Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 3 weeks ago 35
I recently want to change an existing BTL mortgage product. The mortgage in question had completed a fixed term and reverted to the standard rate and I wanted to take advantage of the low fixed rates on offer and fix the mortgage rate for 5 years.
In the past I have always contacted the lender direct and arranged it with minimal cost.
Imagine my surprise to get a recorded message saying that this option wasn’t available direct as I needed to consult an independent mortgage advisor to ensure I got best value.
As the outstanding mortgage is less than £40,000 unless my existing provider has very uncompetitive rates then it will cost me more money to go through an IFA. Even if the IFA recommends staying with the existing lender I still need to pay their fee.
Does anyone know why this change has come in and whether there is a way round it.
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