Rate Reduction Remortgage for a Family in the South East
£385,000 · 22 years remaining · 4.29% fixed 5 yrs. A family in Kent had come to the end of their two-year fixed rate and received a product transfer offer from their existing lender at 5.45% - £285 per month more than...
The Client
Family
The Challenge
A family in Kent had come to the end of their two-year fixed rate and received a product transfer offer from their existing lender at 5.45% - £285 per month more than their expiring rate. They called Doulton with three weeks until their fixed rate expired, worried about the cost increase.
Our Solution
Doulton conducted a whole-of-market search and identified a lender offering 4.29% on a five-year fix - significantly below the existing lender's product transfer offer. The application was fast-tracked given the time pressure. The remortgage completed on time, avoiding any period on SVR.
The Outcome
Family saved £1,392 per month versus the product transfer offer - £8,352 over the first year alone. Over the five-year fixed period the saving is projected at £41,760 compared with the existing lender's offer. Key highlights: £142 per month saving vs existing lender product transfer; Completed on time - no period on SVR; Whole-of-market search critical - existing lender rate was uncompetitive.
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