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More mortgages on offer. Could you save money as a result?

Posted 16/08/2021 by Reeds Rains
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Whilst recent statistics highlight that there’s more than 4,500 mortgage products currently available -  the highest number in 16 months (*) – some existing borrowers may feel this is of little relevance to them as they feel confined to their current deal and unable to switch to a better, more affordable, one. Yet, explains Neil Price, Head of Operations with Embrace Financial Services (EFS) who work in partnership with Reed Rains - that might not necessarily be the case.

“At EFS we regularly hear of customers who feel locked in to their current mortgage deal and take it for granted that they are stuck with what they have. Many simply don’t appreciate that savings could be made on their mortgage payments - even during the term of a loan - and don’t understand the importance of regularly reviewing their mortgage deal – especially when it comes to an end. 

Most deals, for example, last for two, three or five years, but it can be longer, and during that time market conditions can change and more deals become available – sometimes at much better rates. Many borrowers feel they are unable to change their existing deal, mid-term, yet although you may have to pay an early redemption charge, often the savings on your mortgage repayments (over time) on a new deal could far outweigh this. With so many products now on the market, it’s definitely worth reviewing what mortgage arrangements you have – and the same applies to those whose have a mortgage deal coming to an end.

In this case it’s really important that you don’t just accept the automatic switch to the lender’s standard variable rate (SVR) – which usually happens. The interest rate could be far higher than the deal you were on and will, more often than not, lead to higher monthly repayment costs. If you know your mortgage deal is coming to an end, make sure you speak with your lender or gain the advice of a mortgage broker around two months beforehand. Consider a broker that has access to a comprehensive range of mortgage deals from across the market, like EFS, to help you in finding one that is comparable, or even better, than the deal you currently have.  It could be well worth it.  

So while it’s good news that the mortgage market is so buoyant – and that there’s some great deals to be had – borrowers really need to take action NOW to find them – while the opportunities remain.”

Book an appointment with Embrace Financial Services now

(*) Moneyfacts UK Mortgage Trends Treasury Report – July 2021


Embrace Financial Services usually charges a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £399 to £999 and this will be discussed and agreed with you at the earliest opportunity.

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