At the end of an initial rate you have with your lender, whether that’s a two-year fixed, three- year or five-year fixed rate, you will be placed onto what we call the standard variable rate or the SVR. That’s governed by the lenders, and it’s not necessarily the best rate.
Can you remortgage to get a better rate?
Yes, in most circumstances you can, and the new rate will be a lot better than the SVR.
Sat on their lenders SVR for over 5 months paying £778.21 per month on 4.74%.
We moved him to a 2 year deal at 3.29% which put payments down to £649.48.
On their lenders SVR paying £377 at 3.99%
We moved them to a 5 year deal at 3.44% which put payments down to £372 but we alsa cut the mortgage down by 5 years.
On their lenders SVR paying £505.87 at 3.74%
We moved them to a 2 year deal at 2.85% which put payments down to £453.14.
On their lenders SVR paying £236 per month at 4.49%, 23 year term.
We moved them to 2.28%, 16 year term at £495 per month 16 year term.
Onn their lenders SVR paying £950 per month at 4.3%
We moved them to 3.44% which put payments down to £850