Surprisingly, lots of people are. Millions of homeowners end up on their lender’s standard default rate when a fixed term deal comes to an end, yet they’d save thousands if they switched.
It’s really quite shocking that millions of people, including buy-to-let landlords, are throwing away thousands each year just because they didn’t look into switching their mortgage deal. It’s a trap that is easily avoided with just a little bit of effort.
Data from Private Finance shows that borrowers on their lender’s standard variable rate (SVR) could save more than £4,000 in mortgage interest alone over the course of just a couple of years if they switched to a 2-year fixed rate deal.
Financial Conduct Authority (FCA) data indicates 2.04 million UK mortgage borrowers with authorised lenders have been on an SVR for 6 months or more, amounting to a quarter – yes 25% (!) of all mortgage borrowers. According to Private Finance, this amounts to £15.4 billion now being paid in annual interest!
Of course, it is the borrower’s choice to go onto the Standard Variable Rate, but many lenders seem to be cashing in on borrower’s apathy when it comes to seeing what other deals are out there.
Here is where we can help!
If your current mortgage deal is coming to an end within the next 6 months or you are now on your lenders Standard Variable Rate, why not let us do a mortgage review - it's FREE and QUICK and could save you thousands of pounds!
If we find you a better deal we will do all the paperwork and we WONT CHARGE YOU ANY FEES!
If you’d like to know more, give us a call on 01279 792756 or send us an email info@Hazelwoodfs.uk to see how we can help. What have you got to lose?
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