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Millions of homeowners would be better off remortgaging to another lender

Aug 12 2013

With so many banks and building societies offering exceptionally low rates, millions of homeowners should consider switching to a new mortgage lender, according to research by Standard & Poor's. Their findings show that more than half of borrowers could save money by switching to a cheaper mortgage rate. Moneyfacts, the data comparison firm, says that the average standard variable rate is 4.87% and with best buy mortgage rates readily available below 2%, there are potentially huge savings to be made. This table may help you to decide how competitive your rate is:

Mortgage lender	Standard variable rate
Abbey	4.74%
Alliance & Leicester	4.99%
Chelsea B.S	5.79%
C&G	2.5% (Pre - June 1, 2010) and currently 3.99%
Halifax	3.99%
Nationwide Building Society	Old SVR 2.5% - New SVR 3.99%
Virgin Money	4.79%
Royal Bank of Scotland	4%
Scottish Widows	3.99%
Barclays/Woolwich	4.99%

What rates are available? Trinity Financial has access to some of the lowest rates in the market, for example, Halifax for Intermediaries is offering an impressively low two-year fixed rate at 1.89% and it has a £1,499 arrangement fee. The lender will pay the remortgage costs and the deal is available to a maxim of £1 million. For those looking for long term payment security, NatWest for Intermediaries has a five-year fix at 2.79% and it has a £995 arrangement fee. The maximum mortgage is £1.5 million. Tips to secure a better mortgage rate:

Call your existing lender to find out what the lowest rate is that they will offer you to stay with them.
Research the market to find out if you can get a more competitive rate.
If you have savings, ask your bank how much money you need to pay off of your mortgage to qualify for a lower rate and a better loan-to-value banding.
If you are switching to another lender, ensure they are offering a contribution to the property valuation and legal fees.

If you would like help to switch to a lower rate, call Trinity Financial on 020 7016 0790. August 12, 2013

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Millions of homeowners would be better off remortgaging to another lender

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