Manchester Mortgages contacted one of our Clients whose current fixed rate was due to end within the next 4 months as part of our ongoing FREE service to our existing clients.
Two years previously we had switched them to a new product with their existing lender the Halifax (Known as a Product Transfer) when interest rates throughout the market had increased considerably.
Our clients financial circumstances had changed for the better and they had also carried out substantial home improvements.
Their existing lender had provided a index valuation which our clients did not feel was accurate ( To low).
We then used their valuation and researched the market and it was identified that another lender would be prepared to offer a much better interest rate if the mortgage was to be switched over to them.
The Clients were not wishing to borrow any additional funds at this time but did indicate that they may be looking to move within the next five years
The new lender would provide a FREE valuation of the property, allow the arrangement fee to be added and would also pay the legal costs from transferring from the Halifax and if the clients did move home would allow the clients to transfer the existing mortgage ( Subject to Status) to avoid any penalties for early repayment.
The clients advised that they were happy to proceed with a five year fixed so they has the certainty of what the mortgage payments would be.
The Application was submitted to the lender and all the paperwork supplied to confirm income and expenditure. The Property was valued at the figure the clients felt it was worth and the mortgage offer was issued. All within 5 days.
The legal paperwork was completed by the solicitor appointed by the new lender and the remortgage was set to complete at the end of the clients current mortgage with the Halifax.
By switching to the new lender the clients were save a considerable amount from their current payment.
Manchester Mortgage are able to review whether it is more advantageous to remortgage to another lender or remain with your existing lender.
Please contact us on 0161 706 0242 or email info@manchestermortgages.co.uk and one of our experienced advisers will be able to provide the right solution for you.
