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Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 14/09/2021

Homeowners whose mortgage deal has come to an end and are now on one of the six big lenders’ revert or standard variable rates (SVR) could save £3,528 on average each year. Research conducted by Habito found that just under half of the borrowers they spoke to were either paying their lender’s highest mortgage rate or were uncertain of the rate being paid.

Borrowers are being urged to switch their mortgage and take advantage of the lowest rates ever seen. A mortgage broker can help to find borrowers the best mortgage rates for their circumstances.

Oliver Dack, a mortgage adviser at Mortgage Advice Bureau said: “Rising inflation has seen the cost of living increase for all of us and with further tax increases on the way many consumers will be looking to reduce their monthly outgoings. A mortgage is often the greatest monthly cost for most homeowners. There are huge savings to be had for the majority of those with a mortgage. Homeowners on their lender’s reversion rate can easily save significant sums when switching to a lower rate. And those on a current fixed deal may find that, even after paying an early penalty charge, there are still savings to be made. A mortgage broker can help to calculate these potential savings and identify those lenders most likely to accept a borrower.”

Free mortgage advice

Visitors to Moneyfacts can get free mortgage advice from our preferred mortgage broker Mortgage Advice Bureau. Call 0808 149 9177 or find out more.

How can you save on your next mortgage?

The very lowest mortgage rates are currently available to those with at least 40% of the property’s value as a deposit or equity in their own property (60% loan-to-value (LTV)) and have a good credit score and clean credit file. Those borrowing £178,000 at 60% LTV over a 25-year mortgage term could save £4,144 over two years or £214 per month on initial repayments when moving from an interest rate of 3.30% (with no product fee) to the best two year fixed rate remortgage at 0.84% (including a £995 product fee).

Borrowers can compare mortgage rates and see how much each deal would cost over the set term by comparing mortgages on our charts.

How to find a mortgage deal with a bad credit history

Those looking to buy a new home or with an existing mortgage deal that is expiring that have had issues with their credit score or credit file can still find a mortgage deal. There are lenders that specialise in helping borrowers to repair their credit and will accept previous credit blips. Borrowers still need to meet the affordability requirements of the lender to qualify.

Our guide has more information about how to get a mortgage with bad credit.


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