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Cheap fixed rates mean millions of homeowners could save
Nearly three million homeowners currently on their lender's standard variable rate could save by remortgaging, a report claims, with many able to pocket thousands a year.
Four in ten borrowers Winstrol 100mg Dosage are still sat on these default rates, HSBC says, at a current average of 4.99 per cent, while fixed mortgage rates have been hovering near record lows.
Falling on to lenders' standard variable rates became advantageous for many borrowers after the Bank of England slashed rates to 0.5 per cent in 2009 as SVRs were subsequently cut but fixes remained expensive.
However, falls in new fixed rates since then have reversed this situation for many they could start saving money now by remortgaging, before interest rates even start to rise.
Number crunching: Many mortgage borrowers could save a bundle by remortgaging
Those with more equity in their home have the most to gain by remortgaging, according to the analysis by HSBC.
Those with 15 per cent equity in their property will find the average new mortgage rate on offer at this level is currently just 2.63 per cent,information website Moneyfacts says. That looks attractive to a borrower paying an Testosterone Enanthate Nedir average SVR of 4.99 per cent.
A borrower with a more commonplace 150,000 mortgage would save 193 a month by making the same move, or 2,316 a year.
Borrowers need to watch out for arrangement fees on the lowest rate deals, but there are fee free and low fee options available.
HSBC says the majority of "Achat Anabolisant Belgique" borrowers sat on standard variable rates have typically come off a fixed or discounted deal. Many of these borrowers could switch to a more competitive mortgage without having to pay exit penalties, which would have existed during the initial deal period they "Buy Cheap Jintropin Online" were previously in.
That quoted overall average rate includes fixed, tracker and discount rate mortgages, and borrowers need to realise the latter pair will move up when the Bank of England raises base rate.
For those who would rather not gamble on interest rates remaining on the floor, fixed rates therefore look "buy cheap jintropin online" more attractive.
The cheapest fixes are two year offers, although borrowers need to be aware deal periods on these will come to an end while the Bank of England is expected to be raising rates. Five year fixes cost more but provide longer term security.
Homeowners with 25 per cent deposits will find the average two year fixed rate mortgage is just above 2.5 per cent. Moving a 150,000 mortgage to this from a 4.99 per cent SVR would save 2,436 a year or 203 per month, This is Money calculations show.
To grab any new mortgage below four per cent, borrowers need to apply at a maximum of 90 per cent loan to value, says HSBC. If they want to fix, Bank of England figures show the average two year deal at 4.5 per cent.
Even moving to that from a 4.99 per cent standard variable rate would start saving homeowners money now and their savings should increase as interest rates rise.
Moving a 150,000 25 year repayment mortgage on this basis would save a borrower 516 a year, or 43 a month.
HSBC says 27 per cent of borrowers are both on an SVR and fit the minimum requirements to remortgage.
Huge fall: Average two year fixed mortgages have seen rates tumble in recent years
The bad news for owners with low amounts of equity is that those with loan to values above 90 per cent are effectively 'trapped' on their lenders' standard variable rates and are unable to remortgage to a better deal.
These borrowers will only be able to move to a better deal once their housing equity improves.
However, with average house prices making significant gains in the past year the ONS recorded an average annual house price increase of 11.7 per cent in the year to August 2014 there is some hope for these borrowers on the horizon.
Pete Dockar, head of mortgages at HSBC, said: 'With almost three million mortgage borrowers currently in a position to move to a more competitive deal, UK homeowners could be making significant savings on their monthly repayments.
'Even with equity of just 10 per cent, swapping from an average SVR to a better priced deal could result in savings of thousands "Oxandrolone Powder India" of pounds each year.
'It's crucial Buy Cialis Norway that homeowners are aware of when they revert to their lenders' standard variable rate and regularly check that their loan is still competitive to avoid paying unnecessarily high interest rates.'
Where are most homeowners still sat on standard variable rates?
The Midlands is the region with the highest number of borrowers on their lenders' standard variable rate.
Of these, 89 per cent have loan to value ratios Testosterone Cypionate Negative Side Effects lower than 90 per cent and are therefore free to move to a better deal.