Hello, my name’s Holly, and I’m going to go through what happens when a mortgage deal you have with us – like a fixed rate for example – comes to an end and how easy it is to switch to a new deal if that’s what you want to do.
If you’re on a deal that’s ending soon, I expect you’re already trying to decide what to do next. If you’ve been looking around, I’m sure you’ve noticed that the number of deals on offer nationally has gone down dramatically in recent months.
But we’re part of the Lloyds Banking Group – the UK’s biggest banking group – and we’re still offering a wide range of mortgage options at a variety of interest rates.
Let’s start with the Standard Variable Mortgage Rate.
For the vast majority of our customers, if you decide not to go for a new deal when the one you’re on now ends, you’ll automatically start paying at the Standard Variable Mortgage Rate – the SVMR.
The SVMR is the interest rate that goes up and down, generally when the Bank of England base rate changes. It’s guaranteed never to be more than two per cent above the base rate.
At the moment interest rates are very low. If you wish to go onto SVMR you don’t have to do anything. The change will happen automatically and there’s no need to contact us.
Then, if you find a deal that’s right for you at any time, switching to it from the SVMR is easy, and you can get the ball rolling online - by filling in our online form. So keep checking the website regularly to make sure you see our latest deals as soon as they appear.
If you’d like to find out more about the SVMR, click the link below.
[http://www.cheltglos.co.uk/mortgages/existing-customers/standard-variable-mortgage-rate.html]
If you’re happier knowing exactly how much your mortgage payment is going to be each month then you’ll probably want to choose a fixed-rate mortgage deal.
A fixed rate mortgage means that, throughout the period of the deal, you won’t have to worry if interest rates start to rise again.
We can offer you rates fixed for a number of years. At this time of interest rate uncertainty, you might find it reassuring to fix your mortgage while rates are low.
Just remember, if you’re thinking about switching to a fixed rate, or any other deal, there are usually Early Repayment Charges if you pay off your mortgage, or a significant part of it, while you’re on the deal.
However there are no Early Repayments Charges if you’re on the Standard Variable Mortgage Rate.
If you’d like to see our range of fixed-rate deals click the link below.
[http://www.cheltglos.co.uk/mortgages/fixed-rates/]
Whatever deal you’re on, you can ask to switch to another one up to a maximum of 10 weeks before your current deal ends. Within that time frame, once you’ve decided which deal is right for you, you can start arranging it right away.
It’s easy to arrange. Just request an illustration using our online form and submit it to us. We’ll take it from there.
It saves you time on phone calls and visits to your local branch. And, of course, you can do it at a time that suits you – day or night.
If you’d like to switch to a new mortgage deal, click the link below.
Thank you for watching this video and goodbye.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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