Over 39 Billion of Mortgages Converting to Lender’s More Expensive Standard Variable Rate in January 2022
Unless borrowers take action, billions of pounds' worth of mortgages will convert to Lender’s more expensive Standard Variable Rate in January 2022. Based on an article by Mortgage Solutions magazine this will be in excess of £39 Billion.
The least borrowers should do is review what options are available from their existing lender. However, that is not always the best product on the market, therefore it is always advisable to look at other options available before making a commitment to your own lender.
Recent research by a leading mortgage firm has shown that by doing nothing borrowers could overpay by £2,540 in 2021 compared to £2,159 in 2020.
Our brokers have access to lenders who offer Two, Three and Five Year Fixed rates at less than 1%. So please contact us to arrange an initial consultation.
Please note your mortgage is secured on your property. Your home may be repossessed if you do not keep up repayments on your mortgage.
The information contained within was correct at the time of publication but is subject to change.
Source: Mortgage Solutions magazine and CACI
