Could You Be Saving Money on Your Current Mortgage?

Save money on your monthly mortgage payment.

It’s no secret that everyone’s talking about mortgage rates. Last month, the Bank of England voted to raise the base rate of interest from 5% to 5.25% – the 14th consecutive rise. While it’s easy to feel stuck or unsure of what to do with your mortgage, especially with the doom and gloom headlines, it’s essential that you know you’re on the best deal that meets your needs. If you’re one of the 1.4 million homeowners who are on their lender’s standard variable rate, then switching mortgages could save you money every month.

How to save on your current mortgage

Find out what interest rate you’re currently on

Spend some time reviewing your mortgage. What current interest rate are you on? You may have signed up for a fixed rate two years ago and have now reached the end of it. That means you may have been shifted to your lender’s standard variable rate, which often means you’re paying more than you need to.

Your interest will either be fixed or variable.

A variable rate may also be called a ‘tracker rate’, a ‘standard variable rate or even ‘capped’ or ‘collared’. Find out what rate type you’re currently on, as well as the rate itself. Take a look at the date it ends, or ended. A variable rate may not have an end date.

If you don’t have time to call your mortgage lender, you may be able to access the paperwork online or via an online banking app.

If you’re wondering, “Can I change my mortgage deal early?”, there’s no reason why you can’t leave your fixed-rate mortgage early and switch to another lender. Be aware that there may be early repayment charges, exit fees and other rates. Weigh up your options to see if switching is a smart move.

Talk to a trusted mortgage advisor

A mortgage advisor is a financial advisor who specialises in mortgages. Using an expert advisor will lead to better rates and mortgage terms because they explore every possibility, instead of a limited selection of products.

  • Can mortgage advisors get better deals?

In most cases, they have greater access to a wider range of mortgage deals with a variety of lenders. While you can go straight to the bank yourself for a mortgage, the bank will have set rates that don’t budget, and they won’t tell you if there’s a better rate elsewhere. But a mortgage advisor will.

Sit back and let them do the rest

You’ve had a free chat with the friendly advisors at Endpoint Mortgages and you’re ready to find the right mortgage. They have all of your financial information they need to start mortgage hunting on your behalf. Now it’s time to make yourself a cuppa and wait for the advisor to get back to you with options. They’ll also be able to give you sound financial advice and answer any questions you may have. Better yet, their mortgage deals could save you thousands of pounds.

For a friendly, no-obligation chat with an experienced mortgage advisor, click here.

To sum up…

  • Check your current mortgage’s type and rate. If your deal is coming to the end of you’re looking to switch mortgage deals, weigh up your options first.
  • Get in touch with an experienced, trusted mortgage advisor who can help you find the right mortgage deal.

Don’t risk losing your home. Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. 

Start with expert mortgage advice