Millions of homeowners would be better off remortgaging to another lender
What rates are available?
||Standard variable rate
|Alliance & Leicester
||2.5% (Pre - June 1, 2010) and currently 3.99%
|Nationwide Building Society
||Old SVR 2.5% - New SVR 3.99%
|Royal Bank of Scotland
Trinity Financial has access to some of the lowest rates in the market, for example, Halifax for Intermediaries is offering an impressively low two-year fixed rate at 1.89% and it has a £1,499 arrangement fee. The lender will pay the remortgage costs and the deal is available to a maxim of £1 million.
For those looking for long term payment security, NatWest for Intermediaries has a five-year fix at 2.79% and it has a £995 arrangement fee. The maximum mortgage is £1.5 million.
Tips to secure a better mortgage rate:
- Call your existing lender to find out what the lowest rate is that they will offer you to stay with them.
- Research the market to find out if you can get a more competitive rate.
- If you have savings, ask your bank how much money you need to pay off of your mortgage to qualify for a lower rate and a better loan-to-value banding.
- If you are switching to another lender, ensure they are offering a contribution to the property valuation and legal fees.
If you would like help to switch to a lower rate, call Trinity Financial on 020 7016 0790.
August 12, 2013
With so many banks and building societies offering exceptionally low rates, millions of homeowners should consider switching to a new mortgage lender, according to research by Standard & Poor's. Their findings show that more than half of borrowers could save money by switching to a cheaper mortgage rate.
Moneyfacts, the data comparison firm, says that the average standard variable rate is 4.87% and with best buy mortgage rates readily available below 2%, there are potentially huge savings to be made.
This table may help you to decide how competitive your rate is: