are so different on each product too so knowing what yours is can help you to forward plan your next conversation.
Taking into consideration our cost of living crisis, it's sensible to consider your length of term options in order to make repayments most affordable for you, FOR NOW.
In a year or two, things may look different again. The economy, your income, what you want from life, house prices you name it, things change.
Your mortgage flexes with you when you make sure you're holding the reigns & don't be scared to talk to your advisor.
If you don't like them - use another one!
"Whole of market" advisors have access to the thousands of mortgage products available to you in the UK so for the best flexibility possible, do work with one of these.
"Your life does not get better by chance
It gets better with change"
Jim Rohn
If you're not a spreadsheet fan, here is a fully printable version of the home buyers toolkit:
And if you fancy a listen to Donna explaining this & more, join in the conversation on YouTube:
See you soon
Love from