Mortgage Planning - How can we account for future life changes
An individual takes out a mortgage based on their current earnings and expenditure. But a mortgage is a long term investment, taking 25 or 30 years to pay off. How can you possibly be advised on the best mortgage deal for you when no one has any idea what the future holds?
Here are some of the potential changes that may occur in the future.
Well, firstly the days are now gone when an individual went to work for a company holding no further ambition than to still be with that company in 20 to 30 years time. People move around, they look for greater opportunity, greater prospects, more money!
A young couple will have ambitions on their career paths, but that all changes when the patter of tiny feet comes along. Suddenly the family has grown and the income has shrunk. How do they cope with this sudden change in financial fortunes? How will this change their lifestyle choices?
All young people know one thing – they will never get old! The trouble is, whether they believe it or not, they have to face the facts. Making sure the mortgage is paid off before they finally put their feet up for good is absolutely essential.
At the Mortgage Zone, we have the solution.
It isn’t difficult really. We simply keep in touch. We know that our clients’ circumstances will change with every passing year. As such we have to be at hand to ensure we can give you the advice you need.
If you change career we can advise you on how best to exploit what we hope will be an increase in income.
If you decide to have children we have the knowledge to help you protect your family in the event of any financial hardship you may face.
And if you want to retire early we can put together a strategy to get the mortgage repaid early.
It all sounds very simple, but in practice it is very easy to overlook the needs of your existing clients. At The Mortgage Zone we never do that. We are here for you and, planning for the full lifetime of a mortgage is the key to ensuring borrowers can make the lifestyle choices they want.