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Can I Remortgage and Extend The Term in Manchester?

Homeowners in Manchester may consider remortgaging for various reasons. While researching this option, you can discover a great deal of information on our website and online.

From releasing equity to funding home improvements, there are numerous options available for homeowners. However, one less-discussed possibility is extending your mortgage term through remortgaging in Manchester.

Why would I remortgage in Manchester to extend my term?

Your mortgage term dictates the duration over which you repay your mortgage, as outlined in your agreement with the lender. Typically, terms span 25 to 30 years, offering both stability and long-term financial commitment.

As you progress through your mortgage journey, keeping up with payments may become challenging, especially if expenses rise. Extending your mortgage term through remortgaging allows for spreading out payments over a longer period, reducing monthly instalments.

While this can increase your disposable income in the short term, it’s essential to note that extending the term also means paying more interest over time. Thus, while monthly payments may decrease, overall mortgage expenditure rises by the end of the extended term.

Can I remortgage in Manchester to extend my term if I’m borrowing more money?

Extending your mortgage term to access additional funds or release equity is indeed an option worth considering. Whether you’re aiming to finance home improvements or consolidate debt in Manchester, extending your mortgage term can facilitate these objectives.

However, it’s essential to weigh the benefits against the long-term implications. While extending the term lowers monthly repayments, it results in paying more interest over the extended period.

Moreover, consolidating unsecured debts with your mortgage can put your home at risk if you struggle with repayments. Careful consideration is key. While monthly repayments may decrease, the overall repayment cost may rise due to the extended mortgage term.

When wouldn’t I be able to remortgage in Manchester and extend my term?

While eligibility criteria can differ among mortgage lenders, several factors may impact your ability to extend your mortgage term through remortgaging in Manchester. These factors encompass your age, mortgage type, and existing mortgage debts.

Should this option prove unfeasible, rest assured that alternative avenues exist to alleviate your monthly mortgage burden. Your committed mortgage advisor in Manchester will thoroughly assess your situation and explore suitable solutions to address your needs.

Can I remortgage in Manchester to extend the term of my interest-only mortgage?

Extending the term of your interest-only mortgage can pose challenges, as not all mortgage lenders offer this option. While some may consider it, they often require assurance of timely repayment of the lump sum of interest at the end of the term.

Moreover, interest-only mortgages are less common for residential properties in modern times, with repayment mortgages being the norm. They are more prevalent in buy to let properties, which come with their own set of challenges. Lenders may be hesitant to extend the term if the property is tenanted.

In such cases, considering a remortgage in Manchester to switch from an interest-only to a repayment mortgage may be the optimal solution. This transition allows you to repay both the capital and interest together.

We highly recommend speaking with a knowledgeable member of our remortgage advice team to explore your options before making any decisions. They can provide expert guidance tailored to your specific situation.

What if I want to reduce my term instead?

Alternatively, you might consider reducing your mortgage term, which is applicable across most mortgage scenarios. Unlike extending your term, this option entails paying back less overall but may result in higher monthly payments.

Alternatives to extending your term

Instead of opting for a remortgage to extend your term, you might explore alternative avenues to reduce your monthly expenses. Downsizing is one such option, involving selling your current property and moving into a smaller home, potentially resulting in a smaller mortgage and lower monthly payments.

Another possibility, available to homeowners over 55 with a property valued at £70,000 or more, is equity release in Manchester. This allows you to access tax-free funds from your home via a lifetime mortgage, either as a lump sum or periodic payments.

However, equity release may not be suitable for everyone. Homeowners over 50 also have options like retirement interest-only mortgages (RIOs) and term interest-only mortgages (TIOs), where the loan is repaid upon death or entering long-term care, with the property sold at that time.

A trusted later life mortgage advisor in Manchester can assess your situation and goals, offering tailored advice on the best course of action. They’ll help you understand the features and risks of equity release and lifetime mortgages, providing personalised illustrations to guide your decision-making process.

The Main Reasons Why People Move Home in Manchester

Are you considering moving to a new home?

There exist numerous reasons why property owners decide to relocate; one prominent reason is the necessity for a property of a different size. Over the years, it’s common for families to gather items and as children grow and demand more space, there is an increasing desire for a more spacious abode. Conversely, individuals who are retiring or going through a separation may prefer to scale down to a less sizable property.

