An example of how our mortgage team give extra at Alextra

We were recently approached by a couple that had only two months
remaining on their existing fixed rate mortgage product, and they asked us to
look at what rates are available to them with other mortgage providers.

We carried out some initial research and they were quite surprised
that current available rates were quite a bit higher than their existing
product, which was secured nearly 5 years ago. We explained that interest rates
have been steadily increasing this year in response to the Bank of England
interest rate rise and that they could, and maybe should have, started to look
for new products to move on to when they were within six months of the end of
their deal because we can book the interest rates with most lenders this far in
advance. This also gives plenty of time for a lender to carry out the work
involved in getting the new mortgage ready to complete.

Recently we’ve been seeing this process take quite a bit
longer than usual. However, we did manage to get the job done in time and attained
a new fixed rate mortgage deal they were happy with and avoided reverting to
the existing lender’s (much higher) standard variable rate.