According to Citizens Advice, being loyal to your mortgage provider could cost you over £400 a year. The charity found that, those who didn’t switch mortgage provider and stayed on their current lender’s standard variable rate faced an average loyalty penalty of £439 a year*.
Their research also found that, First Time Buyers, who typically have more debt and more time left on their mortgage, paid an extra £1,359 a year when their fixed deals expired.
What this means for home owners
Adam Nanson from Your Mortgage Expert comments:
“Often the biggest household expense is the monthly mortgage payment. Despite this, we often find that people don’t take the time to review their current deal from their current mortgage provider to establish whether they could save themselves money by switching mortgage provider.
“With mortgage rates remaining low in the UK, it could be a prudent financial choice to look at whether, by switching mortgage provider, you could save money.”
How Your Mortgage Expert can help
Adam Nanson continues:
“The main reason that people remain loyal and don’t switch mortgage providers is that they simply can’t find time, think the process will be complicated and think it will be a lot of hassle. This is where using an independent mortgage adviser 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 ushttp://your-mortgage-expert.co.uk/5-top-tips-to-remortgaging/ 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.
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