Savills Private Finance (SPF), one of the UK’s leading independent mortgage brokers, is urging property investors to review their property portfolios to ensure they are not paying over the odds for uncompetitive mortgage products. Many property investors are currently on pay rates which are much steeper than some of the best deals currently on offer and should be remortgaging now to lower their monthly mortgage payments.

Simon Jones, Director at Savills Private Finance, said:

‘’Many property investors come off the initial interest rate they first signed up to after the offer period ends and do not think about remortgaging, which means they end up on a lender’s standard variable rate, paying over the odds. If you do not have any redemption penalties, then the cost of remortgaging can be relatively low. Most people think that remortgaging is a costly and time consuming process but it is worth setting some time aside to review your current mortgage arrangements as there could be huge savings to be made. For those looking to purchase additional investment properties, they may want to consider remortgaging to a better product and releasing some equity from existing properties in order to fund the deposit on the new property.’’

(30 March 2004)