CASE STUDY
Do you dread the thought of remortgaging? It’s easy to put off, just like renewing car insurance, but with potentially bigger financial consequences. Unlike a simple comparison site search, remortgaging often involves complex factors and tight deadlines. This is where a mortgage adviser comes in.
In this case study, we’ll show how our expert adviser, Hasan Acik, helped a client secure their ideal remortgage solution amidst a challenging market and a ticking clock.
The Challenge
We’ve all been there in one way or another – an insurance renewal, a remortgage – it’s another task to complete in your already busy schedule. Even knowing sticking with the existing provider is going to increase our monthly payments, we can all get caught short and leave it right till the last minute. This was exactly the situation our client faced – an existing rate rapidly nearing its expiry and an urgent need to arrange a remortgage to a more competitive product.
Not just a comparison site
Now unlike a simple car insurance renewal, a remortgage can present a few more challenges and isn’t quite as simple as taking to a comparison site.
For our client, this was certainly the case. A tight window to secure a deal, the rising cost of living, and a desire to secure a longer-term solution to maintain his current lifestyle and budget for unexpected expenses. Definitely not a product you’ll easily find by taking to a comparison site.
To add to the already challenging situation, current volatile market conditions were impacting lender service times and causing significant delays in arranging surveys. Not ideal for a swift solution.
Exploring the Options
With time being of the essence, we searched the entire mortgage market for suitable lenders and products. But good news quickly arrived. A lender emerged with a highly competitive option, offering a like-for-like remortgage with an extended term fitting our client’s needs.
We proceeded to swiftly collate all other suitable options and provide our client with a detailed options document outlining the pros and cons of each product, allowing them to make the most informed decision fitting their circumstances and objectives.
Securing the Ideal Solution
After carefully reviewing and discussing all options presented, our client prioritised stability and opted for a two-year fixed rate. This option provided peace of mind allowing him to potentially benefit from future rate drops upon renewal.
When it comes to a remortgage, the cheapest rate may not always be the ideal solution with other factors to consider. With anything, your circumstances and long-term objectives will shape the ideal outcome and working with an experienced adviser can help to better understand what best suits your needs.
Hasan Acik, our expert Mortgage Adviser, commented: “With a stigma attached to the name ‘mortgage adviser’, it’s often difficult to convey the value we can add to what may seem like a simple solution. This case was a fine example of the benefit having us in your corner can make. We were thrilled to deliver an outcome that met our client’s objectives even in the face of tight deadlines and a difficult market.”
Going Beyond the Mortgage
We understand the stress involved in securing a mortgage and we work with you to alleviate that stress, liaising with all parties on your behalf to ensure a swift solution meeting your objectives. But for us, it doesn’t end there, as will be the case for this client, his new deal will expire in two years and we’ll be on hand to present the next best options fitting his objectives and perhaps a whole new set of circumstances.
For support securing your remortgage, please feel free to contact our specialist team.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
