[THIS ARTICLE WAS PUBLISHED ON 6 JUNE 2017 AND NOT ALL THE RATES MENTIONED ARE NOW STILL AVAILABLE - PLEASE CALL OUR OFFICE FOR AN UPDATE]
The average Standard Variable Rate (SVR) charged by the top seven lenders is currently 2.7% higher than the cheapest two-year fixed rate for re-mortgaging at 60% Loan To Value (LTV).
Almost three million borrowers are currently paying their lenders SVR. These borrowers could potentially remortgage immediately and start to see huge savings on their monthly mortgage payments.
Research from Trussle has revealed a concerning level of borrowers in the UK are unaware of the potential impact of moving on to the SVR with their existing mortgage provider. 65% of UK mortgage borrowers are not aware that a lender's SVR is typically more expensive than fixed rates.
48% of borrowers don’t know when their fixed rate is due to finish. If these borrowers don’t arrange to move onto a new deal at the end of their fixed rate, they will simply default to their lenders SVR at the end of a fixed rate term or other special arrangement. This will potentially see a sharp increase in monthly payments that they simply were not expecting.
There are potentially large savings to be made by reviewing your mortgage and ensuring you are on the best deal. At Bennison Brown we are keen to help as many people as possible save money and we are very happy to assess your mortgage against the best in the market today to ensure you have right mortgage for you. We have access to all lenders in the UK and can assess what the best deal is for you.
We appreciate everybody has a different contact preference and so there are several ways to contact us; call us on 0207 427 6067, email firstname.lastname@example.org, complete our quick enquiry form below, chat to us live or request a call back (button at the top right). There is no cost for us to discuss your circumstances and we often find we can save clients a significant amount of money by exploring all options available in the marketplace.
Representative example 3.40% APRC, based on borrowing £150,000 over 25 years on a 1.14% fixed rate until 30th September 2019, giving 24 monthly payment of £574.87, followed by 276 payments of £755.15 on a variable rate (currently 3.69%). Total amount payable £223,128.28, including the following one off cost - £900 arrangement fee.
Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.