Our New Deal Mortgage service helps clients (existing or new) go onto the best new deal with their current bank or building society. We do not charge any fees for this service and it is not possible, even direct with a lender, to switch to a new mortgage deal cheaper than with us. A customer might get the same deal elsewhere, but they will never be able to get the same deal cheaper, guaranteed. Each customer can have up to 15 minutes on the phone with an adviser, free of charge, to discuss which option is best for them.
If we then feel a new lender on the open market is more suitable and can offer a better new deal (and you have available time) then one of our brokers will help the customer move their mortgage to a new lender and a new deal. At this point a broker fee maybe payable. However, this would only happen if this was the best advice for the customer. We are authorised by the Financial Conduct Authority and all recommendations are accountable.
Time is a remortgage customers friend. If you run out of time (normally under three months before your current deal ends) you will be struggling to switch lenders. This is because the switch will normally involve financial underwriting, a valuation and legal services.
Loan-To-Value (LTV). Most customers accept the lenders current Automated Valuation (AV) at their mortgage renewal date. But customers may have carried out home improvements (painting and decorating, a new kitchen, for example) and this will have increased the value of the property. The only problem (for the customer) is the lenders computer system does not know this and the more equity you have in your property the better the interest rate your lender will offer you. We can help to make sure the lenders computer system is accurately valuing your property and you are getting the best interest rate available.
New Deal is a registered trademark (UK00003477432)