Our client saved thousands when buying a Wimbledon mansion!
In the highly sought after Wimbledon real estate market, our clients embarked on the journey of purchasing a £5.4 million residential property with a substantial £2.2 million mortgage over a 22-year term. Focused on minimising their mortgage payments, our clients engaged with us, seeking the best possible interest rates to ensure financial comfort throughout the payment period.
Initial Rate For Property In Wimbledon and Market Conditions
Our clients came to us through recommendation to help them purchase their dream home in the most cost effective way possible. Initially securing a mortgage at a rate of 4.87%, deemed the best on the market at the time, our clients were already on a promising trajectory in a turbulent rate market. However, being vigilant in the fluctuating mortgage landscape, we made it our responsibility to keep up to date with rate changes and to help our clients continue to secure the best rate available, should it change prior to them completing the purchase.
Rate Changes
Through our proactive approach and our own close connections with UK mortgage lenders, we successfully negotiated rate changes four times between the initial offer and the completion of the mortgage process for our clients. This strategic manoeuvring of mortgage rates allowed us to secure progressively lower rates, transitioning from 4.87% to 4.59%, then 4.44%, and finally settling at an impressively low 4.43%. Something that our clients were absolutely over the moon about.
Substantial Monthly Savings
Each rate adjustment contributed to substantial monthly savings for our clients. The series of rate changes ultimately resulted in a monthly reduction of almost £300 in mortgage payments. Or almost £3,600 a year just by reducing the rate by 0.45%.
Strategic Use of an Interest-Only Loan
In addition to the interest rate changes we managed to negotiate for the clients, we also explored and successfully arranged an interest-only loan for our clients. This move, although not advisable for every borrower, further lowered their monthly payments, aligning with their financial goals and preferences. The combination of lower interest rates and the interest-only structure reduced the overall monthly payment for our clients by almost £5,000 a month. Or a whopping £60,000 a year.
Client Satisfaction and Financial Empowerment
Our clients were not only thrilled with the savings achieved but also appreciated the financial flexibility afforded by the interest-only mortgage arrangement. The collaborative efforts of our experienced advisors and administration team ensured that our clients not only secured the best possible mortgage rates but also crafted a bespoke financial solution tailored to their specific needs.
Speak To a Mortgage Advisor in 2024
As mortgage experts, we pride ourselves on navigating the complexities of the market, optimising terms, and empowering our clients to achieve their financial objectives. If you’re considering a property purchase in 2024, why not take the opportunity to speak with our knowledgeable team for a personalised and strategic approach to your mortgage needs. Your financial goals are our priority, and we’re here to guide you through every step of the journey. Call or email our team today to arrange a fee free initial mortgage consultation. We are here to help.
