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Once the fixed rate term expires, your mortgage interest moves to the standard variable rate (SVR). This can significantly increase your mortgage payment, making it more difficult to manage. It also leaves you open to sudden changes in the payments required each month..
Your mortgage interest rate will not switch to a lower rate automatically. You will need to search and apply for a rate switch or search the rates available by other providers. This is not always simple as there can be other costs associated with a switch/remortgage that need to be taken into account..
The whole process can be time consuming and some of the terminology may be confusing. This is why many people turn to their bank’s mortgage adviser for assistance. However your bank adviser can only recommend their bank’s rate options. An independent adviser is not restricted and can conduct whole of market research for you..
Get in touch with us at least a month or two before your current fixed rate expires. This will allow us enough time to research the market for a competitive rate before you’re moved to the SVR. You can get in touch with us when you’re already on the SVR too. We simply recommend getting in touch with us sooner so that you can avoid paying the higher rate..
We can then recommend the most suitable option and handle the implementation for you so that you experience minimal hassle. You will be kept informed throughout the process and can rest assured that the recommendation is purely based on the best option for you.