
With the summer months long gone and the festive month(s) nearing, now is a good time to look at your mortgage.
If you haven’t looked at your mortgage for a while, you could be paying more than you should on your mortgage. This could because you have been transferred over to your lender’s standard variable rate (SVR). A lender normally transfers you onto their standard variable rate when your fixed rate comes to an end. Allowing your mortgage to revert to the SVR can cost you dearly, as lenders typically hold their SVR at a significantly higher rate. Recent research from Which? states that UK homeowners are spending £4,000 too much on their mortgages each year [1].
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