When David bought his home five years ago, he secured a five-year fixed mortgage rate of 3%, taking advantage of the competitive rates available at the time. With his fixed-rate term coming to an end, he knew he needed to act quickly to avoid moving onto his lender’s standard variable rate, which would significantly increase his monthly payments.
David had been following the news and was aware that mortgage interest rates had increased over the past few years. Concerned about the potential rise in his monthly repayments, he began exploring a remortgage deal online. However, he quickly became frustrated with the complexity of the process and the rates available.
That’s when David reached out to Helen Ferneyhough Associates for expert mortgage advice.
Understanding David’s Remortgage Position
When speaking with an advisor, David shared his concerns about rising rates and affordability. However, after reviewing his mortgage situation in detail, Helen Ferneyhough Associates identified several key factors that worked in his favour:
- Over the past five years, David had paid off a significant portion of his mortgage, reducing the outstanding balance.
- His property had increased in value, meaning his loan-to-value (LTV) ratio had dropped below 50%.
- Lower LTV ratios often give borrowers access to better mortgage rates, as lenders see them as lower risk.
These factors meant that David was actually in a much stronger position than he initially thought.
Securing the Right Mortgage Deal
Rather than relying on generic comparison websites, Helen Ferneyhough Associates conducted a comprehensive market search to find the most suitable mortgage deal based on David’s financial position.
Despite the fact that general interest rates had risen, his low LTV opened up a better remortgage deal and products that were not widely advertised online. The new rate offered by his broker meant that David’s monthly repayments remained lower than they had been on his previous fixed-rate deal—a result he hadn’t expected.
“I was shocked to find that I could secure a better deal than I had previously when interest rates were much lower,” David said. “It was a pleasant surprise, and I’m so pleased I sought expert advice to help plan for my situation. I couldn’t recommend Helen Ferneyhough Associates any higher.”
The Benefits of Seeking Expert Advice
David’s case highlights how working with an experienced mortgage broker can help borrowers access s better remortgage deal than what is available online. Many lenders reserve their most competitive rates for brokers, meaning that without expert advice, borrowers may not always find the best options themselves.
At Helen Ferneyhough Associates, we:
- Assess your financial position thoroughly to determine the best possible mortgage products.
- Search across a wide range of lenders to find deals not always advertised directly to consumers.
- Guide you through the remortgage process to ensure a smooth transition with no unexpected costs.
If you’re coming to the end of your fixed-rate mortgage term or want to explore better remortgage options, get in touch today for expert advice tailored to your situation.
Important Notices
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £1500, and this will be discussed and agreed with you at the earliest opportunity.
Your home may be repossessed if you do not keep up repayments on your mortgage.
