Jade Pinkerton saved her client over £40,000 in mortgage fees. Read on to learn how to avoid early repayment charges too.
Our client, found himself at a crossroads. Eager to move to a new home, he was hindered by his existing mortgage terms. While enjoying a remarkably low-interest rate of 1.38%, he faced the grim reality of early repayment fees amounting to a staggering £44,800. With the prevailing market rates hovering around 4.55%, breaking the mortgage contract early seemed financially unjustifiable. So is there a way how to avoid early repayment charges?
Client Profile
– Mortgage Outstanding: £850,000
– Interest Rate: 1.38%
– Time Left on Fixed Deal: Approximately 2.5 years
– Objective: Move Home Without Sacrificing Low Rate or Facing Early Repayment Fees
Additional Challenges
- Change in Employment: The client had recently transitioned to a new company, complicating lender approval processes. Furthermore, demonstrating a consistent history of bonus and commission income became challenging due to the lack of a two-year track record with the current employer.
- Significant Outgoings: The client’s financial obligations included hefty private school fees and maintenance expenses, which strained their mortgage affordability. The lending landscape had evolved since their initial mortgage application, making it imperative to reassess their financial standing.
The Solution
In stepped Jade Pinkerton, our seasoned mortgage broker, armed with a keen understanding of the industry and a strategic approach to problem-solving.
- Thorough Analysis: Jade conducted a comprehensive review of our client’s financial profile, identifying areas of strength and potential obstacles.
- Strategic Planning: Recognising the impending financial commitments, Jade meticulously devised a plan to mitigate costs and negotiate favourable terms with lenders.
- Personalised Negotiation: Leveraging her extensive network and relationships within the banking sector, Jade engaged directly with key contacts to secure discretionary allowances. She advocated for our client on multiple fronts, including affordability assessments, loan size considerations, porting eligibility, and preservation of interest-only terms.
The Outcome
Thanks to Jade’s astute negotiation skills and strategic foresight, our client emerged victorious. Not only did he retain his coveted low-interest rate, but he also sidestepped the daunting prospect of hefty early repayment fees. The result? Enhanced financial stability, long-term security, and the freedom to embark on his new homeownership journey without the burden of financial constraints.
This success story really highlights the profound impact of expert guidance and strategic negotiation when it comes to mortgages. In a landscape of complexities and challenges, Jade Pinkerton’s expertise proved invaluable, saving the client tens of thousands in fees while securing an unbeatable interest rate.
Reach out to our team and discover how we can help you navigate the intricacies of homeownership with ease and expertise.
