Are you paying too much for your mortgage? 🤔
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Latest mortgage update from Zoopla:
🔹 Mortgages are usually fixed for the first 2 or 5 years
🔹 When your mortgage deal period ends, you’ll normally move onto your lender’s standard variable rate
🔹 A standard variable rate (or SVR) is usually a lot higher than your existing rate
Currently the average variable rate is 8.65% and it can change at any time your lender decides 🤔
⚠️ BE WARNED! Some lenders move you onto a ‘follow on’ rate instead, which can be even higher than their standard variable rate! A more expensive rate does not mean you pay your mortgage off quicker ⚠️
🔸 An SVR or ‘follow on’ rate can be between 2% and 3% higher than the average five-year or two-year fixed rate mortgage and remember, the lender can raise the rate at any time
🔸 When the Bank of England increases the Base Rate (which it has done 14 times since December 2021) SVR and tracker rate mortgages may increase too, as they usually follow the Base Rate
Here's a list of rates offered by some of the major lenders:
To cite Virgin Money’s rates above as an example:
🧮 On the standard variable rate of 9.49%, you’d be paying £1,746 a month
🧮 At the two-year fixed rate of 5.14%, you’d be paying £1,185 a month
🧮 With the five-year fixed rate of 4.64%, you’d be paying £1,127 a month
🧮 That’s a potential difference of £619 a month, or £7,428 a year, between a lender’s standard variable rate mortgage and fixed rate deal
To work out how much a mortgage will cost you, use Zoopla's mortgage calculator here ✖️➕➖➗
For more information, read the full article here 📩
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