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Make sure you control what is controllable in this unpredictable market and time of cost of living crisis. Staying on top of your mortgage rate is of paramount importance and can make a significant impact on your outgoings every month. 

A standard variable rate (SVR) Mortgage and a fixed rate mortgage have a number of different features, but most of all, you want to ensure you are not overpaying each month!

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Seeking a mortgage is one of the most challenging and important things you will ever do and it’s easy to focus on the most familiar names in the marketplace. But there are many smaller, less well-known lenders who may have better deals, saving you a significant sum of money. Our job as a mortgage advisors is to source these for you. Our experience and depth of knowledge can help you to secure that all-important loan at the best deal we can.

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Choosing The Right Rate  For You

A standard variable rate (SVR) Mortgage and a fixed rate mortgage are two different types of features that are applied to the mortgage itself. Not only affecting the interest rates, but a few other factors:

  • Interest Rates:

Fixed Rate Mortgages: The interest rate on a fixed rate mortgage remains constant and consistent for a specified period of time. This can be anything from 2 up to 30 years – but most typically is seen between 2 and 5 years. The will fix any monthly mortgage payments through the term that this has agreed to be fixed. This isn’t the length of the mortgage, but the fixed rate term which can give stability and predictability.

Standard Variable Rate Mortgages: The interest rate on an SVR mortgage is variable and can be changed by the lender at any time. There are different factors that influence the interest rate applied here, but fundamentally they are influenced by the base interest rate set by the Bank of England. Not directly but ultimately have an affect. Any chances to the variable rate of your mortgage, will directly change the amount your monthly mortgage payments are. Lenders move customers on to a Standard Variable Mortgage Rate at the end of any fixed term, unless a remortgage has been agreed.

  • Monthly Payments

Fixed Rate Mortgages: Consistent and remain the exact same monthly payment for the duration of the “Fixed Term”. Good news if market rates increase, but no benefit if interest rates decrease.

Standard Variable Rate Mortgages: Variable and influenced by market factors. Lenders can change any time. Inconsistent and carries risks as monthly payments can be increased.

  • Risk and Stability

Fixed Rate Mortgages: Offers stability and protection against market factors that can cause interest rate rises. However, if the market drops, you will not benefit from a decrease in rates.

Standard Variable Rate Mortgages: More risk in an unpredictable market and can cause sharp rises in monthly payments, such as we have seen in recent times in the market. However, if rates decrease, so do monthly mortgage payments when on a standard variable mortgage rate.

  • Flexibility

Fixed Rate Mortgage: Much more rigid and could come with hefty Early Repayment Charges, if you wish to get out of the Mortgage during the fixed rate term. Different fixed rate mortgages come with various types of penalties (some without) so always be sure to find out what they are, if you think you may want to change the mortgage before the fixed rate term has ended.

Standard Variable Rate Mortgages: Offers much more flexibility as it enables you as the borrower to switch to any other mortgage rate or mortgage type, without making additional payments or penalties.

  • Duration

Fixed Rate Mortgage: Predetermined time scale with a fixed payment term, after which the mortgage may revert to a Standard Variable Rate.

Standard Variable Rate Mortgages: Typically, no fixed term, and the interest rate can change periodically throughout the life of the mortgage term.

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