Great article on Trussle, and how they are having an impact! With a lot of people resolving to manage their money better in 2018, it is little surprise January is the most popular month of the year for switching a mortgage. For the two million people currently on a standard variable rate (SVR), switching to the best market deal in January could put £4,000 back in your pocket over the course of the year, according to online mortgage broker Trussle.
Ishaan Malhi, chief executive and founder of Trussle, offers his top three tips to help you save on your mortgage in 2018. Save money on your mortgage this year Look into switching three months before your initial term ends When the initial term of a mortgage ends, lenders transfer customers onto their SVR. This typically has a much higher rate of interest. For example, Nationwide has a two-year fixed rate of 1.99 per cent while its SVR is 3.99 per cent. Set a reminder to look into your options with a broker three months before your initial term ends to avoid paying over the odds. Just one month on your lender’s SVR can cost you hundreds of pounds in extra interest.