These have caused tremendous problems in the past, and it is estimated that 1 in 3 borrowers have had to pay a penalty redeeming on their mortgage. Some circumstances are not foreseeable, but many could have been spotted. Our staff are specifically trained to look at any possible changes in your circumstances. These charges help the profits of the lenders. Some schemes have an extended penalty period, which means that you are tied to that lender and paying normal interest rates. Early repayment charges should be avoided if at all possible. They cause real problems. Some mortgage lenders try to compel you to have their insurances. Insist on a scheme that does not, lenders insurance can be expensive. These are known as tied products and services. Some lenders charge fees even for variable rate products. These charges mean that they can lower interest rates, but the borrower may end up paying far more than for a mortgage scheme that appears to have a more expensive interest rate. We can even arrange for the lender payment to ourselves to be refunded to you if pay us a fee equal to 0.35% of the advance as an alternative. Mortgage advisers get paid fees by lenders so there is no reason therefore why a fee should be charged to the customer too. Fees have to be disclosed over £250, but at Miers we disclose all fees, irrespective of size to demonstrate our true independence. We do not charge you a fee for our advice To have a mortgage scheme fitted to your circumstances contact us.
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