Standard Variable Rate (vs) Remortage to SVP

sankaran1984

I have a question regarding the standard variable rate. I can't trust mortgage advisor these days as they are trying to sell their own products where they get more commission.
I have a fixed-term mortgage on a property. I am looking to move on with Variable-rate plan as I am in a position not able to remortgage once in a few years.
If I don't remortgage after the fixed-term, I will be on Standard Variable Rate.
Should i leave it ?  or Remortgage to 'Variable rate' product?

tim_london

If you don't want the hassle of remortgage because credit checks etc, then you can stay with your current lender onto another fixed-term deal.  This is called product transfer.  It is a no-brainer and nobody should be on SVR because you are burning money.

If you want to remortgage listen to your mortgage broker and go with a remortgage.  Make sure they can explain why remortgage is better than product transfer.

Broker do often earn a smaller commission by recommending product transfer, and the lender will not give you a better deal cutting the middle person anyway.