With so many banks and building societies offering exceptionally low rates, millions of homeowners should consider switching to a new mortgage lender, according to research by Standard & Poor's. Their findings show that more than half of borrowers could save money by switching to a cheaper mortgage rate.
Moneyfacts, the data comparison firm, says that the average standard variable rate is 4.87% and with best buy mortgage rates readily available below 2%, there are potentially huge savings to be made.
This table may help you to decide how competitive your rate is:
Mortgage lender
Standard variable rate
Abbey
4.74%
Alliance & Leicester
4.99%
Chelsea B.S
5.79%
C&G
2.5% (Pre - June 1, 2010) and currently 3.99%
Halifax
3.99%
Nationwide Building Society
Old SVR 2.5% - New SVR 3.99%
Virgin Money
4.79%
Royal Bank of Scotland
4%
Scottish Widows
3.99%
Barclays/Woolwich
4.99%
What rates are available?
Trinity Financial has access to some of the lowest rates in the market, for example, Halifax for Intermediaries is offering an impressively low two-year fixed rate at 1.89% and it has a £1,499 arrangement fee. The lender will pay the remortgage costs and the deal is available to a maxim of £1 million.
For those looking for long term payment security, NatWest for Intermediaries has a five-year fix at 2.79% and it has a £995 arrangement fee. The maximum mortgage is £1.5 million.
Tips to secure a better mortgage rate:
Call your existing lender to find out what the lowest rate is that they will offer you to stay with them.
Research the market to find out if you can get a more competitive rate.
If you have savings, ask your bank how much money you need to pay off of your mortgage to qualify for a lower rate and a better loan-to-value banding.
If you are switching to another lender, ensure they are offering a contribution to the property valuation and legal fees.
If you would like help to switch to a lower rate, call Trinity Financial on 020 7016 0790.
August 12, 2013
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
To arrange a meeting with one of our expert mortgage advisers complete our enquiry form or mortgage questionnaire and we will call you back. Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.
You voluntarily choose to provide personal details to us when submitting an enquiry. Your information is confidential and held in accordance with the appropriate data protection requirements. Read Trinity Financial's privacy policy.
We believe that working together is the best way to gain trust, reliability and certainty.
Excellent service from David. Available. Quick responses. Flexible. My situation wasn’t the easiest and David took...
Excellent service from David. Available. Quick responses. Flexible. My situation wasn’t the easiest and David took the time to double check with banks their conditions prior to get me my agreement in principle. Highly recommended. Mortgage was quick and easy, I was able to focus on the conveyancing part.
More
Less
MichaëlMar 19 2024
My 7th remortgage experience with Anthony and the Trinity team - they're the best - great advice, products and services...
My 7th remortgage experience with Anthony and the Trinity team - they're the best - great advice, products and services.
More
Less
Dave SaucierMar 05 2024
Sophie and Liam were absolutely amazing in getting us the best rates, submitting paperwork quickly and answering all the...
Sophie and Liam were absolutely amazing in getting us the best rates, submitting paperwork quickly and answering all the questions we had very quickly, so we always knew where we stood - which is so important when buying a house. We couldn't recommend them enough!
More
Less
Rita NevesMar 01 2024
15
years' experience
Over the last 15 years we have helped thousands of clients to purchase new homes, secure buy-to-let mortgages and remortgage.
23
mortgage experts
Trinity’s experts will do everything possible to secure the fastest mortgage offers while providing you with regular progress updates.
17,043
mortgages arranged
We consistently arrange fantastically priced fixed and tracker rate mortgages through the leading banks and building societies.