Latest research by the Moneyfacts UK Mortgage Trends Treasury Report* shows that borrowers could save £2,000 a year by remortgaging to a new deal rather than reverting to the Standard Variable Rate. Their figures show that the average cost of a two year fixed rate mortgage currently stands at 2.3% compared to the average Standard Variable Rate of 4.59%.
What this means for home owners
Adam Nanson, Managing Director of Your Mortgage Expert comments:
“The monthly mortgage payment is often the biggest household expense. Even with this, we often find that people don’t take the time to review whether they could save themselves money by remortgaging to a new 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.”
How Your Mortgage Expert can help
Adam Nanson continues:
“The main reason we find for people not remortgaging to a new deal is that they simply don’t have time and think it will be a lot of hassle. And, this is where using an independent mortgage broker like Your Mortgage Expert can really help.
“We aim to remove 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 mortgage advisers like us. And, if it doesn’t make financial sense for you to switch your mortgage deal, we’ll let you know. Or, if switching to a new deal with your existing provider is also appropriate, we can help facilitate that too.”
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 We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date.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.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
Please note, by clicking on the link below you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
*Source (12/06/2017): https://moneyfacts.co.uk/news/mortgages/remortgage-to-a-new-deal-and-save-2000-per-year/