It’s alarming but many, many home owners stick with their old mortgage when they could be saving thousands of pounds – every YEAR!

It never ceases to amaze me just how many people keep on paying their standard variable rate mortgage year in year out and never wake up to the fact that they could have it cheaper if they switched to a fixed rate or a tracker rate mortgage.

And just at the moment, with mortgages at their lowest rates for years, it makes more sense than ever to shop around and see if it will pay you to remortgage for a better rate.

If you are on a standard variable rate with your bank or building society, you could be paying as much as 5% on your loan. Even with recent Bank of England base rate cuts, lenders haven’t been reducing their variable rates much at all.

Whereas if you decide to remortgage and take out a new loan, you could get a two-year fixed rate, for example, for as little as 1.3% or less – saving a small fortune every year…

People used to be put off by the fees involved with remortgaging and stayed put. But nowadays it’s quite common to get a deal that includes a free valuation, free legal fees and free arrangement fee. In some cases you can choose to have an arrangement fee, which can be added on to the loan, to get an even lower rate.

Loads of people are remortgaging now, either to save money every month or to shorten the length of their loan.

The whole process can seem daunting – especially as there are hundreds of mortgage products out there. But with a little help from us, it really can be painless and the savings you could make would feel like a pay rise!

If you want to start the ball rolling just grab your mortgage paperwork, call in and I’ll take a look and see if a remortgage would be good for you!