Whether you’re moving to a new home or staying put, staying with your current lender could cost you dear.
Lenders don’t necessarily reward your loyalty but they are more than likely to exploit your intertia.
Rates have never been lower. If your lender is no longer competitive, it’s time to switch.
Built up some equity? If you’ve paid off some of your mortgage, or if your house is now worth more than when you originally bought it, then you could qualify for a lower interest rate.
Let’s say you owe £85,000 and have 20 years left on your mortgage which is currently at 4.5%. If you shave just half a percent off your interest rate you’d save £23 per month. That might not sound like a lot but over the remaining 20 years, you’d save £5,800 in interest – enough for a new kitchen!
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Brought to you by Peter Dean
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Peter Dean has helped thousands of people with quality money advice, through his well-known company Your Debt Expert. Peter is now helping even more people by offering quality whole-of-market mortgage advice.