Latest research from Legal & General further confirms our commentary piece from July, that borrowers who have fallen onto an SVR (Standard Variable Rate) mortgage following the end of their fixed rate deal, could save thousands every year by remortgaging onto a new fixed rate deal.
The most significant finding of the study found that the average savings to be gained across the board from borrowers on an SVR could be around £2,000 a year – based on an existing outstanding mortgage of £150,000 moving onto a new two-year fixed rate deal. This increases even more to around £4,500 over the two year period, and rising to upwards of £6,000 over three years. By using a no fee brokerage such as One 77 this figure rises still further.
Rates continue to drop
In a separate report undertaken by Mortgage Brain it was revealed that mortgage rates have fallen for the second successive year with some fixed rate deals falling significantly over the last four months with a 90% LTV (loan-to-value) on a two-year fixed rate becoming 8% cheaper since April this year.
However, the downside is that whilst these rates are at a near-historic low the only probable movement is northwards – making the importance of securing a better deal by remortgaging more urgent than ever.
In addition to making savings straight away – did you know that you can lock in these historically low rates for a period of six months. Contact us today and guarantee your remortgage rate up until March 2019.
To start making these potential savings, call our expert adviser team today on 01249 474952, or book a time for us to call and we will be in touch.