Remortgage required for those on Standard Variable rates.

Are you paying too much for your mortgage? Borrowers paying the lenders Standard Variable Rate have seen their repayments rise considerably due to interest rate hikes. In 2003 the average interest rate for a standard variable rate mortgage was 4.19%. By March 2007 this had risen to 6.15% For a borower with a mortgage of £140,000 this is an increase of over £2,700 a year that they have to find.

Sam Cook from WFM commented " Lenders SVR are normally about 2 per cent above Bank of England base rates. We are still finding borrowers who can save considerable amounts of money by switching from a lenders SVR to a fixed, tracker or discounted rate. Normally there are no fees or very small fees charged by the lender to switch. This also applies to any borrower whose mortgage is due to change to a SVR this year."

Do you have the wrong type of mortgage? If you think that you were not given the best deal, tell us about it.

Jerome Thompson www.you-can-remortgage