The £1,000s-a-Year Mortgage Mistakes People Still Make (And How to Avoid It)

Whether you’re a first-time buyer navigating the housing market for the first time, a homeowner with a fixed rate about to expire, thinking of upsizing, or a landlord managing your property portfolio –there’s one costly mortgage mistake that could be burning a hole in your finances every single month.

We’re talking about mistakes that could cost you £1,000s per year. And the truth is? Thousands of people across the UK are still (sadly) making them.

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What’s the Big Mistakes?

It’s this:
Rolling onto your lender’s standard variable rate (SVR) or blindly picking a deal from a comparison site without expert advice.

Sounds innocent, right? But here’s the problem.

SVRs are often 2–4% higher than the best available deals on the market. That difference could mean £100s extra in monthly repayments — and over a year or two? You’re looking at potentially £3,000–£5,000 or more in lost savings.

It’s like paying a loyalty penalty… for no real reason.

Wait… What Is a Standard Variable Rate?

Great question and one most people never get a straight answer to!

When your fixed-rate or initial deal ends, your mortgage usually reverts to your lender’s Standard Variable Rate. It’s essentially the default rate they charge - and spoiler alert: it’s rarely competitive.

It’s variable, which means the lender can change it at any time, usually based on movements in the Bank of England’s base rate, but not always. They don’t need to ask. They don’t even need a big reason. And they’re under no pressure to keep it low.

Think of it like your mobile contract: when the deal ends and you don’t switch, you just keep paying, often more, for the same thing. Except with a mortgage, that extra cost could be hundreds per month.

It’s not just expensive - it’s unpredictable. And that’s not what you want when you're budgeting for bills, food, child care, or business expenses amongst the cost of living rising generally.

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🏡 Who Does This Affect?

Let’s break it down by life stage, because this isn’t just a one-size-fits-all issue.

First-Time Buyers: Don’t Let Confusion Cost You

Buying your first home is exciting and overwhelming. With so many products and terms thrown around, it’s easy to grab the first deal you see online, assuming they’re all the same.

But not all mortgages are created equal.

Many first-time buyers accidentally lock into deals with

• High product fees
• Unnecessary tie-ins
• Rates that look good upfront but sting later

Right now, we’re seeing more 90–95% LTV mortgage deals than at any point since 2008. That’s brilliant news — but only if you know how to navigate them.

At Mortgage Tribe, we strip out the jargon and help you secure a deal that fits your budget, not just your deposit size. No guesswork. No fluff. Just real support.

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Homeowners: Fixed Rate Ending? This Is Your Warning Bell

If your fixed-rate mortgage is ending in the next 3–6 months, it’s decision time.

Too many homeowners wait until the last minute— or worse, do nothing — and get pushed onto their lender’s SVR. Suddenly, their repayments jump by £200–£400/month, and the damage is already done.

More than 8 in 10 UK homeowners are on fixed deals. If that’s you, and your term is ending soon, there’s a real opportunity to switch and save — especially with lenders cutting mortgage rates after the recent Bank of England rate drop to 4.25%.

Don’t wait for a surprise letter in the post. Talk to us now, and let’s lock in a better deal ahead of time.

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Upsizers: Your Next Move Needs a Smart Mortgage

Thinking about upsizing? Maybe the family is growing, or you just need more space. That’s exciting but it also means taking on more borrowing.

Here’s where the wrong mortgage deal can sting the most.

Even a 0.5% difference in your interest rate could add up to £15,000–£20,000 extra over a typical 25-year mortgage. And with so many moving parts, deposits, valuations and income checks it’s easy to pick something fast rather than smart.

We help upsizers structure their mortgage so it’s flexible, cost-efficient, and aligned with their lifestyle. That means room for life changes, not just tick-box lending.

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Landlords: Profit or Pain? It’s All in the Product

If you’ve got one or more buy-to-let properties, your margins are already under pressure; from tax changes, tenant legislation, and rising costs.

Getting stuck on an SVR or choosing an unsuitable buy-to-let mortgage could eat into your returns faster than you realise. The good news? Lenders are starting to offer more competitive deals for landlords as the base rate comes down.

We’ll help you:

• Refinance for better returns
• Secure products suited to portfolio landlords
• Avoid products with hidden fees or inflexible terms

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Why Comparison Sites Might Be Costing You More Than You Think

Sure, comparison sites seem quick and easy.But they don’t tell the whole story.

They often:

• Ignore key eligibility criteria
• Miss broker-exclusive deals
• Exclude lenders who don’t list on public platforms
• Bury costly fees in the small print

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How to Avoid the Costly Mortgage Trap: Our Simple 3-Step Process

You don’t need to be a financial expert to avoid overpaying on your mortgage, you just need the right support. At Mortgage Tribe, we’ve made the whole process simple, stress-free, and proven to save our clients £1,000s.

Here’s how it works:

Step 1: Chat

We’ll kick things off with a relaxed, no-obligation chat. We want to understand what’s going on in your world -whether you're buying, remortgaging, upsizing, or sorting out a buy-to-let.
We’ll talk about your current deal (if you have one), your goals, your budget, and what you’re hoping to achieve.

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Step 2: Compare

Next, we’ll get to work.
Using Legal & General’s Mortgage Club, the UK’s largest mortgage network, we’ll scan the entire market, including exclusive deals you won’t find on comparison sites.
Then, we’ll come back to you with tailored options, explain the pros and cons in plain English, and guide you through what’s best based on your circumstances, not a sales script.

Step 3: Complete

Once you’re happy with your chosen deal, we’ll take it from there.
We’ll handle the paperwork, keep your application moving, chase solicitors and lenders, and make sure nothing slips through the cracks. You’ll have one dedicated contact the entire way through, no call centres, no repeats, no faff.

Trusted By Homeowners Across the UK

We could talk all day about how much we care, how much we save our clients, and how easy we make the process but honestly, we’d rather let our clients do the talking.

Here’s what real homeowners across the UK have to say about working with Mortgage Tribe:

“Tom has sorted my mortgages out for 6 years. He’s taken me from my first home through several remortgages and always found the best deal.”
— Josh, Camberley

“If you’re looking for mortgage advice, look no further than Mortgage Tribe. Tom was transparent, helpful, and absolutely spot on.”
— Kenny & Francesca, Fleet

“They took the stress out of remortgaging. Straightforward, no nonsense - we’ll definitely be back.”
— André

We treat every case like it’s our own mortgage — and it shows.

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🔐 Why Mortgage Tribe?

• We’re backed by Legal & General, one of the UK’s most trusted mortgage networks.
• We’ve helped hundreds of homeowners save thousands through smarter mortgage decisions.
• You’ll get one dedicated adviser (no call centres, no being passed around).
• We offer evening and weekend appointments to suit your schedule.
• We speak plain English, not mortgage jargon.

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📣 Ready to Stop Overpaying on Your Mortgage?

Join the 64% of UK homeowners already saving thousands by working with a real mortgage expert — not an algorithm.

👉 Book your free consultation with Mortgage Tribe today.
Let’s make sure your next mortgage decision saves you money, not costs you.

There may be a fee for mortgage advice. The precise amount will depend on your circumstances but will range from £395 to £500 and this will be discussed and agreed with you at the earliest opportunity.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage Tribe Limited, trading as Mortgage Tribe, is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority.

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