As a brokerage specialising in complex cases, we pride ourselves on being able to find solutions for clients who have been let down elsewhere. I was recently approached by a married couple looking to remortgage with no early repayment charges (ERCs). Their previous broker had not communicated with them properly, giving them recommendations which turned out to be unviable, and generally providing a lower level of service than my client hoped for.
This was understandably frustrating. My clients—who were both successful individuals in their respective professional fields—owned a property valued at £1.5million. They were looking to remortgage an existing mortgage of £860,000, which was held with a high-street bank. This mortgage had reverted to the Standard Variable Rate (SVR), meaning he was paying over the odds in terms of his interest payments.
However, my clients also had plans to move to a larger and more expensive property within the next year, so they required a great deal of flexibility with this facility. Essentially, they needed a remortgage with no early repayment charges, so they wouldn’t be penalised if they did go ahead with the planned house move.
I was confident I would be able to assist with this remortgage. I approached a world-famous private banking institution to secure a pre-approved facility which would allow my client to secure not only their initial remortgage, but also the additional borrowing which would be required for the new purpose.
This lender’s holistic approach meant they could look at the full breadth of my clients’ profile, after which this bank was happy to offer a tracker mortgage at a rate of 2.09%, with no ERCs should my client carry out their plan to move to a more expensive property. This was an excellent result, provided in a timely and clear manner. Regardless of what your experience has been elsewhere, the Enness Mortgages team will always strive to provide a professional service and find you the ideal solution.
Clients taking out mortgages should always consider the necessary insurances, whether that be income protection to cover mortgage payments or buildings’ protection. For this case, as the mortgage payments are likely dependent on the salary of both husband and wife, the Enness Insurance team would recommend income protection, which you can read more about here. This could provide a proportion of monthly income in the event of illness or injury.