There are more than 2 million people in the UK that are currently paying over the odds on their mortgage repayments and could be savings thousands over the duration of their mortgage.
The reason that so many homeowners are paying over the odds is due to them either not realising that they are on the lender’s standard variable rate (SVR) or not having gotten around to switching to a better deal.
At the end of a mortgage ‘deal’ it is standard that the ‘deal’ ends and the following month the mortgage reverts to the SVR, a lender will notify the mortgagee of this however, many often don’t get around to looking for another deal. This can mean that for every month that the mortgage is still on the SVR, then it can mean that the homeowner is paying well over what they might need to be paying should they have entered into another fixed, discounted or tracker deal.
According to Trussle, an online Mortgage Broker, they believe that not switching can mean that homeowners are paying an average of £4,500 each year more than they need to.
With this is mind, it is worth checking your mortgage details at present to see whether you’re on the best deal. If you’re unsure as to whether or not you are on the best deal it may be worth speaking to a mortgage adviser as they will be able to provide you with details of current offers all over the market place not just from one provider.
Why not get in touch today and speak to one of the team to see how you can save money each month. Call 03333 44 85 11 or email firstname.lastname@example.org