Tackling the mortgage loyalty penalty: The Mortgage Switch Guarantee
One in four mortgage holders are sitting on their lenders higher Standard Variable Rate (SVR). That counts for two million homeowners across the whole of the UK.
Once the initial fixed term deal of a mortgage ends, borrowers are automatically moved onto their lender’s higher rate or SVR. This is set by the lender and in some instances can lead to monthly mortgage payments doubling over night.
Research from online mortgage broker Trussle found that the average borrower on an SVR can save £375 per month or £4,500 per year by switching to the best deal on the market.