As more and more people are coming off their discount or fixed periods, they are finding themselves benefiting from low base rates and paying much less than they were before. This may mean that there is no need to search for a remortgage, as they would have done previously, to take advantage of a new, lower repayment.
Matt Cottle, Y3S Group Director comments:
“By providing the client with a secured loan, brokers can help them raise additional funds without upsetting their existing low-cost arrangement and without incurring the up-front valuation and application fees associated with a remortgage, as well as being able to redeem at any time with just one months redemption penalty.
"The broker will earn a commission of typically £1000 for introducing their client to a secured loan packager.”
And when base rate increases to the point where it makes sense to carry out a remortgage, the broker can once again steer the client in the right direction, providing a second earning opportunity.”
