When you take out a new mortgage, you normally get an introductory deal (normally 2 to 5 years – for example a low fixed or discounted rate or a low tracker rate for the first few year your mortgage.
Once the deal ends you’ll probably be moved onto your lender’s standard variable rate, which will usually be higher than other rates that you might be able to get elsewhere. It has been found that more than 25% of homebuyers are on the SVR - https://www.buyassociation.co.uk/2018/10/18/which-mortgage-borrower-survey-finds-25-percent-sitting
Bear in mind that if you only have a small outstanding mortgage the amount you stand to save might be too low to make switching worthwhile.
Many homeowners find themselves paying more in interest and fees on their mortgage than they need to. Our mortgage advisers are able to help arrange remortgages that offer better value than your current deal. By switching mortgages for our clients we are often able to save them many thousands of pounds over the lifetime of their mortgage.
With many mortgages being taken out for a 25 year+ period it is important to regularly look at the value offered by your current mortgage. What might have been the best mortgage for your circumstances a few years ago may now no longer offer the best value.
Remortgaging your property can be a great way to escape high variable or fixed interest rates. Because of this more and more homeowners are moving their mortgages to save money. Even if you think you’ll need to pay exit fees to your current mortgage provider, you may find that a more competitive mortgage still offers better value and can save you money over the long term.
As well as potentially reducing your monthly payments, you can also use remortgaging to release the equity that’s built-up in your property over time allowing you to use this cash how you wish.
Our mortgage advisers can help find you the best possible deal. We are able to search the market and can have access to offers not always obviously available due to our close working relationship with lenders. Our aim is to provide the best possible advice for your unique circumstances and to save you time and money.