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.

By consolidating your debts into a mortgage, you may be required to pay more over the entire term than you would with your existing debt.

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.

What my clients say

"We cannot thank Catherine enough for all her help and support to secure us with our first mortgage and step onto the property ladder. The time you spent explaining the process to us and drafting the mortgage application for us was greatly appreciated. Catherine was there every step of the way and was always so friendly and professional. The whole process was smooth and stress free. I would highly recommend Catherine to everyone who needs mortgage advice!"

Thanks again so very much.
Emma and Ryan

"Catherine was incredible in helping us buy our first home together. It would have been such a daunting process but Catherine made it so simple and explained every little bit to us from putting the offer on the house to the day we moved in. Catherine helped us to sort out absolutely everything we needed for now and the future and covered things that we wouldn't have even considered at this point, but we are so grateful that they are sorted and in place for the future. She has always been on hand for every little question and her knowledge on the area is amazing! Thank you very much for all your help with buying our first home."

Sarah and Mike

"Thoroughly recommend Collar Mortgage Services, professional, friendly and extremely efficient. Made what is supposed to be one of the most stressful things you can do a walk in the park!"

Viki E

"Catherine was incredibly professional and thorough in sourcing the best value mortgage for us. She took so much care and attention explaining it all to us. Excellent communication throughout, nothing was too much trouble."

We wouldn’t hesitate to use her services again, or recommend her to anyone else.

Katy and Lee

"As a new independent but very experienced insurance broker Catherine has been extremely professional but with a great personal touch and a refreshing approach to the industry. She delivered the best insurance policy for us without any regards as to the commission. She has gone beyond our expectations in delivering the right policy for us. We will be highly recommending her and also using her services again in the future."

Thank you for the great work that you have done for us.

Basia & David

"I would just like to say it was a great pleasure to do business with you, you were very professional, helpful and very thorough with all your advice and I feel you went beyond the call of duty helping me to make the correct decision for me. I'm very thankful for all your help and advice and will recommend you to all my friends and family for your fast and efficient service."

Thank you once again for all your hard work.

Sue H

"Catherine provided an amazing service which allowed us to purchase our first home. Throughout the process she ensured we understood each step and kept us up to date. When we needed assistance she was very responsive and effective. We would highly recommend Catherine’s services to anyone looking for a mortgage and/or protection insurance."

Jamie R

"Catherine helped us buy our first home. She was polite and friendly and made everything so easy to understand. Her hard work made the process very easy for us. Will definitely be recommending her. Thank you Catherine!"

Jacob J

"What is the point in having a mortgage advisor? I was very reluctant to bother having a mortgage advisor, I’ve got good credit and can work the internet, I’m also married to someone that sold mortgages for over 10 years so what do you get for your money, turns out lots! We were fairly easy in terms of getting mortgage but our solicitors were dreadful and caused so many issues we were very close to being homeless over Christmas if not for Catherine’s intervention. If you do a mortgage online and things go wrong with builders or solicitors you have only a call centre to fall back on, with Catherine you have someone that really cares and will pull strings to make things happen in a way you could never do with a bank"

Carly and Stuart

Reviews and Ratings for Financial adviser Catherine Collar, Colchester
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