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Diary of a 41 year old remortgager from Hertfordshire |
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| Total time spent | 1 1/4 hours approx |
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| Loan size: | £117,000 | |
| Current Monthly Payment: | £777.19 |
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| Total savings: | Reduced monthly payments by £72.64 By avoiding move onto SVR, saved £151.13 a month |
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Thurs 28th July 2005
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| Got letter from Norwich & Peterborough telling us that in a month’s time our deal is ending and we’re going onto their standard variable rate of 6.55%! Dug the paperwork out: our loan is £117,000 and we’re paying £777.19 a month. |
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Fri 29 July
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Decided to go online for info and book a phonecall with L&C. An adviser phoned and went through everything clearly and simply. As a family man, I said that we preferred a fixed rate, wanted to avoid that dreaded SVR and preferred minimal set up costs. PS. Read today in the press that a reputable broker like L&C has a pretty good chance of getting you through the system quickly due to their sound relationships with lenders and solicitors. Sure hope that’s the case |
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Sat 30 July
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| My adviser emailed his recommendations, with a hard copy winging its way in the post. If I liked the deal, I could make an instant application online. It looked good: 2 year fixed rate of 4.28% with Alliance & Leicester, with a £495 application fee and refunded valuation fee - the best 2 year fixed at the moment, only available at L&C. |
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Mon 8 Aug
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Was reminded by L&C that N&P couldn’t match this deal and that I had no early redemption charges to leave them. My adviser mentioned that if I had been tied in, he would have suggested I use L&C’s MortgagePrompt, whereby I would get a text or email 2 months before the ERPs ended. I thought this sounded useful, so made a mental note to mention it round the office as a few of the chaps are locked in and would be interested to know about this. The difference between paying that 6.55% SVR and the new rate of 4.28% is £151.13 a month! Decided to apply online. |
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Tues 10 Aug
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| L&C sent a request for ID and told us to act quickly upon this and any other requests in order to speed up the proces |
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Fri 19 Aug
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| Received the offer! My adviser emailed to say I could use their rate check service, whereby L&C check to see if this is still the cheapest option for us. They said that it still was the best deal – and that it actually wasn’t available any more! Speed is the nature of this game… |
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Weds 31 Aug
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| Mortgage completed! |
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Thurs 1 Sept
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It’s a brand new month and we’ve a brand new mortgage. I phoned my adviser to thank him. We barely had to do a thing – the whole process was so quick. There was nothing bad I could say – nothing I would have improved. He mentioned that L&C can look after my mortgage for its lifetime, to avoid paying a SVR ever again. Apparently, some lenders let you book a deal 3 months in advance, so you can set the completion date to suit. Although we saved £72.64 a month, if you consider what we would have paid if moved onto that SVR… it’s a saving of £151.13 a month. Entered L&C’s details in our family address book, and recommended them to friends and family. |
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