It might sound too good to be true, but with the right mortgage advice, it really can happen. Quick case study by Jodi Spreadbury- book a free mortgage review here directly with Jodi.
When your mortgage deal comes to an end, many people automatically roll onto their lender’s standard variable rate (SVR), often much higher than their previous fixed rate. But there are smarter options. With careful planning, you could secure a lower rate, shorten your term, and even save thousands in interest, without increasing your monthly payments.
That’s exactly what one of our clients recently achieved.
It’s all about finding the balance between today’s comfort and tomorrow’s goals. Sometimes, a small change can make a huge difference.
Their mortgage rate was due to jump to 8.74%, and like many homeowners, they wanted to avoid that. They also noticed that despite years of payments, their balance wasn’t reducing as fast as they’d hoped.
We reviewed their situation and found a solution that gave them both stability and savings – a remortgage at 4.54% fixed. Even better, by reducing the term from 33 years to 23, they were able to knock a full decade off their mortgage, all while keeping payments almost the same.
The result?
- Old deal: £1,233 per month at 5.90% over 33 years
- New deal: £1,252 per month at 4.54% over 23 years
A difference of just £19 per month, yet it saved them around £126,000 in interest over the life of the loan.
Why a remortgage can be worth reviewing?
A mortgage isn’t something to “set and forget.” When your deal ends, taking the time to review your options can unlock:
- Lower rates and better affordability.
- Shorter terms that save you thousands in long-term interest.
- Fixed-rate stability for peace of mind.
- Tailored solutions that suit your life goals, not just the lender’s criteria.
Quick fire FAQs (Remortgaging) with Jodi Spreadbury, Senior Mortgage and Protection Broker.
Can I really shorten my mortgage term without paying more?
Sometimes, yes. If you secure a lower interest rate, it may allow you to reduce your term while keeping payments similar.
What happens when my fixed rate ends?
You’ll usually move onto your lender’s SVR, often much higher. Remortgaging before that happens can protect you from unnecessary rate hikes.
Is remortgaging complicated?
Not at all. With the right adviser, it’s a straightforward process, often completed within 4-8 weeks.
Will I have to pay fees?
Some products include arrangement fees, while others don’t. The key is to look at the overall cost rather than just the rate.
Is it worth remortgaging if my payments don’t drop?
Yes. A remortgage can save you thousands in interest and years off your term, even if your monthly payment barely changes.
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Important notices
Your home may be repossessed if you do not keep up repayments on your mortgage. If you consolidate existing borrowing, you may pay more over the long term.
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