27/06/2023
With recent increases in the interest rates and the concerns I am coming across as to how much clients repayments could potentially go up, I felt it important to make people aware that they can usually (lender dependent) review their current mortgage deal up to 6 months prior to it ending,
If you read below the previous post I made earlier in the year you will see that most lenders will allow you reserve a rate now, however, a good broker will do their best to inform in a timely manner should the particular lenders rates drop prior to the new rate starting, thus giving you the opportunity to benefit should the rates go down.
Posted earlier in the year
The value of a broker, worth a quick read
Its good to surprise people. I RESERVED A NEW MORTGAGE RATE FOR SOME CLIENTS a few months ago, this was all set up to be applied when their new rate ended in the Spring.
MONITORING THE MORTAGE RATES I COULD SEE THAT THE LENDER HAD DROPPED SOME OF THEIR FIXED RATE MORTGAGES SINCE OUR FIRST APPOINTMENT, I took another look at the client's reserved rate and found that I could get their new rate even lower before the rate swap applied.
It was nice to call the client and tell them the news that they could have a new lower equivalent 5 year fixed rate with the same lender. There were no other changes or additional charges, it was simply the identified lower monthly payments.
When I added up and compared the total savings on their payments over the 5 years to the original rate I had reserved. It came out to over a whopping £2000. Wow!
It meant a lot to them, it certainly meant a lot to me. In the current cost of living crisis everything helps.
A GOOD BROKER WILL BE PROACTIVE
Contact me:
Mobile : 07760573059
Email : [email protected]
Website : Kingstfs.co.uk
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