Remortgage before lenders SVRs rise further.
Starting your remortgage search now could be your wisest course of action. According to recent market research, the average standard variable rate that mortgage holders pay is at its highest level not only for this year but also since 2009.
What this means is that, as a result of staying loyal to your mortgage lender, you could be paying much more than you need to. What more motivation than the opportunity to save money do you need to remortgage?
The average SVR has risen in the last 12 months from 4.75% to 4.90%. As the average 2 year fixed rate stands at 2.51%, this means you could be saving up to 2.39% on your mortgage repayments – or around £3000 a year. This sum will obviously vary depending on the size of your mortgage and the term.
The average for a 5 year fixed rate is currently 2.92%. Switching now to such a deal would mean guaranteeing your repayments for this fixed length of time. As so much uncertainty surrounds the market at the moment, investigating the benefits of a fixed term for you could prove to be a very smart move.
Use our online remortgage calculator to begin comparing products and find out how much you could save today. Alternatively, click on the chat box to discuss your requirements with one of our team of mortgage professionals.