Did You Know…
Research has shown that the average person in the UK owes a staggering £8,000 in dept -not including mortgage debt!
10. Closing An Unused Credit Card Might Not Be A Good Idea…
When you apply for future loans, one of the most important things banks will look at is your ‘credit utilisation’ – they want to know just how much you’re using.
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If it’s higher than average, then you might appear desperate and by closing an old card, you could potentially push that rate up which would affect your chances of being accepted in future.
11. Your Mortgage Bill Can Still Go Up, Even If Rates Don’t!
Some mortgages aren’t as straightforward as others. When it comes to variable rate mortgage you could end up paying more, even if the base rate hasn’t changed.
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Because these types of mortgages aren’t directly associated with the central bank rate, lenders can make adjustments to both fixed and variable rates.
12. Beware: Mortgage Fees!
When applying for a mortgage, many people focus solely on the interest rates and often forget that banks make mega bucks on mortgage fees i.e. administration fees, exit charges etc. To avoid this, always read the small print!
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