Large numbers of mortgage borrowers are expected to switch to new loans this year as their existing deals expire and many will be able to save substantial sums due to rates being lower now than when their current deals were taken out.
Analysis for Telegraph Money suggests that more than half a million mortgages could be due to mature in the next 12 months. Thanks to new low mortgage rates, a typical borrower could save up to £50 per month – or £600 per year, by switching from an old two-year fixed rate to a new one.
Homeowners will automatically revert to their lender’s variable rate if they do not remortgage which is likely to be much higher than the rate on their current deal, so acting in good time is essential.
If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth