What could you buy for £5,000?
A hot tub? A decent second hand car? A luxury holiday for 2?
According to Experian, the credit reference agency, almost half of homeowners with a mortgage are currently paying their lender’s Standard Variable Rate (SVR). This is rate of interest that a mortgage reverts to when the fixed rate or tracker rate comes to an end. Now, based on a mortgage value of £150,000 borrowers could potentially save up to £5,000 by switching to a new fixed rate mortgage rate.
Another trick that people miss is assuming that their current lender is providing them with the best deal at the end of the discount period, often with the promise of an easy switch to new rate with them. However lenders rely on borrower inertia when it comes to combing the mortgage market for the best rate. So long as you begin the process early enough, switching to a new lender can often be the best way to save you money on your mortgage payments.
A mortgage adviser at TR Financial will advise you about threshold mortgages to find the best and most appropriate deal for your circumstances, saving you time, effort and most importantly, money!
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