It is often said, that those who give advice, seldom want to follow it. Despite running a mortgage website and writing frequently about the benefits of remortgaging, for some reason, I spent at least 18 months on a SVR with my bank.

The reason is that I investigated remortgaging with many of the high street banks like Halifax, Abbey National and HSBC. Every one said there was no hope of remortgaging because my mortgage debt is 7-8 times my income. However, when I rang up my current mortgage lender Standard Life they agreed to move me to a better deal. As an existing customer I prequalifed to remortgage. The phone call took less than 5 minutes, and my next monthly repayment was £123 cheaper (on £140,000 mortgage) I couldn't believe how easy it was to save so much money.

The only cost of remortgaging was (I think) a £499 set up charge, which I added to the mortgage.



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