Helping Actuaries Avoid High Interest Rates During a Home Move
A couple of Actuaries moving home, with an existing mortgage nearing the end of its fixed-rate term.
The challenge:
During the process of moving, our clients’ fixed-rate deal with Nationwide was set to expire, putting them at risk of switching to the lender’s higher standard variable rate (SVR). This could have resulted in unnecessary interest payments while waiting for their onward purchase to complete.
Campbell Financial's solution:
Understanding the financial implications of this transition, we proposed a simple yet effective solution:
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Tracker Rate Mortgage: Since the clients were not porting their Nationwide mortgage to their new property, and we had already secured a mortgage offer with a different lender for their onward purchase, we recommended switching to a no-fee tracker rate.
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No Fees or Early Repayment Charges: This option allowed the clients to avoid the costly SVR without incurring fees or early repayment penalties. The tracker rate ensured their existing mortgage remained flexible and cost-effective until it was redeemed upon completion of their new home.
The outcome:
By arranging this temporary tracker mortgage, our clients avoided unnecessary interest costs, ensuring a seamless and financially efficient transition to their new home.
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