Could you save money by moving your mortgage?

New research from Barclays* has shown that an estimated 1 million people are currently on their lenders Standard Variable Rate and could benefit from considering a remortgage.

Many lenders have recently reduced their interest rates on new products, so if your mortgage deal has come to an end, now might be a great time to remortgage. Some products rates are the lowest they have been all year** particularly on mortgages with low loan-to-values. There are a number of reasons for this reduction in rates including the announcement in July of the Funding for Lending scheme in which the Bank of England and Treasury offer incentives to banks to boost lending and lower interest rates.

There have also been further increases to lenders standard variable rate (SVR), meaning your monthly mortgage payments would increase if you are a borrower on SVR with these lenders. There are an estimated 1.6 million customers that have been affected by these recent increases. If you have been affected by an SVR increase, moving your mortgage could save you money. While not all lenders have made an increase some lenders could make a change at any time. Lenders could also have the option of increasing the cap on how much they can increase their SVR by, so it is also worth checking your mortgage contract to see if this may apply to you.

The recent House Price Index from Nationwide has shown that some property prices in certain areas have recently increased. London house prices in particular have increased by 2.1% compared to this time last year.  This means if you are a home-owner the rise in equity of your home may mean you now fall into a lower Loan to Value (LTV) bracket. This will mean you may now be in a better position to get a competitive rate.

It is always a good idea to keep your mortgage under review to see if you are on the best rate for your circumstances. There are many options currently on the market, including product transfers with your existing lender.

Harvey Bowes can take the hassle out of remortgaging and can help find the best deal for you, all you need to do is simply call us and the after a brief chat we’ll have a good idea on whether it is viable to undertake a mortgage review. We are able to provide a full advice service and guide you through all the options available. There are many things to take into consideration when taking out a mortgage such as general insurance and protection; thankfully we all offer a full service in insurance and protection so why not contact us today?

You can call our Cardiff office on 020 2115 6918, you’ll be able to talk to a UK based qualified mortgage advisor – we don’t run an off-shore call centre and there are no complicated options to choose on the call, simply a human being at the end who is willing to help.


Think carefully before securing other debts against your home. Your home may be
repossessed if you do not keep up repayments on your mortgage

*Barclays internal data August 2012

** National Press, Daily Mail article – August 2012

About harveybowes
Mortgage Broker and founding Director of Harvey Bowes Limited. A mortgage broking practice with bases in Cardiff & Poole, UK. We take a fresh and positive approach to mortgage broking which pays dividends for both our clients and frankly, ourselves. The team at Harvey Bowes are expert advisors in all aspects of mortgages from residential to commercial and buy to let.

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