With interest rates around the world set to rise again this week, increases that will impact the pockets of UK homeowners through higher mortgage costs, some borrowers could be saving thousands simply by moving off a standard variable rate (SVR) onto a new deal.
You may have seen an article in The Evening Standard this week that demonstrates this fact – the newspaper uses relatively modest figures, however, based on someone having a £150,000 25-year mortgage loan on the SVR, a saving of over £3,500 could be made by switching to a new fixed-rate two-year offer.
House prices in the South East have risen steadily over the past few years, with many having far bigger mortgages than £150,000, therefore even greater savings could be made by remortgaging. Here at The Financial Planning Group, we work to secure the best deals currently available for our clients to ensure they aren’t paying more than they have to.
As Independent Financial Advisors we have access to the best fixed-rate mortgage deals from across the whole industry, rather than from just one or two lenders – we are also able to reserve the best rates currently available for our clients for eight months. This can prove invaluable and reassuring.
If you’d like to discuss the best way of securing a longer fixed rate mortgage deal then please do not hesitate to contact Steve Padgham at The Financial Planning Group via e-mail at Steve.Padgham@fpgonline.co.uk or by calling 020 8977 7090.