If you have been too busy or you simply have not got around to checking, then it's time to review your current interest rate. It is quick and easy for IMA to check this
We are often too busy to constantly check if we are paying the right amount for our monthly outgoings. The largest commitment is usually the mortgage and it is estimated that between 2-4 million people are languishing on lender’s Standard Variable Rate (SVR). This can often be from 1-3% more than you should be paying and could end up costing an individual thousands of pounds over the life of the mortgage
Speaking to your existing lender is always a good idea, they should be able to offer a retention deal to secure your business. That said a broker can get exclusive deals even with your current lender and of course we can compare what is available with the whole of the market.
Switching lenders should not be complicated, it can take several weeks to move so it is advisable to look at least 3-4 months in advance to check your options. In some cases you can secure a new rate 6 months early, this is helpful should rates start to rise.
Please feel free to read our "Helping Hands" document in this link, which is our guide to buying, remortgaging and protecting your home
You may have to pay an early repayment charge to your existing lender if you remortgage