Its not all about the rate, what about the incentives offered by lenders?
In today’s world of lenders competing to attract new customers, there are an increasing amount of add on’s that can be very attractive. Look out for these as they vary such a lot between the lenders and potentially can save you a lot of money.
Many lenders are now offering free mortgage valuations for purchases and re-mortgages. These savings can add up to be worth hundreds of pounds.
Most lenders offer free legal services for customers switching there mortgage to them, again potentially saving hundreds.
For re-mortgages, lenders are also offering free valuation’s and free legal services. These combined savings can sometimes exceed a thousand pounds.
We have even seen the re-emergence of cash backs offered by lenders. Typically these are paid direct to the borrower on or just after completion and can be up to £750 or more.
The fee’s charged to secure a good mortgage product can vary between zero and sometimes up to £2,000. These are often called either arrangement fee or product fee. If these are added to your mortgage you will pay interest on them for the full term of the mortgage making what appears as a small cost into a very large one.
We are even seeing some lenders offering to pay the stamp duty for purchases, which potentially is a huge saving to the buyer.
I hope that you will find this informative as there are many ways to save money with a new mortgage and it pay’s to fully understand what to look out for in considering the most affordable way to either purchase a property or to re-mortgage your current property.
Please remember a consultation with unlimited advice is always free without any obligation at Westexe Mortgages, we do not charge any upfront fee’s for this.
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