Case Study –Remortgage | Significant Interest Saving

Property Value	£700,000
Loan Amount	£316,000
Location	London
LTV	45%
Achieved Rate	5.42%
Completed	October 2022

The Client

We initiated communication with our client to inform them that the term of their mortgage was approaching its conclusion. Understanding that our client, a busy barrister, had limited availability, we extended every effort to accommodate their schedule. Despite the delay in response, we were able to engage with them the day prior to their mortgage switching to the bank’s Standard Variable Rate (SVR), which would have resulted in an approximate rate increase of 5 percentage points.

The Solution

Upon receiving the request for assistance from our client, we promptly intervened and negotiated a new rate with their current lender. Despite the lender's typical processing time of two weeks from the point of application to issuing the mortgage offer, we were able to secure an agreement to backdate the interest added to the client's account to the date of the offer. As a result, our client was able to avoid incurring the lender's variable rate of approximately 6.49%, resulting in significant savings on mortgage interest.

The Henry Dannell Difference

We took swift action and were able to secure our client a more favourable rate, which prevented him from incurring higher interest rates as a result of missing the opportunity to lock in a rate earlier.