Are you in a Standard Variable Rate (SVR) mortgage trap? You are not alone!
Bite the bullet and make the change now, its simple, quick and puts you back in control, keep reading...
It’s very similar to your household energy deals where you are drawn in by the competitive rates, be they cheap – and fixed for the first 12 months, only then to find yourself paying twice as much for home heating as soon as that period is over.
Arguably it is more difficult to overlook the increases in your monthly mortgage payments than it is in the example above, generally because the stakes are higher and the increases more noticeable, and eventually they become subject to higher monthly payments at the end of the term – and there’s really no need for it to happen.
There are two SVR scenarios:
You have a mortgage however you have lost track of when your mortgage rate ends and the SVR begins – and your lender hasn’t reminded you, or they have, but you’ve put off sorting it out.
You use a mortgage broker and they have failed to remind you to consider the options available to you as you approach the end of what seemed like a good mortgage deal when you took it out 18 to 24 months ago.
As mortgage brokers, the advice Haven Home Loans provides covers both of the scenarios above.
Make the decision to discuss the SVR trap with Haven Home Loans and the available options open to you to see where we can help.
Good mortgage brokers should know your mortgage as well – if not better – than you. As a result, they should not only be aware of key dates, such as the date your mortgage is due to switch to the SVR, but also proactively contacting you with a list of options when it comes to doing something about it.
That's where Haven Home Loans can help as that's what we do, this prevents the majority of our clients from having to experience the SVR trap.
Don’t get caught in the SVR mortgage trap. Contact one of our team on 01273 514501 and make sure that you’re aware of all the best mortgage rates available to you in advance.
Alternatively, email us.