• Speaking only to their existing lender/bank. Every client’s circumstances are different and no one lender will be right for you all of the time. Some lenders offer existing customers much higher rates than they do when attracting new clients.
  • Not planning in advance. Many scenarios that cause homeowners problems when remortgaging can be avoided with a little foresight. Going self employed 4 months before your fixed rate is due to expire would be a good example!
  • Focusing only on monthly payments. A lower rate repayment mortgage decreases quicker than that with a higher rate. If you look only at the monthly payment you are misleading yourself. Brokers have sourcing systems that allow for this. We also take into account any fees or cashbacks and ensure that you genuinely have the best value product.
  • Leaving it too late! Most standard variable rates (SVR’s) are north of 4%. (based on November 2018 rates) If you default to this rate even for a short period of time it can cost hundreds or thousands of pounds in unnecessary interest payments.
  • Running the term for longer than necessary. If all other factors are equal then the shortest mortgage will be the cheapest mortgage. Your broker will be able to advise you of the pros and cons and whether the lender with the best product will allow you to reduce your term.