You could save £thousands with a remortgage deal.
You could save £thousands with a remortgage deal right now, especially if you are paying your lender’s SVR.
Mortgages very often come with an introductory offer; a lower rate that switches after a period of time to your provider’s standard variable rate. What happens in many cases is that people don’t bother to switch when their introductory deal expires.
This could be due to lack of awareness or being comfortable with the lender and not seeing the need. However, by doing nothing you could find that:
- you are paying much more than you need to.
- you could potentially save £thousands per year by switching now.
An additional incentive is that over the next few years we are more than likely to see more increases in the base rate from the Bank of England. These increases will directly affect the SVR’s a mortgage provider will charge and rises will be reflected and passed on to you, the customer. The direct result you will see is that the amount of money you pay for your mortgage on a monthly basis will climb.
The sense behind switching.
Recent research done by market analysts has demonstrated that home-owners with an average mortgage value of £150,000 could save between £4,400 and £6,500 per year approximately when switching to a 2 or 3 year fixed rate mortgage. Compared to paying an average SVR of 4.14%, that works out to between £366 and £541 per month SAVING!
There are some fantastic remortgage rates available today but they won’t last forever. To find out how much you could save, why not contact a Deal Direct advisor and let us make the comparisons for you.