It’s a fact of life, but for many people doing nothing is the easiest way, the path of least resistance.

How many of us let our TV packages or our broadband products run from one year to the next without ever checking them?

In the case of mortgages though, this can be a very expensive mistake to make.

If you have been on a low, fixed rate mortgage and that deal comes to an end, your mortgage lender might well switch you to their Standard Variable Rate.

And the SVR is a very different beast to your two-year or five-year fixed rate mortgage.

If your mortgage moves on to the SVR it will almost certainly be more expensive than the rate you are paying now. For example, someone borrowing £100,000 would pay almost £150 more per month if they went on to the SVR, compared to taking out a new two-year fixed rate – that’s almost £1,800 a year.  That’s a lot of money for just sitting there doing nothing and staying on the SVR!

And even if you are on the ball and you know when your fixed rate comes to an end, don’t forget it can take a little while to set up a new mortgage. So make sure you have a new deal in place well before your existing deal comes to an end…

I am in a position to source mortgages from the whole of the market, so can see up to the minute, the best deals available for you. Believe me, there are a lot of different offers and it’s easy to get lost and miss the best deal for you.

If you’d like to talk through your mortgage options, give me a call on 01723 384558 or 07767 692653 so that we arrange a meeting and set the ball in motion towards getting you the best possible deal for the future.