Mortgage lenders have started to offer 'loyalty' rates to existing borrowers who have a decent amount of equity in their properties and who have a good repayment history.
If you are approaching the end of your fixed rate and have been approached by your lender offering you one of these deals, before taking any action, it would be wise to find out whether there is a better deal on offer from another lender.
A whole of market mortgage adviser will provide you with all the best offers currently on the market, many of which may not be on price comparison websites or advertised on the high street by banks and building societies.
It may well be a better course of action to switch lenders, although finding a better deal and presenting it to your existing lender puts you at a good stand point for negotiating with them. A mortgage broker is your best weapon here because they have established relationships with lenders and will be able to negotiate far more effectively on your behalf.
Don't just automatically accept any loyalty rate being offered by your existing mortgage lender; and don't settle with comparing it to other rates advertised on the internet; seek the advice of a whole of market mortgage broker and let them commence negotiations on your behalf and you could soon be enjoying even greater savings than you originally expected.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
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