Staying on a Standard Variable Rate – the disadvantages

Key reasons not to stay on a Standard Variable Rate

Have you thought about your re-mortgage options?

Recent consumer research carried out by Legal & General Mortgage Club, found that 41% of respondents were considering not re-mortgaging, and instead staying with their existing lender and accepting the switch to a Standard Variable Rate (SVR).

So why are people opting to stay? The research uncovered these reasons:

·       Having debt

·       Being financially impacted by Covid-19

·       Worried about lenders scrutinising their finances

·       Economic uncertainty

But did you know that switching to an SVR could mean facing up to a £2,500 annual increase in repayments?*

As an adviser I can help you find the right mortgage deal for your circumstances.

And, I can potentially save you £1,000s in unnecessary repayments. 

There are plenty of great fixed rate deals available, including furlough-friendly mortgages and specialist lenders who can help borrowers with more complex needs.