20 Jun, 2019

How much could I save by switching my mortgage?

Each person’s circumstances can be different e.g. term remaining, existing rate and value of property vs loan remaining etc. therefore there is not a definitive amount that could be saved by remortgaging. Indeed it may be that not everyone can save e.g. if you are on an existing fixed rate where the costs to break out of the fixed rate may out-weigh any benefit from switching. To calculate the indicative amount you may be able to save please go to our ‘Calculator’ section of our website. It is more likely that you will make the most saving when you are currently on a Standard Variable rate arrangement with good equity in the property e.g. best is less than 60% Loan to value. Savings can be made when you are able to switch to a lower interest rate on a similar term. Monthly savings can also be made by extending the term of the mortgage but the true cost of the overall mortgage over time should be considered in this instance.

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