I wrote a few months back about fixed-rate and variable-rate products, but for a very quick refresher:
Fixed-rate products stay on the interest rate agreed at the start of the mortgage for a set term – usually 2 or 5 years.
Variable-rate mortgages change, month to month, based on the lender’s Standard Variable Rate (SVR).
Generally, once your fixed term ends, you automatically revert to the SVR. And, chances are, you’re probably on it if you’ve had your mortgage for a few years.
If your fixed-rate term has ended, it’s time to shop around. Actually, before would be even better. Give us a call, and we’ll look at the market together and find you the best deal. There are plenty of competitive mortgage products out there!