Welcome to the inaugural Mortgage Saver Review, created to shine a light on the billions of pounds being wasted by homeowners not being on the most suitable mortgage for them.
We calculate that there are two million people in the UK needlessly languishing on a Standard Variable Rate (SVR) mortgage, paying an average of £4,900 per year more than they need to in interest alone. That’s almost £10 billion that mortgage borrowers across the UK could be wasting every single year.
To address this issue, we’ve examined the very different rates offered by lenders over a six-month period, why so many borrowers are failing to stay on top of their mortgage, and what brokers and lenders could be doing to improve the mortgage experience.
We hope this report will provide valuable insight for consumers, as well as the industry and the UK government, who together can empower homeowners to better manage what’s likely to be the largest financial commitment of their lives.
For insurance business we offer products from a choice of insurers.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income
will be sufficient to meet the cost of the mortgage.
Trussle is a trading style of Trussle Lab Ltd, which is an appointed representative of Mortgage Advice Bureau Limited
and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.