Have you thought of a New Year’s resolution yet? Or perhaps you’ve already broken one? Either way, have a look at our list of possible mortgage goals for 2024 – try one, or give them all a go – to save a significant amount in the coming year.
It’s that time of year when the Irish love to set resolutions. As we embark on 2024, three out of four people in Ireland are likely to make at least one financial resolution, often involving plans to follow a budget or reduce spending.
But when it comes to New Year goals, it’s important to focus on your mortgage. It’s probably your biggest debt, and setting (and achieving) a few goals for the year ahead can help you save money and become mortgage-free sooner.
Here are our top 5 mortgage resolutions for 2024:
- Give Your Mortgage a Health Check
Don’t just assume your current Mortgage is still the best fit for you. Life may have brought several changes recently, or there might be significant events on the horizon for 2024 – like starting a family, moving to a new home, or embarking on a major renovation. A mortgage health check can be your first step to achieving these goals. Talk to us for a complimentary Mortgage health check and ensure you’re entering 2024 with a mortgage that suits your current situation. - Ditch Lender Loyalty
Interest rates rose sharply in 2023. However, less than one in ten homeowners refinanced their Mortgage to secure a better deal last year. As we start 2024, we’re still noticing substantial rate differences between banks. Staying loyal to one lender can be costly. We can help compare your mortgage against others in the market in terms of rate, features, and flexibility, aiding your decision to either stay or switch to a more beneficial loan and/or lender. - Check your Loan to Value (LTV)
Lenders look at the risk when lending, so the lower your loan is compared to the value of your property should be reflected in the interest rate you pay. Over time the amount you owe on your mortgage should decrease, whilst the value of your property may increase eg if you borrowed €90,000 on a €100k home (LTV 90%) at 5% over 30 years on a property valued at €100,000 after 10 years you would owe around €75k, and if the house had increased in value to €150k then your LTV would now be 50% – this might give you better options. Contact us for a breakdown and assessment. - Plan for the End of a Fixed Rate
Many homeowners are still facing the end of a low fixed-rate period in 2024. If you’re among them, acting now is advisable. We can assist in planning your next move – whether it’s reverting, refixing, or refinancing – to ensure your finances remain manageable when your fixed rate ends. - Leverage Your Mortgage for Other Property Goals
Your Mortgage can be more than just a debt; it can be a tool for achieving other property goals. You might have more equity in your home than you realise, especially with the rise in home values. In January 2024, the average home value in Ireland’s major cities increased significantly from the previous year. This increase in equity could be released for certain age groups too. Contact us to understand your home’s equity potential and how you can utilise it in 2024.
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