Do you feel trapped in your current mortgage deal?

There is a lot of talk in the mortgage world on the number of mortgages that are currently on fixed rates which are due to expire in 2025 – it’s going to be a busy year for remortgages.

However, there are also far too many people who are on their lenders’ Standard Variable Rate, who should be looking to secure a better rate, either with their existing lender or a new one, which will save them a significant amount of interest. If you find yourself in this situation, you may feel that you have no chance of a remortgage due to your circumstances, but this is often not the case.

We were recently contacted by a potential client in such a situation. They had taken out their mortgage when they bought their home in 2004, on an interest only basis, using a lender that is no longer in the market. This meant that their mortgage had been taken over by another company, who did not offer new deals so, getting a better rate would mean applying to a new lender!

Due to some personal circumstances, they had a small amount of mortgage arrears from 3 years ago and thought this would mean they had to stay on the high standard variable interest rate that their current lender was charging. They were also worried that their mortgage was on interest only and they had no way of repaying it at the end of the mortgage term.

We conducted a full review and discovered the arrears were a one-off blip in what was, all-together, a strong application. Armed with all this information, we managed to secure them a new mortgage offer with a major High Street lender on a very competitive interest rate.

By doing this, we were able to move the mortgage onto a full repayment basis, meaning the clients know their mortgage will be repaid at the end of the mortgage term, and even managed to add a little extra for some home improvements, whilst staying within their monthly budget!

Needless to say, our clients are extremely happy with this outcome.

If you find yourself in a situation where you think you are trapped in your current mortgage, why not speak to one of our experienced, and award-winning advisors to see if there are any better options available, you just never know!

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.