Keeping your options open when remortgaging

Keep your options open when remortgaging

Manchester Mortgages received an enquiry from a new prospective client advising that they were looking to Remortgage their property to obtain a better interest rate then what their current lender was prepared to offer.

Although they liked the house they currently lived in they were also looking to move within 12 – 18 months as their family got older and were keen to ensure that their went to the school of their preference.

They understood when they moved that they would need to increase their mortgage borrowing and therefore didn’t want to have any penalties (Early Repayment Charges) should they sell their property.

The Mortgage Adviser at Manchester Mortgages carried out a full review of their current mortgage and their borrowing capability and also what they may be able to borrow in the future should they buy another property.

remortgage options

The Mortgage Adviser at Manchester Mortgages was able to recommend a couple of options which would be available to them.

The 1st option was a fixed rate for two years ensuring that the mortgage payment would remain constant during that period with the option to pay off the mortgage without any penalties should they move. In addition the lender would carry out a free valuation of the property and pay the legal fees for transferring the mortgage. There was a fee charged by the lender but the clients were able to add this to the loan.

The 2nd option was a Tracker Rate which was linked to the Bank of England. However, if the interest rate was increased by the Bank of England the rate would increase meaning an additional monthly payment so not giving them the certainty of their monthly mortgage payment. The Lender would provide a free valuation of the property and pay the legal fees for transferring the mortgage. However, there would be no fees whatsoever charged by the lender meaning it would cost the client nothing to change the mortgage lender and save money from their existing lenders normal lending rate.

The client then met with the Mortgage Adviser from Manchester Mortgages and a full application was submitted to the chosen lender, The Property was valued and the Mortgage was offered. The Client then completed all the relevant paper work with the appointed solicitor and was transferred to the new lender all within 4 weeks.

So if you are looking to see what your mortgage options are whether you are a First Time Buyer, Home Mover or just wishing to obtain the best rate on your current property contact Manchester Mortgages on 0161 706 0242 and speak with one of our industry experienced advisers.