The amount of money you can afford to repay each month towards your mortgage may change over time. You may be able to afford the monthly repayments now, but you need to consider what would happen if your circumstances were to change in the future. For example, would you be able to keep up mortgage repayments if you or your partner:
In addition, you also need to consider the possibility of your mortgage payments increasing. This could happen through one of the following:
If your circumstances do change, it may be a good idea to review your situation and work out your options. You may decide that your mortgage is no longer right for you, in which case you should consider the possibility of switching mortgages.
Note; your mortgage lender may offer you insurance that is designed to help protect your income or mortgage repayments in the event that you are unable tot work due to an illness or accident. Before agreeing to any insurance product, check the policy terms and conditions as there are likely to be restrictions on when and how much you can claim.