For David and Kelly, remortgaging wasn’t about a big life change, it was about being smart with their money. What started as a simple chat about their mortgage rate ended up saving them hundreds of pounds every single month. It gave them the financial stability they didn’t realise they were missing.
When their original five-year fixed-rate mortgage came to an end, their lender automatically moved them onto its Standard Variable Rate (SVR). Like many homeowners, David and Kelly didn’t think much of it at first. Life was busy with work, school runs and the usual day-to-day routine. Their first payment on the new rate didn’t seem dramatically higher, so they carried on as normal.
But over the next few months, they began to notice something, their mortgage payments were creeping up, month by month. At first, they thought it was just small fluctuations, but by the end of the quarter, the difference was noticeable. Their monthly payment had risen by more than £200, and that’s when they realised something had changed.
That’s when they reached out to HFA Mortgage & Protection for advice.
Understanding the SVR Trap
After reviewing their situation, we confirmed what many homeowners only discover after months of overpaying. Standard Variable Rates are rarely competitive. They’re not designed to offer value; they’re a “holding pattern” lenders move you onto automatically, once your fixed or tracker deal ends.
Unlike a fixed-rate mortgage, an SVR can change at any time. It usually follows movements in the Bank of England base rate, but lenders also have the discretion to raise or lower their SVR independently. That means one letter from the bank could suddenly increase your monthly payments and there’s nothing you can do except remortgage or switch deals.
In David and Kelly’s case, their SVR was 2.25% higher than the best fixed rates currently available. That difference alone was costing them thousands of pounds a year. Once we ran the figures, the outcome was clear. Moving to a new five-year fixed-rate deal could reduce their monthly payment substantially and provide certainty for years ahead.
Reviewing the Options
At HFA, our first step was to assess David and Kelly’s full picture. Not just the outstanding mortgage balance, but their income, credit status, household expenses and future plans. They were both employed, with stable incomes and no major debts, which meant they were in a strong position to remortgage.
We compared a wide range of products from different lenders and narrowed down the options based on three priorities:
- A competitive interest rate that would reduce monthly payments.
- A five-year fixed term to give them peace of mind.
- A flexible overpayment feature, allowing them to chip away at the balance if their income increased.
Once we’d reviewed the choices together, they selected a deal that not only met all three goals but also saved them more than £250 a month compared to the SVR they’d been paying. Over the course of five years, that works out to a saving of around £15,000m all from a simple review that took less than two weeks from start to finish.
Stability and Peace of Mind
For David and Kelly, it wasn’t just about the money, it was about taking control. Their new mortgage meant predictable payments every month and a clear financial plan they could rely on.
Kelly says:
“We didn’t realise how much difference it would make. Now we know exactly what’s coming out each month, it’s such a relief. It’s one less thing to worry about.”
That peace of mind can’t be overstated. With interest rates moving unpredictably, fixing their mortgage gave them stability during a time when household budgets were under pressure from rising costs elsewhere. They now know exactly what their mortgage payment will be until the end of their new term, which makes budgeting and long-term planning far easier.
The Lesson for Other Homeowners
Remortgaging doesn’t have to be complicated or time-consuming. In fact, with the right guidance, it can be one of the simplest ways to save money and take control of your finances.
Yet many homeowners fall into the same trap David and Kelly did, letting their fixed deal end and slipping quietly onto the lender’s SVR. Every month on an SVR can mean paying far more than necessary, often without realising it.
The key is timing. Start reviewing your mortgage around six months before your current deal ends. This gives you plenty of time to explore options, lock in a new rate, and avoid any period on the SVR. Even if your fixed rate has already expired, it’s still worth acting quickly, switching to a better product could save you hundreds of pounds almost immediately.
At HFA, we monitor our clients’ deals so they never have to face that uncertainty. We reach out before their current rate expires, review the latest products across the market, and take care of the process from start to finish.
Our job is to make sure our clients like David and Kelly are always in control of their mortgage, not the other way around.
Secure Your Future with HFA
If your fixed-rate deal is coming to an end, or you’ve already been moved onto your lender’s Standard Variable Rate, don’t wait until your next payment rises again. Reviewing your mortgage early could save you hundreds every month and help you lock in the right deal for the years ahead.
At HFA Mortgage & Protection, we’ll compare a wide range of products, find the most suitable option for your situation, and handle the switch seamlessly.
Start your remortgage review today at https://hfassociates.uk.
Disclaimer:
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £1500.
Your home may be repossessed if you do not keep up repayments on your mortgage.
