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Financing website points to £207 savings for mortgage holders who shop around

Fri, 01 Jun 2007

Homeowners could potentially save themselves more than £200 each month by switching to a more competitively-priced mortgage deal, according to a financing website.

A new study of the mortgage sector from financing portal MoneyExpert has discovered that market-leading fixed-rate mortgages feature lending rates of 5.3 per cent.

However, mortgage holders who fail to review their financing situation after the end of their introductory term could find themselves switched to standard variable rate mortgages of up to 7.5 per cent.

Translating these rates into monetary terms, the organisation points out that a homeowner who switches from a standard variable rate mortgage to a 5.3 per cent mortgage can expect to make savings of £207 a month.

Sean Gardner, chief executive of MoneyExpert, has underlined the message for mortgage holders across the UK.

"There is a massive difference between the average fixed-rates around now and lenders' standard variable rates and anyone who fails to look for a new deal will feel the difference in their pocket," he said.

Homeowners who suspect the base rate may rise soon may wish to act now to secure a cheap fixed-rate mortgage, since many mortgage lenders revise their policies following an interest rate change.

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