Do you know your mortgage rate?

semi detached houses

Estimates suggest that well over one million borrowers have lapsed onto their lender’s default standard variable rate.

Now could be the perfect time to consider a remortgage to get your finances in good shape for the year ahead.

If your current tracker, fixed rate, or discount mortgage deal has ended, you are likely to be switched onto your lender’s SVR and paying way over the odds, perhaps without even realising. It has been found that borrowers on an SVR could save an average of £1,602 a year, that’s over £133 every month!

Even with a potentially sizeable saving to be made by remortgaging, it’s surprising how many people stick with their SVR. Here are some of the most common reasons:

  • “I didn’t realise my mortgage deal had ended” – your lender should let you know, but always remember to make a note of the end date of a new mortgage deal so you do not forget.
  • “My lender contacted me, but I didn’t understand” – mortgage jargon can be confusing, but it pays to check out important mortgage correspondence.
  • “It’s too much hard work to find a new deal”- it is true that the mortgage market can be bewildering with many deals to choose from. That is where we can get involved – to help find you a suitable deal.

Time to remortgage?

It is important to regularly review your mortgage. Particularly now, when mortgage rates are at record low levels, it makes sense to consider your options to see if you can get a more cost-effective deal.

Are you still covered?

If you are thinking of changing your mortgage, remember to review your protection policies at the same time – especially if you do not already have cover in place, or your circumstances have changed since you last reviewed your cover.

To discuss your remortgaging options or to see if you could save money, please contact us on 020 7252 5765.

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