Over the last few years, we’ve all got used to shopping around for the best prices available on major household bills such as energy supplies and it makes sense to adopt the same approach when it comes to your mortgage.
Reaching the end of your deal
When your fixed-rate deal ends, your lender automatically moves your mortgage to their Standard Variable Rate, which as the name suggests can vary, rising and falling in line with the Bank of England base rate. With the mortgage market remaining competitive, there are many deals currently available that might be more cost-efficient.
Homeowners can often save hundreds of pounds a year by moving their mortgage to a more attractive rate with their existing lender or a different lender.
If you’re currently in a fixed-rate or tracker mortgage with early repayment charges, you don’t have to wait until it has come to an end. We can help you find a deal three months before your lock-in period finishes.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.