04 June 2010

Are you eligible for a discount on your mortgage?

During the last few weeks, we’ve noticed a marked increase in customers approaching us having been offered a discount on their mortgage by their current lender to move to an alternative lender. The customers current lender may be one that has closed their doors to new business and which is looking to re-capitalise to bring funds back in-house. We have seen some mortgage customers who have been offered discounts of up to 30%! This is great for the customer, especially if they have had clean credit and have maintained repayments on all of their financial liabilities for more than twelve months. It is definitely worth exploring this route if the lender you currently hold your mortgage with is no longer actively trading. Up to 30% off your current mortgage amount could be very beneficial in the current financially strained climate.

Even if you have had financial issues, there are lenders who will look at your purchase or remortgage requests. One in particular, only directly accessible through a few mortgage distributors such as AToM, is ‘igroup’. A company owned and funded by the American giant GE. igroup recently re-launched their product proposition to the mortgage market for those who are employed. They are offering mortgages up to 75% of the property value for both first time buyers and home owners. Some of their products will allow for credit issues which happened more than 24 months ago, including CCJs and Defaults. Some of their products will allow for more recent issues and as a result, they reduce their offerings to 70% of the property value. However, with only a few lenders currently in this are of the market, they are one of the most proactive with rates starting from as little as 3.49% (APR of 5.1%) variable. They also have two and three year fixed rates available. Conditions apply.

There are other lenders who are active in this arena so, whatever your circumstances, do come in and see us, or call the number above for a free confidential conversation and see what options are available to you.

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