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Mortgage advisor Grimsby helps you in comparing mortgage products
If you have recently opted for a fixed-rate mortgage deal and now repenting your decision, you have not lost out completely. Get in touch with a mortgage advisor Grimsby who can help you in finding the right solution. Your mortgage broker Grimsby should be knowledgeable enough to advice you the right steps to take to change the situation in your favour.
Before making any decision you should enquire about your early repayment charge or ERC. It is a fee that a lender includes in their mortgage products to restrict you from remortgage. In some situations, paying the ERC is better if the saving you make in terms of interest and total capital to be paid off is higher. Your new lender may allow you include the fee within their new mortgage amount. You can initiate the process with the help of your mortgage broker Grimsby. They can take you through the entire process by explaining the details making it easier for you to understand. Do not go by attractive rates advertised by the lenders, unless you are sure of their fees and other associated costs. So, look for the best overall proposal considering both rate and the fees.
For example, 2-year fixed rates, then there are lenders (banks) offering deals at 0.99%. They have a fee of £1,499. On the other hand, there are building societies that have interest rate at 1.69% but no additional fee. These societies also offer legal work and free valuation of your property for remortgage. For both the deals, the loan-to-value or LTV ratio in 65%. Again, some societies will charge you at the rate of 1.4% when you approach through a broker and the LTV will be 75%, and a fee of £800 will also be there.
For 5-year fixed rate deals, we have found out deals from building societies at the rate of 1.89% when the LTV is 50% and the fee is £999. Some banks are offering a rate of 1.99% with a fee of £995 and an LTV of 60%.If you want to fix the rate for 10 years, you will find building societies offering a rate of 2.39% and the LTV is 50% in addition to a fee of £999. When the rate goes up 2.65% the fee goes up to £1,499 and the LTV is 65%.
So, as you may have understood the process of comparison can get quite complicated and your mortgage broker Grimsby may help you in understanding the full impact of such deals on your finances. Your lender may also insist on using the service of their in-house advisor, stating that the rate may go up otherwise. But, you should be aware of the fact that this is against the law. Therefore, you are free to choose your mortgage advisor Grimsby and follow his/her advice. They will be able to answer your queries and on the ideal size of your mortgage. If you are self employed or having a bad credit score your advisor will be of great help with delivering the best suggestions. Search the Internet for the best advisors near you and go through their reviews to find if they have a pool of satisfied clients.
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