There are a few ways this mortgage can save you money.
If interest rates rise, you won’t be affected.
Interest rates can go up and down over the years. They used to be much higher. In 2007, the average fixed mortgage interest rate was 5.84%. At the start of the 1990s, the average was just under 14%. Right now, rates are the lowest they’ve been in decades. So you can use Habito One to secure a lower rate now, that’s guaranteed for the whole mortgage, all while knowing you have the flexibility to leave whenever if you find something you like better.
You’ll save on the costs of switching.
Changing mortgage deals is like getting a whole new mortgage – same paperwork, admin, and fees. We near-universally hear from people that having to remortgage every 2 or 5 years feels unnecessary and stressful. And it costs around £1,000 each time. With Habito One you can avoid not just the headaches, but the costs of switching too – costs that really add up over your whole term.
You could become mortgage-free sooner.
Habito One lets you overpay as much as you want, whenever you want, for the entirety of your mortgage – no early repayment charges, no catches. That means you can put things like bonuses and inheritance towards your mortgage and pay it off sooner. There’s no better way to save money on your mortgage than by getting rid of it early.