Mortgage rates: How millions of borrowers could save £4,500 per year - can you?

Can you save moneyon your mortgage?

We often think that loyalty is something which should be rewarded and in many areas of life it is. As customers we give loyalty to certain brands or service providers but there are some markets where it pays to switch; being loyal just doesn’t pay.

Last year, the Competition and Markets Authority (CMA) received the loyalty penalty “super complaint” from Citizens Advice. According to research by Citizens Advice (2018), looking at five “essential” markets: mobile, broadband, home insurance, mortgages and savings, they found that eight in ten people may be paying significantly more for at least one product due to staying with the same supplier.

For home owners this could mean lapsing onto their lender’s Standard Variate Rate (SVR) mortgage after a promotional offer ends and potentially wracking up hundreds of pounds in extra costs each year

According to online mortgage broker Trussle, two million homeowners who don’t switch their Standard Variable Rate mortgage could save £4,500 per year by switching to a market-leading mortgage deal.

You need to check if you are on a fixed rate or promotional deal and get in contact if it is about to end. If you are on an SVR mortgage rate you definitely need to consider switching. Contact us now for a free mortgage rate review and let’s see if we can save you money.