With mortgage rates staying low, you may be paying more than you need to. And with property prices on the up, the value of your home may have risen. This means more competitive deals may be available to you and, if you reviewed your mortgage today, you might be able to get a much cheaper deal *
Example monthly repayment saving if switching from a 5% to a 3% deal
| Monthly payments on £175,000 at 5% | Monthly payments on £175,000 at 3% | Cost saving (after any remortgage fees)* |
| £1,115 | £971 | £144 a month or £1,728 a year |
[This illustration is not indicative of a specific case. Each case will have a different outcome, as everyone’s situation will be unique and this will be taken into consideration when you seek advice. The example monthly repayment saving is not necessarily a representative amount and is used for illustrative purposes only.]
Sounds good, doesn’t it? But before you switch you do need to check what you’ll have to pay to make it happen e.g. early repayment charges (you’ll find them on your mortgage statement). There may be valuation and legal fees, although this depends on the lender and current deals available.
We’re often asked questions about switching and we’d be delighted to help you make the right decision. Just give us a call on 01252 217 036.
Your property may be repossessed if you do not keep up repayments on your mortgage.
You can choose how we are paid: https://www.yournextmortgage.co.uk/your-choices for more information.
*Source – The Money Advice (https://www.moneyhelper.org.uk/en/homes/buying-a-home/why-it-pays-to-review-your-mortgage-regularly)