Borrowers paying more money than necessary because they are not checking they have the cheapest mortgage rates
It is important borrowers check to ensure they have their lenders cheapest mortgage rate before they purchase a property or remortgage.
If a client has a mortgage offer in place and a lender lowers its rate it is often possible to fill out a form or send an email to switch to the cheaper deal.
Over the last few weeks some of the biggest banks and building societies have lowered their fixed-rate mortgages three or four times. Over the last two or three months, there have been a lot more changes.
Aaron Strutt, product director at Trinity Financial, says: “If you have had your mortgage offer for more than a few weeks call your broker or check the lender's website to see if the rates have come down. You could easily end up paying much more than you need to if you don't.
"If you have a larger mortgage or you are taking a five or ten-year fix then this is particularly important. One of our brokers saved a client with a large mortgage nearly £30,000 in interest by swapping his five-year fixed rate three times because its rates had been lowered.
"We swapped the rate for one of our clients with a Barclays mortgage offer four times over the last six weeks while he was waiting for his purchase to go through."
Product transfer rate changes
The lenders are making it easier to secure product transfer remortgages up to six months in advance but borrowers typically need to wait until the fixed rate expires before they can lock into the new deal. If this is the case, the lender's rate could have come down quite a few times.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
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