We were approached by an electrician who was looking to remortgage his home – a four-bed detached house in Cheshire.
Having reached the end of the initial rate period on his existing mortgage, he was keen to refinance onto a lower rate to reduce his monthly payments.
The client was under the impression that qualifying for a new rate with a different lender would be a challenge due to his self-employed status – this is not the case.
The majority of rates are available to both employed and self-employed individuals.
We were able to secure a very competitive tracker rate at 1.44%, saving the client just over £80 pcm.
Here are the details of the deal:
Property value: £300,000
Loan amount: £141,000
Rate: 1.44% term tracker
Term: 30 years capital and interest
Lender arrangement fee: £995
Mortgage payment: £442 pcm
Previous mortgage payment: £525 pcm
Consultant: Andy McOwat, 01625 416396
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25th April 2016