Anyone that doesn’t fit standard lending criteria could be set to save thousands on their mortgage costs, following the launch of the first fee assisted remortgage offer from The Mortgage Lender.
Borrowers who have complex finances, such as multiple income sources including rents, contract workers, self employed and those with less than perfect credit histories, could benefit from lower mortgage payments and save on upfront fees, thanks to new fixed rate remortgage deals.
The 2-year fixed rates are available on loans up to 85% loan-to-value, with rates starting from 3.41%.
Pete Thomson, sales and marketing director, at TML said:
“When remortgaging, the up-front costs can be a barrier for some. We’ve broken that barrier down. The question is now very simple – will my repayments be cheaper?
“Lots of homeowners have seen their situation change while they’ve been on their existing deal. Now, because they’ve become self-employed, taken on a second job, are paying school fees or maybe have some credit issues, they think they’ve got little choice but to just sit on their current lender’s expensive Standard Variable Rate.
“That doesn’t have to be the case and they could save thousands of pounds in just two years, which they could be putting to other uses.”
With no arrangement fee, free standard legal services, refunded valuation fee and no application or telegraphic transfer fees, the deal could save borrowers over £2,500 in up-front fees over the initial 2-year fixed period in addition to lower repayments worth thousands of pounds, compared to staying on a Standard Variable Rate (SVR):
* 75% LTV, £250,000 loan, 20-year term
|The Mortgage Lender||3.41||£1,438|
|SVR %||Monthly Repayment||Saving over two years|
For full product details please visit our website.