Recently, we had a client who was mid-way through their mortgage application for a two-year fixed-rate deal. Most people assume that once an application is underway, the deal is done, and you just wait for completion.
But mortgage rates don’t stand still. While our client’s application was processing, their lender released a new, lower rate.
Because we were actively tracking the market, we spotted the reduction immediately. We crunched the numbers, switched them to the newly launched product before completion, and saved them £43 per month.
That adds up to over £1,000 in savings across their two-year term, all from a conversation that took just minutes. The best part? They hadn’t asked us to look. We just did.
This is our Mortgage Monitor in action.
We don’t just submit your application and sit back. We keep a close eye on the market throughout the entire process. If a better rate becomes available that could save you money, we factor in any fee implications and let you know if a switch makes sense.
Sometimes the savings are minimal, or a lender won’t allow a switch at that stage. But when it does work, the results are meaningful.
Why does this matter right now?
Mortgage rates have been moving quite a bit recently. With lenders cutting fixed rates and experts warning of ongoing volatility, the market could easily move in your favour while you’re waiting to complete.
That’s exactly when our Mortgage Monitor is at its most useful catching the savings that are easy to miss if nobody is watching.
What do you need to do?
Absolutely nothing. The Mortgage Monitor runs as standard for all our active clients. You don’t need to track the market, watch lender announcements, or even check in with us. That’s our job. If we spot something that could save you money, we’ll be in touch.
Want to know more?
If you’re currently in the process of buying or remortgaging, or if you’re planning to in the coming months and you’d like a broker who proactively looks out for your bottom line, we’d love to hear from you.
Get in touch with our award-winning he team on 01204 208 001 or drop us an email at office@barlow-irvin.co.uk.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.