Trick or treat… millions of mortgage-holders out there could be in for a Halloween shock when they realise how much they could save by remortgaging!

People who are currently on their mortgage lender’s standard variable rate (SVR) or who are reaching the end of a fixed-rate loan, could save a frightening amount of money by remortgaging – right now.

The standard variable rate is the rate mortgage providers put you on if you are not on any other rate – like a fixed rate, for example.

A recent survey by the consumers association Which? found that 25% of those who responded were on their lender’s standard variable rate.

It can be frighteningly more expensive than other mortgage products. Which? estimated that borrowers with an average-priced home, could be paying as much as £347 a month more by staying on their lender’s SVR – that’s £4,000 a year. Scary!

Of course, it doesn’t have to be like that. Despite recent Bank of England base rate rises, mortgage rates are still low. But there is uncertainty in the air, not least because the base rate has risen twice in recent months and over the impact Brexit is likely to have on the economy.

So fixing your mortgage, at a pretty low rate, for a decent period of time is really a no-brainer. Setting your mortgage rate for, say, two or five years, will get you over that uncertain period.

And of course you’ll be saving money. Possibly, quite a lot of it.

As with all big financial decisions, it’s worth getting advice before you act, as remortgaging can be quite complex, particularly when it comes to weighing up the different rates against the fees lenders charge for the remortgage.

Another frightening statistic from the Which? survey was just how unaware people are of what they are paying for their mortgage. Some 33% of those surveyed had no idea what mortgage rate they paid, while 41% had a rough idea and 27% knew exactly.

It’s another of those things we tend to sort out and then forget about. But that could be a costly mistake.

So come on, I know it might be dark out there, but there’s really nothing to be afraid of – check your mortgage today and if you think it might be time to switch, give me a call on 07767 692 653 and fix a meeting – it won’t even cost you a penny for the guy!