|Loan Amount||Rate||Term||Monthly Cost|
|Standard Variable Rate||£100,000||4%||25 Years||£528|
|Current Deal||£100,000||2%||25 Years||£424|
In this example reverting to the lenders SVR would cost the borrower an additional £84 per month.
For example if you are only borrowing £50,000 paying a £2,000 fee to secure a 2% fixed rate product over a 2 year period would end up costing more than taking a 3.5% fee free mortgage deal. In cases such as this paying the fee would only benefit those who wanted to borrow a significantly larger sum.
You also need to consider the fact that you may not qualify for the best rates on the market due to criteria laid down by the lender, for example your LTV ( Loan to Value ) or your earnings combined with a range of other factors may make these products unavailable to you. This could lead to you wasting a lot of time applying for products that you have no chance of getting accepted for.
Our mortgage brokers utilise the latest software to search through a comprehensive list of lenders and use their knowledge and experience to select the most appropriate re-mortgage deal for you. Contact a mortgage broker today and we will assess your situation free of charge saving you time hassel, stress and money.