Is Now The Time To Switch Mortgage in Aberdeen?

If your mortgage is currently on your lenders’ standard variable rate, you could be potentially paying over the odds on your mortgage. A report from HSBC stated if those on the standard variable rate switched their mortgage, they could be saving up to £4,000 each per year [1].

With the Bank of England base rate currently at 0.1% [2], now could be a good time to lock in a new mortgage rate.

Mortgage rates are currently low, but it does look like they could be increasing. In fact figures published by the latest Moneyfacts UK Mortgage Trends Treasury Report show that some mortgage rates have increased for the third consecutive month [3].

Homeowners looking to remortgage should speak to a mortgage broker who will be able to provide information and advice on the best options available for individual circumstances.

What should you do with your current mortgage?

First, check out your current financial situation:

• When your rate is due to expire (it may already have expired).
• How much you are paying each month for your mortgage.
• Your current mortgage rate.

Many people are not aware that they have been automatically transferred onto their lenders’ standard variable rate but this can mean that you are paying more than you need to.

What we do

Aberdeen Mortgage Company have access to competitive remortgage deals that includes exclusive deals not available direct from lenders on the high street.

Once you become a client of ours, we’ll contact you 5 months before your mortgage rate expires to ensure you don’t end up paying more than you should on your mortgage.

For more information on switching your mortgage, request a callback to speak to one of our expert mortgage advisers or call 01224 316200

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Source:

[1] HSBC, Homeowners paying thousands a year too much by sticking with a standard variable rate mortgage, 2017
[2] Bank of England, November 2020, bankofengland.co.uk
[3] Mortgage Rates Rise for Third Consecutive Month https://moneyfacts.co.uk/news/mortgages/mortgage-rates-rise-for-third-consecutive-month/

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. The Financial Conduct Authority does not regulate some forms of Buy to Let. Lifetime Finance Group Limited.