The rapidly changing interest rates are confusing for customers. Now more than ever spending time in selecting the right advisor is key, a good mortgage broker who understands and cares about you as an individual is invaluable.
An example of this is how one of our Wirral mortgage brokers, Jon Currie, has helped one of his clients not just in securing the best deal initially, but in staying close to the client throughout his journey.
Jon called a client he’d previously advised who is on a 2-year tracker – the reason for selecting this product initially was the client being due a work-related bonus with a goal to pay a lump sum off his mortgage.
In a courtesy follow up call Jon remembered this and discovered that due to a downturn in the economy the client didn’t get his bonus, and is unlikely to in the future.
You don’t get that follow up unless you have a great broker.
Having thought about the options given the change in circumstances Jon suggested that we now change the deal to a fixed rate, currently the client has a 6.14% variable rate repayment mortgage with the client’s viewpoint being that rates will remain the same for the next few years.
As the loan to value ratio is favourable Jon has managed to find a deal with a brilliant rate of 4.5%.
The client now has 2 choices to make, both of which are really beneficial to him:
Jon has calculated that if his payments were to stay the same for the duration of the mortgage on a 4.5% fixed rate he would save: £1,248 x 12 months x 12 years, a massive saving of £179,712. (He’s on a variable rate so it may go up or down).
This is a perfect example of how selecting a good broker to deal with your mortgage is a long term not a short term decision.