When it comes to reviewing your mortgage arrangements at the end of your current fixed rate you may feel that first point of call should be to your existing lender. After all they already know you and value your custom so they are bound to offer you a competitive deal…..Right?

Unfortunately this is not always the case and this is why you should always consult a mortgage broker that can research the entire mortgage market to find exactly the right deal for you.

One of our advisors Sameer Butt recently dealt with a client whose 2 year fixed rate deal at 2.89% costing £800 per month was coming to an end and the lenders default standard variable rate was 4.24%. Keen to ensure that they avoid a significant increase in monthly costs they spoke to their lender who offered a new 5 year fixed rate of 2.34% with a monthly cost of £737 on the face of it a decent saving each month.

To ensure that this was the best deal available they then spoke to Sameer who having ascertained their current circumstances was aware their property had increased in value moving into a lower loan to value band. This meant they qualified for a rate of 2.14% with their existing lender a further monthly saving.

Not content with this Sameer researched the whole of market and was able to find another 5 year fixed rate deal of 1.94% with a monthly payment of £703 a saving of £97 per month on their current deal and £34 on the deal offered by their existing lender. Over the 5 year term of the mortgage this is a potential saving of over £2000.

If your fixed rate is coming to an end, let us research the market for you so that you can be assured that you are not paying any more than you need to. We will do all of the work for you to potentially to save you time and hassle, and we will advise you through every step of the process. Due to our expertise and thorough knowledge of every lenders criteria you can be sure that when we recommend a lender we know you will meet their criteria.

The first step we will take is to review your existing lender, if it makes sense to stay with them, then there will be no charge from Bennison Brown. If there are better deals available from other lenders we will discuss the fees involved with switching from your current provider.

You may have an early repayment charge with your current lender and should check before re-mortgaging.