It is estimated that 32% of all mortgages still remain on their lenders standard variable rate…
Ok, so what does that mean??? – It means that 32% of all mortgage borrowers maybe paying too much interest on their loan and could be saving £100’s or even £1000’s per year.
Example: Manchester Mortgages were contacted by a homeowner in Bury, Manchester who were paying their lender’s standard variable rate which was 5.69%
After doing a full review of their personal financial situation the adviser from Manchester Mortgages was able to recommend a lender who would offer them a rate of 2.19%. Not only that but the lender would provide them with a Free Valuation of their home and would pay the legal costs for transferring their mortgage from their current lender.
The MONTHLY SAVING for the client was £149.58, saving them a total of £5,384.88 over the three years compared to if they had remained on the lenders standard variable rate.
Now they are clients of Manchester Mortgages we will continue to monitor their mortgage rate at the end of the three years to ensure they are always paying the most competitive rate for their circumstances.
Why do people Remortgage ?
There are lots of reasons for remortgaging including the example above. People also Remortgage for home improvements, Debt Consolidation (although serious consideration should be taken regarding this as the best option), Purchase a second property, to provide their children with the deposit for their first purchase or home move, the list is endless.
Why use a Mortgage Broker ?
A well established broker will usually have access to the ‘Whole of the Market’ ie. High Street lenders, Building Societies and Specialist Lenders that are not usually available to the general public direct.
They can do all the work for you saving you time effort and money and do not work within the constraints of a single lender who can only offer their branded products.
It may also be the case that you do not meet the lending criteria of a single lender because of Employment status, past credit history or expenditure.
Manchester Mortgages will establish with yourself which is the best lender for you. We will take away all the stress and time needed if you were to try to make arrangements yourself.
Anytime is a good time to review your mortgage even if your current deal isn’t due for renewal for 6 months or more.
Give Manchester Mortgages a call on 0161 706 0242 and speak with one of our experienced advisers. This phone call could save you £££’s, just like our new clients in Bury !!