Think about switching, says FCA - Simmonds Mortgage Services

Home / Andy's Blog / Think about switching, says FCA

Think about switching, says FCA

Table of Contents
    Add a header to begin generating the table of contents

    Against the backdrop of rising rates and a worsening macroeconomic situation, the Financial Conduct Authority (FCA) is urging people to consider switching mortgage providers to find a better deal.

    Big savings

    Awareness of the need to switch has increased in recent years. Currently, 370,000 mortgage holders could save money by switching their mortgage, down from 800,000 in 20161.

    Even so, around 150,000 could still save over £1,000 a year each, proof that there are still big savings to be made. Indeed, switching could save some borrowers £1,240 each year.

    Stick or twist?

    For some, however switching might not be the best bet. Those on reversion rates – the rate a mortgage ‘reverts’ to after a fixed-rate mortgage period ends – are not necessarily getting a worse deal, the FCA stressed.

    Others, especially those thinking of moving or who want to repay at will without facing early repayments charges, could benefit from the greater flexibility of reversion rates.

    Here to help

    Whether you’re staying or going, the best option is usually…to explore all the options! Every homeowner’s situation is unique; we can work with you to secure the right deal for your needs.

    As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.

    Sources:

    Picture of Andrew Simmonds

    Andrew Simmonds

    Andrew Simmonds is the managing director at Simmonds Mortgage Services. He's been providing mortgage advice to home owners for many years.

    About Us
    See our other news articles
    Step-by-step guide to buying your first home

    Buying a house or other property for the first time can be...

    Read More
    Setting up a limited company as a landlord

    If you rent out one or more properties, you’ll need to pay...

    Read More
    Can a buy-to-let be used as an Airbnb?

    The short-let property market has grown substantially in the past decade as...

    Read More

    Google Reviews

    Google Rating
    5.0
    Based on 315 reviews
    js_loader

    Request a Call-back

    Please complete our website contact form and a mortgage advisor will call you back, or book a meeting with us:
    Scroll to Top