When should a borrower switch their mortgage
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When Should a Borrower Switch Mortgages?
When should you switch mortgages?
Switching your mortgage is a simple and painless process that could lead to considerable savings. Most mortgages in the UK market are lent on short-term competitive deals.
Examples of this include a two-year fixed-rate mortgage, or a two-year tracker mortgage anchored to Bank or England base interest rate. When this type of special deal comes to an end, mortgages revert to lender standard variable rate, which is often not competitive compared with the best deals on the market.
Many borrowers choose to switch their mortgage loans when their special deal expires, and take the opportunity to seek out the most competitive and most suitable mortgage loan on the market. This can potentially save hundreds of pounds every year in monthly mortgage repayments.
To make sure you are not overpaying for a non-competitive mortgage loan, reviewing your mortgage often should be a priority. This need not necessarily be just when a special deal expires.
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