Mums Finance

With more and more women buying their own properties and managing their own mortgages it pays for them to be as finance-savvy as possible right now.

The so-called ‘honeymoon period’ of those cheap fixed-rate mortgage deals is coming to an end which is sure to see many people face the prospect of losing their homes. Female property owners need to seek expert advice if they fall into this category as some mortgage payments are set to rise by as much as 60%.

Staying informed is the key. There is the option of changing to new fixed or discount rates and this will require some foresight and action. The other option will be to move to more costly variable rates; this is where many women will face huge increases in their repayments.  Short of having to resort to selling your property, or considering specialty lenders (who usually apply higher interest rates), make time to consult your bank/lender or a mortgage broker to see where your position is and what your options are.

The more you stay informed the better the chances are you will hang onto your property.

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