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Stuck on Standard Variable Rate, Fixed or Discounted Rate Ending – What’s on Offer

Product Transfers are a lender led innovation, a good one, that have come to the fore in recent years. When a fixed rate or discounted, fixed term deal is coming to an end, it is typically the time you start looking around the high street lenders that are available to you, to see if you can secure a new deal. Ideally one that is equivalent to the one you had or better.

This practice was encouraged by intermediaries like us as why would you want to pay more than you need to pay for your mortgage loan, by defaulting to a lender’s more expensive standard variable rate(SVR). Consequently, we did and still do, switch borrowers from one lender to another to ensure you remain on a competitive rate. Good business for you and us.

There is an alternative to switching lenders and that is to consider a Product Transfer, simply switching to a new deal, with your existing lender, assuming it is on offer, which increasingly they are.

This can work for you as you remain paying less than SVR, it is a no worry transaction, quite quick and cheap to enact. We initiate a lot of them on our client’s behalf although many people simply do it themselves, by popping into their lenders nearest branch and getting it done.

Locked down as we are that is now not so easy for the public, with offices shut all over the country and switchboards overburdened with exceptionally long hold times. Whilst it is also true that in many instances, a product transfer may be a good solution, it is not always and switching lenders might still be better advice.

We can and do work remotely, with our e-business connections to lenders enabling us to work quickly and efficiently securing competitive deals for you without the hassle you might experience if you try to do it yourself.

So, if you are stuck on SVR, or your current deal is coming to an end, please get in touch, we will be delighted to assist.

Roger Lane

CEO: Charles Derby Mortgage Bureau

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