Business panel: The benefits of remortgaging
Why would I remortgage, is there any benefit?
Marsden Building Society is supported by SPF Private Clients’ lender panel offering mortgage solutions for Guernsey residents. Rob Pheasey, chief executive at the Marsden, discusses how Marsden Guernsey lending solutions support borrowers looking for a new mortgage deal that may save them money – and it can be easier than you think.
‘THE upcoming document duty change will make remortgaging more accessible for Guernsey customers. At present, a new bond and therefore document duty on the bond is required, which is understandably something customers would want to avoid. The removal of the requirement for document duty on the bond ensures that whilst a remortgage will still have connected costs of advocate’s fees, court and Greffe fees for consenting and registration, the overall cost will be significantly reduced due to the removal of additional charges.
‘How does this affect Guernsey customers? There’s a growing range of options being introduced so it may be that there is more choice for customers at the end of their product term. Rather than rolling on to the next deal with their current lender, it’s definitely worth having a conversation with a mortgage advisor around your circumstances, plans and what you’d like to get from your circumstances. With options for interest only, mortgages in retirement and larger mortgages over £1m. the product ranges are increasing and as a result, so are your options.
‘Remortgaging is a popular option in the UK market, giving customers a wider range of choice when it comes to the end of their mortgage product term. It ensures that whenever they need it, customers have options around one of the main elements of their financial outgoings – something we feel is a great outcome for customers.
‘I’d encourage Guernsey residents to make the most of the changes and talk to your mortgage advisor. It’s worth a small investment of time and could impact your circumstances significantly.’
Marsden’s mortgage solutions are available with expert support from SPF who’ve been working together with the building society for over two years developing propositions for Guernsey residents. Established in 1860, the Marsden brings a wealth of lending experience to the island and partnered with SPF Private Clients to deliver more choice for Guernsey residents.
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