If you have come to the end of a fixed rate mortgage deal and have gone onto your lenders Standard Variable rate (SVR) you may be paying thousands of pounds a year more then you should be.
If for example you had a Mortgage of £250,000 on the lenders SVR at 7.5% and you switched to a fixed rate mortgage at 5.34% you would have a monthly saving of £450, or over a year you would save £5400.
Borrowers whose fixed rate mortgage deals are coming to an end need to look at all the options available. They should check to ensure they will not have to pay any redemption charges or penalties if they change mortgage providers.
With interest rates at a six year high and the likely possibility of further rate rises it pays to plan ahead.
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