The Times - Why you may be paying too much for your mortgage
Scott has picked up an extra 50 hours of work in December — not because he needs the money for Christmas, but so that he can afford to pay his mortgage. He is moving home and waiting for his new home to complete.
Borrowers may not realise how easy it is to switch from an SVR because, unlike a fixed rate, there are normally no exit fees to pay.
“If you’re on an SVR, you’ll no doubt be paying an absolute fortune on your mortgage, so you should look at other options,” said Aaron Strutt from the mortgage broker Trinity Financial.
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