With many lenders’ Standard Variable Rates (SVRs) now at historic lows, more and more borrowers have elected to stay where they are rather than remortgage to an alternative lender with am ore expensive rate. However, some lenders have already increased their SVRs, so they may not be as competitive as you think they are. Also, as the best fixed rates have fallen recently and with the economic outlook as uncertain as ever, it could be the right time to consider protecting your mortgage against future rises in interest rates.
Many UK homeowners are caught in a trap. They would like to remortgage, maybe to borrow some additional funds, but they are unwilling to give up their historically low Standard Variable Rate or lifetime reversion rate. A second charge may well be the answer. This enables you to borrow extra money without having to switch lender and lose your excellent rate.
As an independent mortgage adviser, John Charcol will always need to speak to you on the telephone or at a face to face appointment at some point in the mortgage advice process. However, we appreciate that time is precious and that it is sometimes easier to start the process by email. Because of this we have provided a preferred method of contact option below.
So, if you can find the time for a brief 5 minute call to start then we strongly recommend you give us a call. We very much look forward to hearing from you soon.