Last month, the FCA released figures that disclosed mortgage borrowers are needlessly paying £15.4bn of interest annually by remaining on their lenders SVR (Standard Variable Rate) rather than switching to more competitive remortgage rates and products.
The publication also shows that over 2 million borrowers (25% of all borrowers) have fallen into the ‘SVR trap’ and been paying a higher rate of interest for 6 months or even longer.
With changes in lenders attitudes to existing customers over the past couple of years, and the ever increasing amount of lenders offering new products to existing customers (some of which don’t credit check or assess affordability), now is a great time to review your mortgage arrangements.
In addition, with rates expected to rise steadily, now could be the best time to remortgage. Whether that’s to save on interest, to raise capital required for the home improvements you’ve been putting off or to consolidate those credit cards.
At Mortgage & Money Management, one of our advisers can offer a no obligation review of your current arrangements and advise you on the best options to fit your circumstances. Whether or not you are on a Standard Variable Rate, a discussion with one of our advisers could save on your monthly repayments, take years off your mortgage, or give you those extra funds you require.
Call one of our advisers now on 01920 821333
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