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

A recent study by Boon Brokers where 1,000 people who had used an estate agent over the last year were surveyed, showed that a whopping 52% said they were pressured into using the estate agents’ in-house mortgage broker.

Analysts are predicting further rate cuts this year, with the next one possibly coming down to 4% when the Bank of England’s Monetary Policy Committee meet on Thursday 7th August 2025.

The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.

Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.

As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more. 

The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.

Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.

Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.

 

Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break

The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.