Mortgage Renewals in London

This year nearly half of all homeowners who hold a mortgage will renew their mortgage renewals in London with their existing lender (the one that currently holds the mortgage) at posted rates. This is an astonishing statistic that plays out year after year. Posted mortgage rates are usually 1.5 - 1.75% over our fully discounted interest rates you see here with Verico Mortgage; that is a significant amount of savings over the term of a mortgage. If you were to convert that into dollars and cents, a client would pay an additional $15,000 in interest over a 5 year term on a typical $200,000 mortgage. To put that another way, one simple call to Verico Mortgage could save you over $15,000 on your mortgage renewals here in London.

So how do banks manage to do this year after year?

Traditionally the banks would mail out mortgage renewals in London 3 to 4 months before a clients mortgage came up for renewal. This gave the client ample time to review and explore their other mortgage options. The banks realized however by mailing the renewal statement out mere days instead of months before the mortgage comes due those clients would be more likely to simply sign the renewal and send it back in; at the posted mortgage rates listed on the form. The client simply wouldn't have time to shop the mortgage rate around.

When you work with Verico The Mortgage Professionals, our London mortgage brokers will help you avoid becoming another posted rate statistic; we will not only get you the best mortgage rates in London today, we will get you the best mortgage rates every time; we work for you not the bank. If you have any mortgage renewals in London that are coming up please contact us today; even if it is last minute we will still be able to help you avoid this trap.

London Mortgage Brokers