Time to consider your remortgage options

Although remortgaging could save a typical homeowner thousands of pounds, research highlights a distinct reluctance to do so, leaving many borrowers stuck paying over the odds on their mortgage.

Caught in the SVR trap

While the last few years have seen interest rates at historically low levels, homeowners can still find themselves significantly overpaying if they don’t switch when a fixed rate, variable, or tracker deal is about to end.

This is because lenders automatically put borrowers on a Standard Variable Rate (SVR) when a deal ends, and this is typically much higher than the best rates available to other customers.

Reluctance to remortgage

Despite the potential savings on offer, research1 found almost half of all homeowners have never remortgaged their property even though nearly one in three feel they could save money by doing so. Analysis by Experian2 quantifies the amount that could be saved, with some homeowners potentially over £5,000 better off switching to a two-year fixed rate deal rather than remaining on a lender’s SVR.

Don’t lose out

If you’d like to see if you could cut your monthly repayments, then get in touch and we’ll scour the market to find a remortgage deal that’s perfect for you.

Your home may be repossessed if you do not keep up repayments on your mortgage

1Barclays, 2021, 2Experian, 2020

22 February, 2022

More news

15 April, 2024

Only 2 in 10 UK homeowners have income protection (1), even though it’s likely to be needed at som
Don’t rely on savings or sick pay With income protection, you wouldn’t need to use savings if you were off work. Besides, 42% of working adults think their savings would only last them for up to

9 April, 2024

Getting onto the property ladder continues to be a challenge for younger generations, as 63% of firs
The cost of buying a home is significantly more expensive than a decade ago for the average FTB, who is 32 years old. For those purchasing their first home, deposits are an average of 67% higher than

4 April, 2024

Death rates are still higher than pre-pandemic¹ levels, yet 48% of adults aged 18-40 do not have li
  Research has found that, in Great Britain, a premature death can cost surviving family members an average of £195,475 over the course of ten years2. These estimates are based on the hypothetic