According to the Office for National Statistics, as fixed rate deals come to an end in 2023, over 1.4 million households with a mortgage are at risk of rolling onto their lenders Standard Variable Rate (SVR) and paying significantly more than they would if they didn’t look to remortgage onto a lower rate.
If that sounds like you, here’s our top tips on what to do next:
Find out the exact date your mortgage rate ends
Check your mortgage statement or give your lender a call to find out when you’ll move onto your SVR. You will also need to find out your outstanding balance and how long you have left on your total term when looking for a new deal.
Be proactive
Start looking around as early as possible to lock in any new rates. Most lenders allow you to do this up to six months in advance.
Find out the value of your property
If your property is worth more that when you bought it, your loan to value may have changed. This makes remortgaging even more important as the lower your Loan to Value, the better the rates you’ll potentially be able to access.
Speak to a broker
We know the market inside out and have access to exclusive rates you may not be able to find elsewhere.
Risk warning: Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. You may be charged a fee for mortgage advice.
