DON'T BE A MORTGAGE CASUALTY
A survey by Chase De Vere Mortgage Management has found that borrowers, who hadn't taken professional mortgage advice, are squandering millions of pounds a year in unnecessary interest and penalty charges because they focus too much attention on the headline rate, and don't spot the drawbacks buried in the small print.
Hidden catches such as annual interest calculation, onerous early repayment penalties, inability to make overpayments and harsh rules preventing borrowers renting their properties out are among the most common complaints found among new clients coming to Chase De Vere, it says.
Simon Tyler, Chase De Vere's managing director, says: "Very often the benefits of going to a particular lender are not even written down - it just comes from experience of knowing how a lender handles various situations. We know which lenders to approach if you need an offer in 24 hours, for instance, or those who have underwriters who have the authority to make decisions that over-ride the lender's normal rules - to advance larger than normal loans, for instance. Not only can this save people money but it can make the difference between securing the deal and losing the property".
The news follows another survey earlier in the year which suggested homeowners could be wasting up to £ 6 billion a year by paying their lender's expensive Standard Variable Rate instead of switching to a better deal. Strutt & Parker have recently teamed up with Chase De Vere Mortgage Management to offer independent mortgage advice to our existing and future clients.
