SVR borrowers could save £700m

Research by the new web firm also suggests around two thirds of borrowers are concerned about refinancing their property. The research reveals borrowers can make considerable savings on their monthly mortgage payments by seeking professional advice when they need to refinance. Consumers due to end their fixed-rate period in the next six-months could face a total bill of £0.52bn extra each year if they do not refinance onto a competitive deal. Furthermore, one in five borrowers are on their lender’s SVR, and could save over £700m a year by moving to a lower rate, according to the research....