According to latest figures by L&C Mortgages, many homeowners could be paying too much on their mortgage because they are not on the most suitable deal for them. In fact, their research shows that, by switching a mortgage deal, people could save over £2,500 a year.
The research found that four million homeowners were on the standard variable rate which can be a more expensive rate to be on. This was reported on the What Mortgage Website during March*.
What this means for home owners
Adam Nanson from Your Mortgage Expert comments:
“The mortgage payment is often the biggest monthly expense. Yet, despite this, we often find that people don’t take the time to review whether they could save themselves money by switching mortgage deal.
“With mortgage rates remaining low in the UK, it really does make financial sense to look at whether you can remortgage and whether by doing so, you could save money. Especially as there have been predictions that the Bank of England may put up the Base Rate this year, which may lead to mortgage rates increasing.”
How Your Mortgage Expert can help
Adam Nanson continues:
“The main reason we find for people not reviewing their mortgage deal is that they simply don’t have time and think it will be a lot of hassle. And, this is where using a mortgage broker like Your Mortgage Expert can really help.
“We aim to take away the time and stress of applying for a mortgage by doing all the hard work for you. We can research the market to find all the current deals and can make the most appropriate recommendation for you based on your circumstances. Some of the deals we have access to may only be available through independent advisers like us. And, if it doesn’t make financial sense for you to switch your mortgage deal, we’ll let you know.”
Your Mortgage Expert has produced a handy guide for remortgaging your property. Read their 5 top remortgage tips here.
To speak to Your Mortgage Expert about remortgaging your property, call them now on 01722 322683 or complete a contact us form and let them know when they can call you back.
We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. SECURING SHORT TERM DEBTS AGAINST YOUR HOME COULD INCREASE THE TERM OVER WHICH THEY ARE PAID AND THEREFORE INCREASE THE OVERALL AMOUNT PAYABLE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
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*Source: What Mortgage Website: http://www.whatmortgage.co.uk/news/save-2500-year-switching-better-mortgage-deal