A staggering £2.78 billion of interest being paid by people on the wrong mortgage deal...!
According to latest research by L&C Mortgages* 36% of UK homeowners are sitting on their lender Standard Variable Rate (SVR). The current average lender SVR is 4.40%. So when you took out your mortgage there is a good chance that you were given a fixed initial rate deal e.g. 2,3 or 5 years.
So at the end of the initial rate you will usually have been switched automatically to the lender’s Standard variable Rate (SVR) of interest.
If this is you will probably be paying a lot more interest on your mortgage repayments each month than you need to.
You are not alone. 4 million UK homeowners are in the same boat.
Remortgaging your home is simple and if you are a homeowner with a mortgage it makes a lot of sense to review your monthly payments.
See below a market leading offer from the Post Office:
- The Post Office offer a 2 year initial fixed rate of 1.17% APR on a 60% (3.8% APRC) loan to value basis - more details »
Are you looking to raise additional funds on your mortgage?
By remortgaging you may be able to releasing equity in your home.
People often remortgage to provide money for:
- Home improvements
- New Kitchen
- New En-suite bathroom
- Consolidate other existing debts.
Remortgaging can be a good low cost way of paying for your new home project.