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 ARE YOU GIVING AWAY MONEY TO YOUR MORTGAGE LENDER? 

Yes you are, if you are currently on your lender's Standard Variable Rate (Commonly known as SVR)

Most borrowers pay interest on their home loans at the lenders SVR, which is usually up to 2 percentage points higher than the Bank of England rate.

The SVR is the lenders most expensive option. All lenders offer cheaper deals, but then they run out, so after two, three and five years your mortgage reverts to the Standard Variable Rate. Many of these deals are actually cheaper than the base rate, so it actually costs the lenders money to do these deals.

So, why do they do it? Well they do it in expectation of you either not bothering or forgetting to review your mortgage. If you do not review it, you will end up on the lenders SVR. This is very, very profitable for the lenders.

Most lenders use their best deals to attract new clients, rather than using them to keep their existing borrowers. So you get a better deal if you switch companies.

You see, they rely on your sense of loyalty, because history has told them that most clients leave their mortgage alone! Which you now know is a big and costly mistake.

I suppose it's a bit like how it used to be with Gas and Electricity services. Once you had a supplier, you kept the same company for life and mortgages fit in the same mould, but of course we now see that there are innumerable suppliers of Gas and Electricity and it is exactly the same with mortgages.

More and more people are realising that they can re-mortgage to get a better deal. It can enable you to save money, raise cash for home improvements, consolidate existing debts or reducing the term of your loan. If you re-mortgage regularly, you can knock thousands off your home loan over its lifetime.

Some people don't consider re-mortgaging because they think it will take up too much time and effort. Well with remortgagesandmortgages.com, most people find it very easy and certainly worthwhile.

Many people do not consider re-mortgaging because there may be penalties for changing lenders. What they do not realise, is very often, even with the penalties they will save a substantial amount. The important thing to remember is that with us it will not cost you a penny to find out how much you could save.

 EXAMPLE: 

If you have a £100,000 mortgage and are paying interest at your lenders SVR you could save £2000 a year by switching to a different lender. Most of us don't switch because we do not understand the process and think it is more complicated than it actually is. At remortgagesandmortgages.com that's what we do every day, so if you have any questions, just click here to ask us.

If you are ready to enquire about a re-mortgage, click here to go to our enquiry form. It only takes a few minutes to complete and one of our experienced advisors will have a quick chat with you to find out a few more details. Then they will find the best deal for your circumstances.

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