Remortgage with Manchester Mortgage Brokers - Case Study
Remortgage today and start saving money on your mortgage
Eric Ballantyne, from Stockport, had heard through a friend about North Mortgages and wanted access to the best mortgage advice and cheapest mortgage deals available in the UK. After one of our mortgage experts spoke to Eric, we established that he was paying a variable rate of 7.34% with the Halifax on his mortgage balance of £145,000. This mortgage was a repayment mortgage and had 23 years left remaining on the term.
Paying the lenders Standard Variable Rate meant Eric was on a high rate of interest which consequently meant his monthly repayments had jumped up considerably. It was obvious to us that if he re mortgaged, he had the potential to save a lot of money and reduce his monthly mortgage payments. Eric told us that the following points were of the up most importance to him with regards to his future mortgage.
- Minimal or No Lenders Arrangement Fee
- Free Legal Fee's
- The ability to overpay
- The ability to underpay
- No redemptions fee's after the rate period had ended.
After assessing Eric's needs his mortgage broker at North Mortgages recommended that he took a 2 year fixed rate deal with the Northern Rock set 3.99%, that's a massive 3.35% lower than Eric's previous SVR rate.
After 2 years of the deal there are no early repayment charges, leaving Eric free to shop around next time for another great deal. Eric can also make up to 10% of his mortgage balance in overpayment's. And if he's previously overpaid he can underpay by the same amount.
In summary all of Eric's priorities were met with the remortgage, and with the difference in interest rate he saved himself a £291 a month!
Eric said "I'm not a financial expert so it imperative that my adviser explained all my options in plain English so i could make the right decision for me. After a quick phone call to discuss my options, it was easy to make a decision, after all I'm saving nearly £7,000 over the 2 years, which is basically my new card paid for at no extra cost. I can't recommend North Mortgages enough, they know the market better than anyone and I can relax knowing when its time to remortgage again, I'll be getting access to the best deals from the whole of the market"
For more information see the following resources from Manchester Mortgage Brokers:
