A case study about Rate Change Savings

IT Technician James lives at home with his partner Joel and their two teenage children. Although the family’s outgoings have recently increased due to their son starting university, James and Joel had always been reasonably financially secure.

James had been managing the mortgage comfortably for years, never missing a payment. But as the end of their fixed-rate deal got closer, he started to worry. He’d checked what the payments would be on the standard variable rate, and wasn’t sure how he’d be able to afford them – especially with the rising cost of living and other household bills.

His anxiety only got worse when he was turned down for remortgage from a new lender because of a missed credit card payment. This had only happened once due to an oversight when James had switched bank accounts, but it had still left a mark on his credit score.

It’s no surprise that James was stressed about the situation. He was frustrated too, at being rejected despite a strong payment history. He was also experiencing feelings of self doubt, as he weighed up how he and Joel would afford everything going forward.

Under pressure, James decided to give his current mortgage provider a call. He was nervous and embarrassed, having never missed a mortgage payment before.

James was unsure if they’d be able to help – but the response was reassuring. They took the time to review his circumstances and financial history, and explained he may well be able to switch to a new fixed-rate deal with them.

“

I was genuinely worried about how we’d cope with the new payments. But my mortgage provider didn’t just offer options, they reassured me.

James

The advisor that James spoke to told him to get in touch with a broker. Having a clear next step gave James hope that he’d be able to find a solution.

James spoke to a mortgage broker, who explained what his options were. They searched through the whole of the market, and found James the best possible deal available to him.

He successfully switched to a new fixed-rate deal, and is able to comfortably afford his mortgage payments going forward. After an uncertain time, he feels so much more secure.

In an uncertain period, with the cost of living increasing, James wanted to maintain his financial stability. He was worried that going on to the standard variable rate would mean he’d end up falling behind on payments. After talking to his mortgage provider, he secured a new affordable fixed-rate deal – so he could carry on meeting his payments without stress.