We imagine that by now, there’s a little COVID fatigue amongst the majority of you. After all, there are only so many news reports – all of which generally point to economic uncertainty – that one person can stand.
So, we’ll keep this as brief and upbeat as possible.
Amid all the uncertainty the UK’s currently faced with, there is one thing that you can be certain of, and it’s that finding yourself on a standard variable mortgage will significantly increase your mortgage payments. Another certainty is that by remortaging – ideally before you default to the standard variable rate (SVR) – you will save money on your mortgage.
Despite the impact of COVID-19, there are still great mortgage deals available on the market, so there’s really no excuse to settle for the SVR – ever.
According to research from comparethemarket.com, those about to fall onto the SVR could face paying an additional £2,000 a year – or just under £170 per month – in interest. The same research also suggests that up to 850,000 homes could be impacted by this within the next six months.
Our team of Guildford mortgage brokers are really hot on this, and we always ensure that all of our existing clients are made aware of when their current mortgage deal ends and the SVR mortgage begins. However, if you’re not one of our clients and aren’t aware of when you’ll enter SVR territory, then you’re unlikely to know until you spot an increase in your monthly mortgage payments.
The way to address this is easy. All you need to do is call Complete Mortgages on 01483 238280 or email firstname.lastname@example.org and we’ll quickly establish where you are with your current mortgage, and offer you some options as to where you could be by remortgaging.
In these uncertain times we’d encourage you to fix certainty wherever you can – and getting a better mortgage is one way in which to do this, particularly as we don’t know what’s around the corner when it comes to interest rates.
Whether you’re looking to remortgage, get a first time buyer mortgage or arrange a buy to let mortgage, our team of experienced mortgage brokers in Guildford are here to help.
By Mark Finnegan at Complete Mortgages