"Borrowers who are on an SVR or coming to the end of their term have the potential to save themselves thousands of pounds on their mortgage"
Borrowers on a Standard Variable Rate mortgage could save up to £6,530 by remortgaging to a new deal, research from Legal & General Mortgage Club shows.
The Club found that customers who remortgage from a lender’s SVR to a fixed product could save £4,509 over two years and £6,530 over a three year period.
With speculation of an interest rate rise later this year, L&G says borrowers coming to the end of their existing terms or already on an SVR would benefit from switching to a new fixed rate deal now, saving some borrowers over £2,000 a year on their monthly mortgage repayments.
Kevin Roberts, director at Legal & General Mortgage Club, said: “With rates still close to their historic lows and unlikely to improve further, now is a great time for borrowers to secure a fixed rate deal on their mortgage. Borrowers who are on an SVR or coming to the end of their term have the potential to save themselves thousands of pounds on their mortgage, which could easily pay for home improvements or that much longed-for family holiday.
“These near all-time low rates will not last forever, so any borrowers who are looking to secure a good deal should speak with a mortgage broker now. Not only can brokers offer a far wider range of products and options for consumers which they may otherwise not have access to, or the time to find, but their invaluable expertise will be able to help you secure a great deal on your mortgage.