Why is this? Well in recent years the mortgage market has become a lot more competitive. New lenders have arrived and shaken up the scene.

The benefit for you is that many lenders now offer special deals to tempt new customers.

But these attractive deals are almost always for new customers only. The existing borrowers are left paying the higher interest rates.

Unless You are in the Minority you are Probably Paying Your Mortgage Lender’s Standard Rate.

That means you are paying more than necessary. Just how much is this costing you?

Well, if you are paying your lenders standard rate deal on a £150,000 mortgage you could be overpaying by £3,000 a year. (Based on a borrower with a £150,000 interst only mortgage paying a Standard Variable Rate of 6.5% failing to change to a currently available 4.28% fixed rate mortgage).

And over your average 25 year mortgage that is an astonishing £75,000.

Just think of what you could do with that money.

If you saved it into your pension fund instead, by the time you come to retire it could have really grown in value – thanks to the magic of compounding interest. (whereby the interest on the interest keeps escalating see how here ) .

 

That £75,000 Loss Could Turn into a £150,000 GAIN for Your Pension Fund

Instead, if you stay with your over-priced mortgage deal, you’re literally throwing your money away. Or more accurately giving it to your mortgage lender. Lucky them!

Imagine putting £250 in an envelope every month and sending it to your lender – or anyone – for no reason. It’s alright if you can afford it. But can you?

Let’s say you were careful when you took out the mortgage and got a very good deal. This would have been only for a limited period – usually 2 or 5 years. What the mortgage lender does when this period ends is quietly put you onto their standard rate.

OK they might be nice and send you a letter. But they rarely spell it out to you.

And even if you see what has happened, it’s very common for “consumer inertia” to take over. You know you should do something about it. You never quite get round to it.

 

Don’t Worry. It’s Normal. Most of us do it.

What they’re hoping you don’t realise is that it’s really quite easy to change your tired old mortgage over to a new “best buy” deal – where you can get the cheapest interest rate.

It’s called remortgaging. There’s nothing frightening or difficult about it. And more and more people are doing it as the word gets out.

So How Hard is it?

Perhaps you’re put off by the supposed hassle involved in the remortgaging process?

Well the good news is that moving your home loan isn’t nearly as difficult or as daunting as it sounds.

Admittedly if you wanted to do it on your own it will be more work.

For example you would need to research all the UK mortgage lenders to find the best mortgage rate – and there are hundreds of them. You could look at the best buy tables which are in the national weekend press.

But the problem with those is that they are often loss leaders which are only given to the chosen few. So having filled out the application form for the lender there is no guarantee that you’ll be accepted.

Even if you are successful, you’d then need to work out the cost of the valuation and solicitor’s fees to get the new loan and calculate whether the likely savings on your monthly payments compensate for the costs of remortgaging.

Here is the Easy Solution

Instead of going through all the hassle yourself you easily can get a recommended mortgage adviser to do it for you.

Put simply they will find you the best interest rate you can get.

	They know instantly which are the latest best deals on offer
	They work out how much money you will save after paying any costs.
	They can arrange the valuation of your property.
	They know which lenders are offering free valuations and other incentives.
	They will ensure all paperwork is submitted correctly and on time

If you want a mortgage broker to do all this for you our sister site, Mortgagesorter, has a useful service where you can get a quick, free, no obligation quote from a recommended, qualified mortgage broker. It takes less than a minute to make the enquiry Click here to get this now.

 

Finally Remember This

 

You do not have to stay with your existing mortgage lender. You are not married to them. They do not treat you more nicely if you default on your payments simply because you had a soft spot for them.

Every day that you keep over-paying unnecessarily high interest rates leads to years and then a lifetime of paying way too much on your mortgage.

Don’t you deserve a better deal?

If you put the significant savings you could make into your pension fund this could make a huge difference to how much money you have available to retire on.

Mortgagesorter’s free introduction service takes less than a minute. You can easily stop wasting your valuable money right now.

Click here to get the quick enquiry form for a free no obligation quote and save yourself thousands.

Thank you for reading this.