Most UK homeowners pay more than necessary to buy their home due to a reluctance to actively manage their mortgage when it comes up for renewal. Staying with a lender after the end of the agreed term of the mortgage could mean reverting to the lender’s Standard Variable Rate (SVR), which is often more expensive than the more competitive fixed rate or tracker deals that maybe available.
North Mortgages' new Remortgage Reminder service provides a prompt three months before your current mortgage deal comes to an end. It is easy to sign up - simply by entering the date the current mortgage ends.
The three month window allows home-owners to consider their options: either to stay with their existing lender, or save money by looking for another mortgage provider.
North Mortgages' chief mortgage broker, Jonathan Smith, said: "The economic climate is forcing home owners to review their outgoings. Most people regularly shop around for the best deal on car insurance, phone and utility bills but they don't do the same research for their mortgage. There are huge potential savings to be made by reviewing mortgages early, as the mortgage is typically the biggest outgoing that a homeowner has. Even a 0.25% reduction on a mortgage interest rate will dwarf the savings the borrower can make on home and car insurance."
Use the Remortgage Reminder today: http://www.northmortgages.co.uk/
