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Unfortunately loyal clients who haven’t reviewed their loans recently are being disadvantaged.
Reasons for this include a lot of lenders now offering stronger discounts to attract new clients, and in some cases certain lenders also repricing their back books.
To get the best rate it pays to shop around, and also to refinance from time to time, however the worrying fact is that a lot of borrowers may be restricted in their ability to refinance now (due to their homes declining in value, interest rate hikes, etc.) – hence the concept of ‘mortgage prisoners’.
Today Ian and I discuss why it can be more difficult to qualify for a loan now, and what it means for borrowers who want to ensure they’re not overpaying.
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The Long Property Show provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Nothing in the Long Property Show constitutes legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
