Rolling on to an uncompetitive Standard Variable Rate (SVR) at the end of a fixed or promotional period could cost you thousands more in mortgage repayments each month, in some cases double that of a fixed rate mortgage. Switch today to beat the trap.
Mortgages with fixed or promotional rates are often the most competitive available for the first 2-5 years, depending on the product and market conditions. Once this initial period ends however, the risk of inaction means mortgage holders could see their repayments sky rocket as they are moved onto the lender’s Standard Variable Rate.
As the rate is variable it can offer some flexibility like a tracker mortgage, the big difference between the two is that the lender can amend an SVR whenever they like, by as much as they like. A tracker mortgage on the other hand adjusts in line with the Bank of England base rate.
Speaking to our advisors to utilise their expert advice and years of industry experience to find a new mortgage deal for you could save you thousands. Don’t be lulled into inactivity, switch and save today.
Rolling onto a Standard Variable Rate often happens by accident or because the end of a promotional rate has crept up on the mortgage holder.
Here we detail exactly how it can happen, and what the costs could be, with an example consumer group Which? provide based on figures from January 2019.
We search the land to work with the biggest names and specialist lenders to provide our customers with the widest choice of options. Our qualified, expert advisors will match your needs with the right provider, giving you peace of mind that you’ve secured the best deal possible.
A mortgage is generally the term used when you are buying a property, whilst a remortgage is generally used when a current mortgage is being switched to a new rate, new terms and/or a new lender. We are authorised by the FCA to discuss and advise on both new mortgages and remortgages for our customers.
The main benefit of remortgaging is to save money. If you’re on a fixed-rate mortgage for example, where the fixed term will soon expire, then you run the risk of rolling over onto the lender’s standard variable interest rate which is often far higher. Since you’ll start paying more interest, your mortgage will become more expensive so switching could avoid a rise in repayments.
Other benefits include:
Changing the terms of your mortgage to be able to take a payment holiday, increase your monthly repayments or pay off your mortgage faster
Whatever the reason you’re looking to remortgage, the chances are there’s a mortgage out there that’ll offer you this flexibility and we can help you find it.
Remortgaging is usually fairly straightforward, and on average the whole process of actually applying to remortgage takes around 6-8 weeks. The trick is to start early so you have enough time to find the deal that suits you best, around 6 months before your fixed term expires. That way there will be enough time for the paperwork to go through, which means you can move from the fixed rate period on your current mortgage straight into your new mortgage. Get in touch with us as soon as possible so we have ample time to find and secure you the best deal. We manage the process from start to finish, so you don’t have to.
Put simply, we’ll search a wide range of providers to find the best mortgage deal for you. Getting a mortgage can be an intimidating prospect, but our friendly and professional advisors will guide you through your options and manage the whole process from start to finish.
We are authorised to give professional advice as to the best way forward for your needs and situation, as opposed to just providing ‘information’ which sets us aside from many other ‘experts’ in the field, and can give you more balanced advice than if you went directly to a provider like your bank or building society.
