Having taken a competitive mortgage deal 2-5 years ago most lenders rely on your lives being too busy to notice the change from this low rate to their much higher Standard variable rate (SVR).
Lending guidelines are constantly changing and the Mortgage Market Review (MMR) has created a far more draconian underwriting scenario.
Reviewing your mortgage arrangements 2-3 months before the end of your competitive mortgage deal is an essential pre-requisite of good financial planning.
It may be viable to transfer to a more competitive product with the same lender. It may not be possible to transfer to a product with your existing lender at the end of your fixed or discounted rate period because you no longer fit the lending criteria due to changes in lending policy.
Alternatively re-mortgaging to a new lender will be one of options available to consider. There are many reasons people decide to re-mortgage e.g to secure a better rate or to release additional capital, plus many more.
Whatever your goals, re-mortgaging away from SVR will, in most cases significantly reduce your monthly repayments or possibly be a more cost effective way to generate additional funds. In recent years re-mortgaging has become more popular as more borrowers have recognised the benefits and are more financially savvy.
At One Stop Finance we source the most competitive rate taking into account your circumstances and current market conditions in the least possible time.
One Stop Finance is a mortgage broker who offers a whole of market service; whether that is High Street lenders, broker only lenders, Private Banks, Offshore lenders, small building societies or specialist loan providers. As part of the Quilter network, we have access to exclusive products which aren’t available on the high street, which can make a real difference.
All our professional advisers are here to act for you, first and foremost, to help you choose the most suitable mortgage, and guide you through the process with ease.
Our Advisers and support staff are here to help smooth process from start to finish.
For more information on re mortgages, please call us on 020 8441 2605 or 01442 232 272. Alternatively click here for our enquiry form.