Its seems that every time I turn on the TV, there is someone telling me to check I have the best deal on my car insurance / energy tariff / bank account etc etc. Finding a better deal can always save you a bob or two, but the best financial switch anyone can make is the switch from a higher to a lower-rate mortgage.
The process involves quite a bit of form filling, (if you use an Independent Mortgage Broker they will do this for you), and you will have to answer all sorts of questions about your income and outgoings, but in terms of time spent vs money saved, it’s about as good as it gets!
Never has there been a better time to act. Mortgage Lenders appear to have entered a rate war, launching amazing new deals offering record-low rates and cut-price fees. Competition is so fierce that the cost of a typical £200,000 home loan over a five-year period has fallen by £1,700 in the past month or so.
Despite the tempting rates on offer, according to research about 40% of mortgage holders are sitting on their lenders “standard variable rate (SVR). This is the rate set by their own lender, which is the rate everyone pays once their fixed or tracker rate finishes. At an average of 4.48%, (some lenders are charging more than 6%), these rates are generally far higher than the best deals on offer.
Compare your SVR to a two-year fixed rate which you can now pick up for as little as 1.2% or even a 10-year fixed which you are on offer for less than 3%.
Here’s the maths: If a borrower had a £200,000, 10-year mortgage on an SVR of 4.48% and remortgaged to a ten year fixed rate at 3%, they would save £247 a month in interest, or £2,960 a year for 10 years, assuming the variable rate remains the same. That’s a staggering £29,600 over 10 years!!
I can’t think of a reason why now wouldn’t be the time to act, it’s time to speak to your lender or an Independent Mortgage Broker!
Recent posts
Homebuying reform to cut homebuying times by around four weeks, and save first-time buyers around £650, says the government.
Buying your first home is a huge milestone, but it can also be a complex process. There are several factors a first-time buyer should consider before making an offer on a property, including understanding the difference between leasehold and freehold and checking council tax bands.
We’ve detailed some questions you can ask your estate agent to help you make an informed decision.
Best UK Mortgage Rates this Week
3 days ago
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Signs it's time to remortgage
5 days ago
Remortgaging means switching to a new mortgage deal. This will either be with your current lender or a new one.
Getting advice and moving to a new deal when the time is right can mean lower monthly mortgage payments, better interest rates, or releasing equity from your property.
Here are some signs it may be time to remortgage.
According to Nationwide Building Society’s latest House Price Index, house prices dropped 0.6% month on month in May – the first monthly decline this year.
Most Affordable UK Spots for First-Time Buyers
19 May 2026
Research from Lloyds identifies the most affordable areas in the UK for first-time buyers to be able to get onto the property ladder.
On Wednesday, 13th May, King Charles delivered his speech at the House of Lords, outlining the government’s plans for the upcoming year.
Here is a summary of the housing and energy/environment points.
From 18th May 2026, Halifax (part of Lloyds Banking Group) is launching a ‘£5k Deposit mortgage’ to help first-time buyers get onto the property ladder sooner.
More information
Trusted by
