They were keen to take advantage of the lowest interest rates ever, however, their current 5-year fixed rate deal didn’t expire until the end of August 2020. Oviso advisors, who are continuing to work remotely during the COVID-19 crisis, were able to secure an offer just two working days after receiving the initial inquiry.
Lee Mortimer, co-founder of Oviso Financial Services, explains: “Many people don’t realise that you can apply for a new mortgage up to six months before your current deal expires.”
“This means you can secure a great deal immediately yet still retain the option to completely change your mind and renegotiate again should something better come along in the meantime.
“The couple spoke on the phone for around 30 minutes with one of our advisors. It was decided the deal which suited their circumstances the best was a 5-year fixed-rate mortgage with the Nationwide at 1.44%,” commented Lee.
“We completed the application on their behalf and submitted it to the lender at 4.30pm that afternoon. That same evening they received a text message confirming that a valuation was going to be carried out on their property 48 hours later.
“Due to the issues surrounding the virus, a drive-by valuation was arranged and following its completion, the client received a mortgage offer.
“The deal we secured for the couple reduced the term of their mortgage by a staggering five years. Whilst the option they chose increased the monthly premium by £100, in real terms, it represented a saving of £32,595 as the new deal finishes five years earlier,” added Lee.
For more information about remortgaging and how our advisors can help manage the application process, from start to finish, why not get in touch today.
Your home may be repossessed if you do not keep up repayments on your mortgage.