If you haven’t reviewed your mortgage in the past few years, chances are you’ve probably automatically reverted to a lender’s standard variable rate.
James Skidmore, Head of Mortgages at AAG, looks at why now is a good time to review your mortgage.
“Currently, the average standard variable rate is 4.81%. If you do nothing, you will remain on the standard variable rate for the remainder of your mortgage term.”
Interest rates are still low, for example, there are fixed rates for as low as 1.49%, which could give you a saving of over £3,000 per year.
“We often find that clients are unaware that they have moved onto the lender’s standard variable rate, and what this means. Their busy lives means that they are missing out on the lower fixed rate options and paying over the odds.” James explains.
“We don’t see interest rates increasing in the near future,” James comments, “which means that most people could save themselves a considerable amount of money, just by taking the time to review their mortgage.”
Of course, James and his team can guide you through the process and do all the hard work for you.
Your home or other property may be repossessed if you do not keep up repayments on your mortgage.