A staggering £55.2 billion worth of buy-to-let and residential mortgage rates are due to expire over the next three months according to figures produced for Barclays.
Research firm CACI says there are £50.2 billion worth residential fixed or variable rates expiring between July and September 2019. The figure is £5 billion* for buy-to-let.
There are still an estimated £100 billion+ mortgages with a pay rate above 3.75% equating to 1.34 million customers that could save money by remortgaging.*
Aaron Strutt, product director at Trinity Financial, “Barclays produces these figures a few times a year, and they highlight how much money borrowers could save by switching mortgages.
“There is a vast choice of mortgage rates available across the market, so it does not always make sense to stick with your existing lender.
“Locking into a more expensive deal could be costly, especially if you plan to take a longer-term rate or you have a large mortgage loan. Our brokers can explain what's the best option for you and provide a proper choice of rates.”
*Barclays, May 2019
Call Trinity Financial on 020 7016 0790 to secure a remortgage