Look at remortgage your property to save thousands
Those borrowers who are currently on an SVR (Standard variable Rate) mortgage could potentially save thousands by remortgaging onto a fixed rate.
Homeowners who remortgage from a lender’s standard variable rate (SVR) to a fixed product could save a good deal on their mortgage costs.
For example moving an outstanding mortgage of £150,000 to a two-year fixed rate deal, including paying a £999 fee, could save the borrower more than £4,500 over two years.
In fact when moving the £150,000 mortgage to a fixed rate deal over a three-year period to be upwards of £6,000; therefore very worthwhile considering and investigating.
Further savings might even be achieved still if you are able to find a deal with no or much lower fees.
Interest rates are still falling
Last year the number of products with no fees was 1,709, now it is 2,007 – an increase of 17%. (Source Moneyfacts)
And many of these no-fee deals are offering great fixed rate options including many under 2%. Some fixed rate deals have been falling greatly in the past four months. (Source Mortgage Brain). Since April a two year fixed rate mortgage has become 8% cheaper
Now is therefore a great time to start getting in contact and getting a comparison quote and see how much you may be able to save on your mortgage costs which are at a historically low level considering the only likely movement is upwards.