Remortgage case studies

Going direct to a lender

Gillian Richardson is a 32 year-old accountant from Wilmslow. She and her husband Fraser decided to remortgage at the end of last year and took out a two-year fixed rate with Britannia.

"It was a very easy process because we were already with Britannia. And even though interest rates had gone up since we took out our first mortgage, we managed to get a better rate.

"When you factor in fees, remortgaging can be quite expensive. But by staying with Britannia, we got a fee-free deal, so it worked out cheaper to stay. We did visit the branch for advice and found that helpful."

The couple contemplated fixing for a longer period, such as five years, but decided against it in the end.

"Even though I'm an accountant, I don't know any better than any one else what is going to happen to interest rates. With a fixed-rate, at least I know we will have a predictable payment every month. But by fixing for only two years, we also have a degree of flexibility if our circumstances change."

Gillian's advice:
Find out if your current lender is offering you a fee-free deal and check out the products on offer from high street lenders, as these are still often the best value. Go to a broker if you have any special needs or circumstances.

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