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Wedding Planning

By: Francis Ghiloni

Your daughter’s wedding can be one of the most fantastic days of your life. A huge amount of planning goes into this and the benefits of good planning are there to be seen not just on the day but in the photographs, dvd and happy memories. The one potential negative is the pain of paying for it!

Many people save from the day their daughter is born to help fund what they know will be an expensive day. But many people also look to the value tied up in their property and raise additional cash by remortgaging. This is a long term commitment and so needs to be thought about carefully but if you ‘shop around’ it might not cost as much as you think.

Recent research from www.mform.co.uk has shown that 40% of people have had the same mortgage for more than 10 years. They are likely to be paying the lender’s standard variable mortgage rate which can be as much as 2% per annum more expensive than the best deal available. So for someone with a property worth £250,000 with a mortgage of £150,000 there is a potential saving to be had of £3,000 per annum in interest. This is more than the interest that you would pay on an additional £20,000 of mortgage at current rates (26 Nov 2007). In fact, you could pay the whole additional £20,000 off inside ten years for less than the interest you have saved on the main part of your mortgage.

Obviously, remortgaging with a higher mortgage is increasing your debt and not something that should be done lightly. But if you combine it with saving on your existing monthly payments it can make sense in all sorts of circumstances.

To make sure that you get the best deal, use a mortgage comparison site one that searches the whole of the market; one that looks at the true cost of the mortgage including all the fees and not just eye-catching rates; one that is independent of all lenders; one that doesn’t require you to leave your details to be called back by people trying to sell you products.

So, happy mortgage hunting and best wishes for the wedding!

Article Source: Main Articles

Francis Ghiloni is Marketing and Business Development Director at mform.co.uk. mform.co.uk allows you to compare mortgages with every lender in the UK.

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