Remortgaging can help you keep your mortgage in shape - following a series of recent interest rate rises, according to a new report.
Mortgage company John Charcol says that some lenders' Standard Variable Rates are as high as 7.75 per cent - well over two percentage points higher than the current best deals on the market, the company claims.
"If the discount or fixed deal on your mortgage is about to come to an end you might have a nasty shock in store as lenders' SVR's have gone up considerably since you took your mortgage; typically more than a one per cent increase in just the last year," said Katie Tucker, price specialist at Charcol.co.uk.
"The process of remortgaging can be seen as a real chore to some homeowners and many often leave thinking about it to the last minute and end up paying more than they need to," she continued.
Ms Tucker added that homeowners with a £100,000 mortgage could save as much as £147 a month by remortgaging from an SVR of 7.5 per cent to a more competitive alternative at 5.34 per cent per month.
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