It has long been perceived that being loyal to your bank / mortgage provider will work to your advantage. In reality you might actually end up paying more for your mortgage.
Failing to remortgage at the end of your fixed rate period will mean that you move onto your lenders Standard Variable Rate, commonly 4-5%.
Citizens Advice have calculated that 1.2 million people are paying over £400 extra a year with 1 in 10 borrowers paying over £1,000 a year extra as a result of failing to remortgage at the end of their fixed rate period.
While most mortgage borrowers are aware that they need to consider switching when their initial fixed period comes to an end, the perception that remortgaging is a lot of hassle and time consuming means the task is put off for another day.
At Homeline Mortgages we make a commitment to you to build a long term relationship ensuring you don’t fall into the “I’ll do it when I have time” trap. We aim to make the process as smooth as possible contacting you four months before your rate ends so that the transition to your new rate is seemless.