Is it time to switch your mortgage?
At the beginning of August, the mortgage industry regulator, The Financial Conduct Authority (FCA), published a statement estimating that there are approximately 370,000 borrowers who could save money by switching their mortgage.
The FCA also gave insight into the savings that can be made across the nation – amongst the 370,000 homeowners highlighted that over a period of two years, 110,000 are estimated to save less than £500 per year, 150,000 of them could be missing out on the chance to save over £1,000 per year, and another 110,000 homeowners potentially could save between £500- £1,000 per year.
The research states that 74% of homeowner’s mortgages “are on fixed rates, typically fixed between 2-5 years”, though if yours is coming to an end soon, it’s advisable to start thinking about what comes next, and that it’s generally recommended to seek specialist mortgage and protection advice from those within the industry before making any decisions.
Given the rising cost of living, it’s never been more important to consider your options to ensure that your mortgage fits your exact circumstances. We are aiming to do everything we can to support our clients through this challenging period, so please do not hesitate to contact us and arrange an appointment to talk more about your arrangements and how our expertise could help you.
Financial Conduct Authority (2022) Switching in the mortgage market – an update. Available at: https://www.fca.org.uk/publication/research/switching-in-the-mortgage-market-update-august-2022.pdf (Accessed 22nd August 2022)