New year = saving money
Expats with mortgage deals due to expire or who are on their lender’s default rate could save over £2,500 by switching to a fixed product.
That is according to recent report which is encouraging people to re-mortgage. The research found moving from the lender’s Standard Variable Rate (SVR) could save borrowers more than £2,000 in just one year.
This is because, term and do not re-mortgage they automatically default to the SVR which is usually far more expensive. Indeed, if the Bank of England, as is being widely predicted, increases interest rates later this year, it is likely some lenders may also increase their SVR further. With this in mind expat borrowers whose deals are ending or have lapsed to the SVR could benefit from switching to a new fixed-rate deal.
Figures show expats could save £5000 over two years and £7,530 over three years by re-mortgaging to a more advantageous deal.
Is it time to review your mortgage deal?
Mortgage rates are unlikely to improve in the near future so now is the ideal time for borrowers to secure a fixed-rate deal on their mortgage. Borrowers who are on an SVR or coming to the end of their term have the potential to save themselves thousands of pounds on their mortgage, which could easily pay for home improvements or that much longed-for family holiday.
The near all-time low rates will not last forever, the wise expat should look to secure a deal and speak to a broker straight away.
Not only can brokers offer a far wider range of products and options for consumers which they may otherwise not have access to, or the time to find, but their invaluable expertise will be able to help you secure a great deal on your mortgage.