We beat an interest rate rise and reduced our mortgage payments
Leanne Plenty and her partner Mark Chiswell, bought their home together two years ago. The three bedroom terraced house in Speedwell in Bristol was the couple’s first home together.
Leanne works as a credit management team leader for a logistics company and Mark is a carpenter. Having bought their first home together in 2016, their initial two year fixed deal has just come to an end and the couple have gone through their first remortgage process.
With many predicting a potential interest rate rise just around the corner, the couple were keen to review their options in order to take advantage of the competitive rates while they are still available.
Leanne explains, “Having taken out a two year deal initially when buying our home, we both felt we wanted a little more long term stability in terms of securing our payments. So when we went to see our adviser we asked if we could look at five year deals. We knew we could get a better rate than our previous fixed deal but we didn’t realise how much better off we could be on a month basis, the remortgage process has ended up saving us about £200 per month.”
The monthly savings have not only reduced their monthly outgoings but have also enabled Leanne and Mark to carry out some home improvements.
She continues, “We’ve been able to afford to do some work to the house that we thought wouldn’t be possible for another couple of years. We’ve upgraded the kitchen and installed new windows throughout. So not only have we beaten a potential interest rate rise, we’ve also reduced our monthly outgoings and improved the condition of our home.”
Because we play by the book we want to tell you that…
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.