A staggering £2.78 billion of interest is being paid by people on the wrong mortgage deal!
This is because according to latest research* 36% of UK homeowners are sitting on their lender Standard Variable Rate (SVR).
When you took out your mortgage there was a good chance that you were given an initial fixed term deal over 2,3 or 5 years. At the end of the initial fixed term you will usually have been switched automatically to the lender’s Standard variable Rate (SVR) of interest. The current average lender SVR is 4.40%.
If this is you there is a good chance your monthly mortgage payments are a lot higher than they need to be.
You are not alone. 4 million UK homeowners are in the same boat.
Latest Residential Mortgage Offers:
£250 Cashback - 2 Year Fixed Rate
- Initial Rate - 1.21% APR
- 60% Loan To Value (LTV)
- 2 Year Fixed
Overall cost for comparison 3.8% APRC
Call RBS FREE on 0800 096 7966
Request a Callback From Royal Bank of Scotland at a time that suits you!
£250 Cashback - 5 Year Fixed Rate
- Initial Rate - 1.49% APR
- 60% Loan To Value (LTV)
- 5 Year Fixed
Overall cost for comparison 3.3% APRC
Call NatWest FREE on 0800 096 7889
Request a Callback From NatWest at a time that suits you!
Buy To Let Mortgage Offers:
Market Leading 5 Year Fixed Rate - £500 Cashback
60% Loan To Value
Post Office are offering a market leading:
- 5 year fixed interest only buy to let rate of 1.88% (4.0% APRC) at 60% loan to value (LTV)
- Plus £500 CASHBACK!
- Interest Only Option
Call Post Office FREE on 0808 178 6813
Go to the Post Office website for more details
Historically for older borrowers (aged 60+) flexible options for homeowners looking to raise capital or simply remortgage to get a better rate or to switch to an interest only basis were limited.
The good news is that this has changed - in the last 12 months a number of lenders have been launching mortgages in retirement products which are designed to help borrowers stay in their homes without being pressurised to downsize.
More information can be found here on retirement mortgages »
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice.