With most lenders increasing rates over the last couple of weeks, it was a pleasant and welcome surprise to see the Coventry Building Society reduce theirs by up to 0.3%. The lender already had good rates and the new highlights include a low 5 year fixed rate with minimal or no fees on re-mortgages. These are rates certainly worth exploring!
With debt management plans (DMP), or Individual Voluntary Arrangements(IVA), again, the lower monthly payments may help in the short term, but you may well find it hard to gain an approval from a lender to refinance at a later date. Lenders tend to shy away from DMPs and may not assist anyone who has been in an IVA unless it has been discharged, normally, for more than four years. Advice should always be sort before entering in to these types of arrangements.
At AToM, we are independent and we will happily go through the pros and cons of changing any of your financial details before proceeding to conduct any credit searches or decision in principles. You need to be clear that it’s the right deal for you. If your current deal is still the best option for you, we will suggest you stay where you are.