Homeowner can keep an average of £1,200 in broker fees
Digital professional service provider Stipendium has launched Remerge, the industry’s first remortgage product with the guarantee that homeowners can remortgage unlimited times with no broker fees, ever.
The typical homeowner remortgages four times during their 25-year mortgage term at an average total cost of £9,960 over that period.
The broker fee will often be a large chunk of this at an average of £300 per transaction, or a lifetime cost of £1,200.
With 501,501 remortgages carried out in the UK over the last 12 months, this alone is a consumer saving of an estimated £150 million per annum if every borrower were to take advantage of the Stipendium Remerge product.
“Broker fees are a large proportion of a homeowner’s mortgage and remortgage costs as another layer in the huge overall cost of securing property funding,” Christina Melling, chief executive at Stipendium, said.
“On an ongoing basis, given the typical propensity to remortgage multiple times in our lifetime, we perhaps forget how much this element really costs us, and Stipendium have set out to solve this for the consumer. When you consider that over 500,000 UK homeowners remortgaged in the last year with a typical broker fee of £300 each time, it’s a £3.7 billion problem well worth solving,”
The Remerge product allows the homeowner to remortgage forever for a one-off cost of £99, additional costs depending on individual circumstances such as exit fees from a fixed term.
Mortgages are arranged via award-winning advisers with access to 12,000 mortgage products across 90 lenders.
