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Interest rates: Why now is 'really good time to review' mortgage deal – could you save?

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Commenting on the situation, Ms Blackamore said: “With the Bank of England Base Rate at the moment being so low, and even talk about it going negative, it’s a really good time to review to make sure you’re on the best mortgage deal.

“And if you have been on a fixed rate, let’s just say it’s two years, what happens when that two year rate finishes is the bank or building society will write to you to tell you that the rate is finishing.

“If people don’t take any action at that stage – which is understandable, people live busy lives – then automatically you move to a Standard Variable Rate.

“Across most of the banks and building societies at the moment, if that had happened to me, I’d probably now be paying about three and a half percent if not four percent interest every month.

“Whereas actually, if I was to shop around and look at some of the best deals on the high-street, then actually I could be paying rates as low as numbers beginning with a one – and fixing that rate.”



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