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So why do I have to switch lenders to get a better mortgage interest payment?
Continue reading - if you have a mortgage, it will be rewarding. With the Bank of England speaking clearly about an interest hike, now is a good opportunity to check your mortgage interest and see what decisions you have. Particularly if you pay the "variable" because there are maybe some fancy mortgage details available these days.
From a historical perspective, creditors have not all tried particularly harshly to keep current borrower interest at low levels. A few creditors were better than others and warned you three month before the interest was due to expire that you would switch to the "variable" interest if you hadn't done something about it. Thus we all became either installment shoppers with all the installment shopping stuff or we accepted the variables and payed more than necessary.
Only very few creditors permitted independant consultants like us to help you modify your interest rates, you had to directly address the creditor. For how long should I adopt the new tariff? Shall I charge the creditor a handling charge to get a lower interest payment? Maybe no charge and a slightly higher sentence?
If I want to repay the mortgage in full or in part, what happens? Fortunately, the mortgage markets seem to be about to change. An increasing number of credit providers are enabling finance advisors to help their clients accept a new interest payment once the mortgage interest rates have expired. No longer do we have to be satisfied with "good enough" 4. Many creditors are paying us to organise your change of products, and if so, we don't bill you for our work.
The new tariff you select may include a premium on the products, so you may have to make a payment, but not to us. While not all creditors provide this option, most of the big creditors are, even some of the latecomers have heralded their intent to provide the option in the near-term.
Soon, those creditors who do not will be in the minority. Soon. Did you say "rising interest"? Yes, if you go along with the stock market, you will know that the market has fallen in September because Mark Carney said that interest rates could go up in the next few month. Contact us if you would like us to check your mortgage interest rates and we will be pleased to talk to you about the various possibilities!