Customer Success Story: An Extra £1500 a Year

Earlier this week, I met with a customer who had a mortgage with Halifax. Since the crash of 2008 he hadn't reviewed his mortgage because his income had reduced and he didn't think anyone would help him as a result.

So, rather than taking advantage of the lowest rates in history that we're experiencing today, he paid the standard variable rate with Halifax which is currently 3.74%. (previously 3.99%)

He was right that we couldn't find another lender to take over the mortgage, but Halifax agreed to move him to a new rate of 2.19% with no costs or fees.

This saved him £1,500 a year, equal to a month’s earned income.

I saw him on Tuesday evening, the application was completed and a mortgage offer received by 10.30am the following day and his new rate is set to kick in on the 1st of November.

So in less than a full day's work, we saved this client £1500 per year.

Can you imagine how happy our client is? Even though the Halifax interest rate wasn't the best rate available in the mortgage market, it was the best rate we could find for this particular customer - which is why it's crucial you speak to a whole of market broker.

I was astounded by a recent survey which suggested that many people in the UK don't want to review their mortgage because:

• Their income has gone down since taking out the mortgage.

• They think the rate they have is good.

• They think nothing can be done.

• It’s too complicated.

• They will lose the mortgage they currently have and have to leave their home.

• They are on interest only which is now unavailable.

• They have had credit issues in the past.

• Their bank turned them down.

In reality, these concerns are unjustified and in some cases simply untrue. If any of these justifications ring true with you, it's time to take action.

Can you relate to this customers situation? There are lenders ready and willing to help people that are overpaying on their mortgage.

All of our initial consultations are free of charge and obligation, there's no harm in talking to an adviser to find out if they could help you, but there could be a lot of upside.