The Mortgage Works has announced that the window period during which borrowers who have an existing loan with the lender can move over to a new one has been lengthened.
This window has been increased to 13 weeks from its previous six weeks. The new window period will be applicable to the entire slate of switcher loans that The Mortgage Works offers and has been introduced in the wake of the lender soliciting the opinions of mortgage advisors.
Speaking to Financial Reporter about the change, the specialist lending head at the company, Daniel Clinton, said that it had taken on board the thoughts of advisors about how an extended window would help them secure the best rate for their clients.
He then went on to add that he hoped it would ensure the right outcome for those who already have a mortgage with the lender.
Dynamo sales director Tony Field stated that:
“Increasing the current window for product transfers to 13 weeks is an excellent move that will give brokers plenty of time to secure a new rate for their clients.”
He added that being able to change mortgages prior to the expiration of the existing rate was more important for borrowers than ever due to the fluctuations in rate levels within the mortgage market and that mortgage advisors would be pleased by the decision.
Every CeMAP mortgage advisor needs time to find alternative loans for clients so this extended switch window is definitely a help.
