New year, new financial you?

New year, new financial you?
Is sorting out your finances one of your New Year’s resolutions? Whether you’re thinking about taking out a mortgage or if you already have one, it will probably be your biggest monthly outgoing, so should be a priority on your resolution list.

Here are a few ideas to help you get going…

  1. Make sure your credit score is the best it can be. There are a few easy things you can do to improve your score, such as making sure you’re on the electoral roll, close any credit card accounts you no longer use, and try to pay down any large credit balances you may have. For more tips read our guide. This will make it easier for you if you’re looking to take out a mortgage or remortgage your current home. 
  2. If you’re planning to get your foot on the ladder, start saving! You can use our savings calculator to see how long you’ll need to save for a mortgage deposit.
  3. Make sure to take a look at our guide on Lifetime ISAs (LISA). Now the Help to Buy ISA has closed to new customers, the LISA is another way to bag a Government top up on your savings towards a deposit for your first home. Otherwise, it could be a good option for saving for a pension. Read more in our guide.
  4. If you already have a mortgage, don’t ignore your annual statement. In it you’ll find a summary of your mortgage, your payments throughout the year and what’s still outstanding. It could be that you’re paying too much for your mortgage and could secure a better deal. There are lots of great deals out there at the moment and you might be missing out. Get started online now or check out our remortgage best buys.
  5. Overpaying on your mortgage even by a fairly small amount can make a big difference to how much interest you’ll end up paying back in total. Our mortgage overpayment calculator will show you how both lump sum overpayments and monthly overpayments could help save you interest and reduce the term of your loan. But make sure to find out whether your mortgage deal allows for overpayments or you may be charged a penalty fee.
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