Friday, January 22, 2010
Beware...Banks...bad mortgage advice offered?
When you come a off fixed rate mortgage you go onto a lenders' Standard variable Rate (SVR). This should be substantially lower than what you are paying now.
However some banks are trying to get clients to take out a new deal which is much higher than the SVR.
Depending on when your mortgage lapsed, the rate could be as low as 2% with Nationwide
Many banks have the SVR very well hidden on their websites. I had to call Nationwide to get details.
If you are not sure what to do call an Independent Financial or Mortgage Adviser and they can investigate.