Have you considered a review of your current mortgage status recently?

Virtually all new mortgages have either a fixed rate or a discounted variable (or tracker) rate for an initial period. After this period ends the mortgage interest rate and corresponding monthly payments will usually default to the lenders standard variable rate or SVR.

Almost without exception this SVR will be uncompetitive against the wider mortgage market, so a pro-active review of the options available is needed;

  • Do nothing and continue to pay the SVR. This is rarely the best option, but can be advantageous if a change of circumstances such as a house move is imminent or you have had a job change or credit problems which could restrict options.                                               
  • Take out a new product offered by your existing lender.                                                               
  • Shop around for the most appropriate mortgage product to suit your needs now and moving forwards.

For many people, this is quite an onerous task. In less than 45 minutes, we can assess all 3 options and advise you on the most suitable course of action. With interest rates at historic lows, now is a very good time to look at your own circumstances.

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