November 3rd, 2020.
Case Study: Avoiding a Standard Variable Rate Mortgage
In these tough economic times, Pure Wealth’s team of mortgage specialists continue to use their experience to save people money and keep their finances in check.
This month, mortgage adviser Jodie Beck received a call from a new client who contacted Pure Wealth as their interest rate was coming to an end and they had received a letter from their mortgage company stating they would be moving onto the standard variable rate.
Why Avoid a Standard Variable Rate Mortgage?
Despite the standard variable rate in 2020 falling throughout lockdown, moving to a standard variable rate mortgage can still be considerably more expensive. For this client, the change meant their mortgage payments were more than doubling, and they would struggle to afford the new premium.
Finding a New Mortgage
The client was understandably eager to secure a new, lower-rate mortgage, so Jodie researched the options available. Following a fact-find, Jodie sourced the best product based on the client’s specific objectives. One of these objectives was that they required no early repayment charges as they were planning to move in the next 12 months. Jodie put the client at ease and explained that even based on this unique scenario, there was no need to stay on the higher standard variable rate of their current mortgage.
Securing the Best Mortgage Deal – Fast
Jodie submitted a new application to a lender at lunchtime. Then, based on the comprehensive fact-find and notes from the adviser, the lender undertook an electronic valuation in the afternoon and provided a formal offer by close of business the same day.
This is a great example of how Pure Wealth and Jodie used industry knowledge and expertise to save our client hundreds of pounds a month, in a very short space of time.
Due to current working restrictions, mortgage companies are currently quite often taking longer to deal with requests. However, our advisers ensure they remain up-to-date with the markets, and pass this valuable expertise and knowledge onto our clients.
The Cost of a Mortgage Could Be Lower Than You Think
If you would like to review your borrowing to ensure you are on the best deal, please contact Pure Wealth on 02922 671 957 or email email@example.com