Re-mortgage

It might be time to change your mortgage

There are a number of reasons why you might look to re-mortgage your home. It could be to help you with your monthly budgeting and a way of reducing your mortgage payments. Perhaps you want to repay your mortgage earlier than previously planned. You could even use it as a way to raise funds for a large expense or consolidate other short-term debt.

Whatever your reasons for considering a re-mortgage it’s a good idea to talk to a mortgage adviser. There are plenty of options available. I can help you understand the implications if you are thinking of leaving your current lender as well as other opportunities.

Your mortgage product has finished

Many of us take out a fixed rate or discounted mortgage product. What this means is the deal will come to an end before the end of your mortgage term. At this stage you are in a position to re-mortgage. You can ask a mortgage adviser like me to review the market, find another fixed deal or consider other mortgage products which may be better for your circumstances.

I can help you with this process. You need to be careful of any early repayment charges. These can apply if you have been tied into an initial deal before being transferred onto the standard variable rate (SVR). It is often an easier process to remain with your current lender but there is an opportunity to review the market.

It’s time to look at your mortgage options

If you have been paying your mortgage for several years it might be time to review your options. The value of your property may have significantly increased in value, placing you in a lower loan-to-value category. You may be able to take a mortgage product with a lower interest rate.

Your financial circumstances may have changed so that you want to overpay on your mortgage. Not all products will allow this to happen, some may only accept small overpayments. There are more flexible products in the market. These will allow you to overpay, take payment holidays and pay your mortgage off early.

Interest only mortgages are a good vehicle to help people onto the property ladder. The monthly repayment amounts can be relatively low. But if you now want to repay your capital as well, you will need a repayment mortgage. Many lenders will simply allow you to change your product but if not, there are options I can research for you.

A way to manage your borrowing

Often the most cost-effective way to borrow additional money is through your mortgage. Making home improvements, buying a new car or funding a wedding can all prove expensive. If you don’t have sufficient money in your savings, borrowing the money is another option.

Re-mortgaging is a way to borrow additional money. A low interest rate is always very attractive but you need to take into account all the arrangement fees. I can advise on these aspects and search the whole of market for the most suitable deals for you.

Another reason why you might look to re-mortgage is for debt consolidation. If you have a lot of smaller debts on credit cards or maybe personal loans then pulling all these together into one mortgage loan will give you a lower interest rate overall. It will also help you budget by giving you a single monthly payment to manage.

There is a lot to consider when you are thinking about re-mortgaging, which is why I thought it might be useful to give you the most common questions I am asked.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Is now a good time to re-mortgage?

If you have no sizeable early repayment charges and wish to secure a cheaper interest rate, this may be a good time to re-mortgage.

What fees are involved in re-mortgaging?
There are fewer fees for re-mortgaging. There may be product and final repayment fees or worst-case scenario an early repayment charge. Usually a lender will provide incentives such as a free survey, a free telephone-based solicitor or a cash back that is used to pay for the solicitor.
Should I consolidate my debts?
Depending on the details of your existing debts it may be worth considering consolidating them within your mortgage. As your mortgage adviser we could discuss to confirm if this is possible.
How much equity do I need in my property before a re-mortgage is possible?
The more you have the better the rate will be, but typically you will find competitive product rates up to an 85% loan to value (LTV)
Do I have a good credit history?
You can find out your credit history from one of the two main companies, Experian https://www.experian.co.uk or Equifax https://www.equifax.co.uk. If you share your credit report with me as your mortgage adviser, then I will be able to confirm.
What type of mortgage do I want?
This really does depend on your individual circumstances and it will differ for each person. Which is where a mortgage adviser like me can help you.
How do I start a re-mortgage process?
You need to start by understanding your current mortgage arrangements. If you speak to a mortgage adviser like me, I can get you started.
What can I re-mortgage for?
There are a number or reasons you can re-mortgage for. Home improvements, to provide a deposit for investment property, debt consolidation, like for like lending. The quickest way to find out is to see your mortgage adviser. Let me know why you want to re-mortgage and I will confirm if it’s possible.
Will I need to pay you a fee if I’m re-mortgaging?
Yes there is a fee associated with re-mortgaging, which is applied once your mortgage application has been submitted. In order to ensure you have the right product for your needs, I will research the market and liaise with all the relevant third parties on your behalf.

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