28/10/2023
Our team at Broker Advice Ltd can help if you are currently on a Standard Variable Rate with your lender or worried about the renewal of your current Fixed Rate. We have a large number of exclusive mortgage rates that are not available to the general public, and our team has vast experience in the mortgage market. We can guide you through the whole process of buying and remortgaging. With the recent media coverage surrounding interest rates, now is the time to speak to an adviser as lenders look to add competitive rates to the market. You can contact us by phone at 020 313 72 512, by email at [email protected], or through our website at https://brokeradvice.co.uk.
It is important to note that your home may be repossessed if you do not keep up repayments on your mortgage, and there may be charges associated with remortgaging. It may not be suitable for everyone. When you first take out a mortgage, there are a variety of different types of interest rate you could be paying. It could be a fixed, a tracker, or a discount rate. But they are all likely to switch to a standard variable rate (SVR) eventually. An SVR mortgage is a home loan charging the lenderโs standard variable rate of interest, and your lender can change the rate of interest on your mortgage whenever they like. If they increase it, then your monthly repayments will go up, and your mortgage will become more expensive.
Remortgaging can be a good option to avoid your lenderโs expensive default rate, known as the standard variable rate (SVR) . You can either switch to a new lender, which is called remortgaging, or take out a new deal with your existing one, called a product transfer. If you didnโt remortgage or do a product transfer after your last deal came to an end, you will probably be paying your lenderโs default rate. This means you will be paying over the odds, so itโs a good idea to shop around for a new deal with a cheaper rate.
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