Are your mortgage interest rates higher than you need to pay?

Following increases in the mortgage interest rates of many of the major UK lenders, if you are currently on a standard variable rate you could be paying more than you need to. Give us a call at Deal Direct and we can compare your existing rate with what is available throughout the mortgage market.

It is estimated that around forty per cent of borrowers are on a standard variable rate which unlike a tracker or fixed rate can be changed by the lender at any time. Many mortgages revert to this rate at the end of a fixed rate or discounted rate period.

After increases in mortgage interest rates announced by Royal Bank of Scotland and the Halifax, Clydesdale and Yorkshire banks followed and will increase their standard variable rates from1st of May. Santander has suggested it does not have plans to change it's standard variable rate but at 4.24 per cent others are just catching up.

Cheltenham & Gloucester and Nationwide are two unusual cases, their standard variable rate for some customers is guaranteed at no more than two per cent above the base rate. However this only applies to existing customers already on that rate, if you are a new customer the rates are much higher and can still be increased at any time.

In the past, standard variable rates have sometimes been the cheapest option but with many mortgage interest rates rising independently of the low Bank of England base rate, better options are available.

Call us at Deal Direct to avoid paying more than you need to. We can compare your current mortgage with what is available in the re-mortgage market. Call us 0800 048 8828 or fill in the Deal Direct enquiry form.