Rachel and Dan’s existing two-year fixed rate was ending in four months. Their current lender had emailed them a renewal offer of 5.34% on a new five-year fix. They had planned to just accept it, less paperwork, but Rachel had heard Anthony mentioned by a colleague and decided to check.
The renewal offer was competitive by their lender’s standards, but the wider market was moving. Two-year fixes had come down substantially in the previous quarter, and several lenders were offering five-year products at rates 0.5-0.9% below the incumbent’s renewal.
On a twenty-minute call Anthony pulled together the current rates across a handful of relevant lenders. The clearest winner was a five-year fix at 4.42% with a £999 product fee, or a fee-free option at 4.68%. On their £235,000 outstanding balance, both options beat the renewal offer meaningfully once totalled over five years.
Rachel and Dan chose the fee-free 4.68% option. Their new monthly payment dropped by £181 a month compared to the renewal offer, saving them just over £10,800 over the five-year fix. Because it was a straightforward residential remortgage, A&L’s commission from the new lender covered the work and no fee was charged to the client.
“Anthony explained the difference between a two-year and a five-year fix in a way I could actually understand. Then he found us a deal £180 a month cheaper than the one our bank offered. We have not moved lender since.”
Life happens.
Let’s take care of it together.
Book a call with the A&L team. Every case is dealt with by one broker from start to finish. Evenings and weekends available. No forms up front, no pressure.