Remortgage or Product Transfer in Devizes

When a mortgage product comes to an end borrowers face the decision of whether to opt for a product transfer with their current lender or whether to find a better deal by remortgaging with a different provider.  With interest rates having increased in recent years, customers who have enjoyed low fixed rates are now faced with significant increases so are keen to secure the lowest rate possible.  In addition, current uncertainty surrounding the economy makes the decision over fixed or variable rate and how long to fix a rate particularly difficult.

We recently helped our clients, Joanna and Peter*, with this process for their residential property and also for a Buy to Let property they own, both in Devizes.  As both products were ending at the same time our mortgage advisor, Ian, was able to advise on the best option for both properties. 

Ian recommended a product transfer for their Devizes Buy to Let property as this was the most competitive rate available. In addition to this, there was no financial assessment required, which was particularly important due to how mortgage lenders assess the rental requirements.  A 2-year fixed rate was chosen as this gave certainty over the repayments and because Joanna & Peter are considering selling this property in two years’ time.  Throughout the process, our mortgage advisor reviewed the current rates and moved the application to a different product when mortgage pricing reduced prior to the transaction completing.

For their Devizes residential property, our clients opted for a three-year discount product. It was important to secure the lowest rate possible due to the recent imposition of VAT on school fees, so although a fixed rate would provide certainty, Joanne & Peter prefer a discounted rate to take advantage of the expected Bank of England base rate reductions.

*names have been changed to protect our clients.

There may be a fee for arranging your mortgage. The precise amount depends on your  circumstances. The fee is up to 1% of the amount borrowed, and a typical fee is 0.4% of the amount borrowed

Your home may be repossessed if you do not keep up repayments on your mortgage.