25/9/09 - For some months, a few of the smaller specialist lenders have been offering existing borrowers ‘golden goodbyes’ to assist them in remortgaging away to another Lender. This tends to be a cost effective way for the lender to lower their exposure and re-capitalise over exposed mortgage books, or so we are led to believe! In some instances, the incentive to the borrower to move away has been thousands of pounds. We are aware of some discounting by tens of thousands. The most recent, Rooftop mortgages are rumoured to be reducing mortgage debts by up to 15%! Quite simply, some lenders are happy to pay substantial amounts to say goodbye! Other lenders have waived early redemption charges on some loans to encourage borrowers to move their mortgage elsewhere. This fad seems to be on the increase and it is likely that more lucky borrowers will be receiving offers of a windfall in the near future, to move lenders. If your mortgage is a with a small specialist lender, who you know are no longer actively trading, a call to them could be very worthwhile and could decrease your mortgage amount, term and payments!
Whilst commenting on windfalls, don’t forget that tomorrow is AToM’s mortgage open day, in association with Mercury FM and Address Estate Agents! Do come along, bring the kids and have a free go at cracking the safe code. If you guess the correct code, £10,000 is yours! You can get free independent advice on mortgages available, especially to First Time Buyers, receive details of properties on sale in the local area and meet Chris Oxlade and the team from Mercury FM who will be playing tunes and creating ‘chaos’ outside the AToM office, in the Carfax, all day! Plus we have a colouring competition for the kids with the best of the day winning a £20 toy voucher!
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