Exploring Other Options

If you already own a property, you might consider other alternatives to increase your space without having to relocate. This could be through boosting your capital via remortgaging to fund home improvements such as building an extension or converting a garage to a home office or gym. You could also look at loft transformations. These kinds of remortgage for home improvements can enhance the value of your dwelling when you decide to put it on the market later.

Family Factors

Another compelling reason for homeowners to consider a move is the pursuit of a better location or a more prosperous neighbourhood. The standard of schools available within the area can sway such decisions, especially for families. Others might desire a move to be in closer proximity to friends or relatives, particularly when contemplating starting a family.

Our Mortgage Service in Manchester

Exiting your first home can be an emotive decision, but our services are designed to aid you in understanding the merits and demerits of relocating and procuring a new mortgage versus remortgage advice in Manchester. Our mortgage consultants are on hand to work out your maximum borrowing potential and provide monthly payment quotations to ensure you’re making an educated decision.

Can I Get a Mortgage in Manchester With An IVA?

What is an IVA precisely?

An Individual Voluntary Agreement (IVA) is a formal contract established between a debtor and the lending body, known as the creditor. The purpose of such an agreement is to formulate a manageable monthly repayment scheme that usually spans over five years.

This arrangement is guided by an Insolvency Practitioner, an expert in levering debts. They will act on your behalf, communicating with the creditors to warrant prompt payments.

Can I secure a mortgage with an IVA?

Whilst possessing an IVA can present some challenges when seeking a mortgage, it isn’t entirely unattainable. Given the nature of the situation, it’s strongly advised to consult an Insolvency Practitioner prior to applying for a mortgage.

The reason behind this advice lies in the terms of your agreement. In certain instances, if you apply for credit that tops £500 during your IVA term requires written approval from the creditors agreeing to your IVA terms. This approach seems logical, given that the bedrock of an IVA is all about managing your finances and making feasible monthly payments.

Any extra credit obligations could harm your repayment of the IVA. After all, from the creditor’s perspective, surplus income should ideally go towards repaying your IVA.

Is an IVA right for me?

Affordability is key when considering an IVA. The debt repayment plan must be manageable, but also leave sufficient disposable income to cover housing and other necessary living costs.

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How does an IVA affect my mortgage application?

An IVA may impact your mortgage application. While an IVA generally represents a more favorable option than missing payments, it’s highly likely to impair your credit score, which in turn may limit your chances of securing a mortgage. Furthermore, the mortgage lender needs assurance that you have enough disposable income left. If you were a mortgage holder prior to your IVA, this was factored into your agreement.

That said, if you’re pondering this option down the line, remember that you’ll already have basic living expenses and IVA repayments to consider, thus affording a mortgage on top may not be feasible. Extra income might be best used towards settling your IVA.

Can I get a mortgage after an IVA?

Even though the idea of home ownership once your IVA concludes may be attractive, it’s prudent to exercise caution. While you’re now free to manage your income as you please, your credit file will still need ample time to recuperate. Often, it’s advised to wait a few years to ensure your position is optimal.

Getting a mortgage or remortgage with bad credit is possible, but having a healthier credit file will yield much better interest rates.

Can I Change My Mortgage to Buy to Let in Manchester?

The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.

Depending on various factors, including your personal situation and your mortgage lender, a change to a buy to let mortgage might be feasible.

This can happen if you decide to change your living conditions, for example, by moving in with a friend or a partner who owns a property, opting for a rental accommodation, or purchasing a new dwelling for yourself.

At the same time, you might choose to retain your current home, converting it from a residential to a buy to let property, and thus becoming a landlord – a decision often providing a supplemental income for many.

How to change your mortgage to buy to let?

The process of changing your mortgage to a buy to let involves talking to your lender, as initial approval from them is crucial. Following that, consulting with a reliable mortgage broker will be beneficial as you would essentially be remortgaging your property to change the type of mortgage. Whether you continue with your existing lender or move to a new one, a proficient mortgage advisor in Manchester can guide you to a suitable deal.

Remortgaging becomes essential as the terms of your original agreement undergo a change. The approval for a buy to let mortgage entails more than just the lender’s acceptance; you will need to meet their stringent criteria.

What criteria do I need to meet to change my mortgage to buy to let?

The conditions to be satisfied for changing your mortgage to a buy to let involve staying on your residential mortgage for a minimum of six months, post the change. Multiple factors are then taken into consideration such as the affordability entirely built upon rental prospects of your property, equity availability in your home amounting to at least 20-25%, a clean credit history, and the type of property you own. You must also have prior landlord experience as some lenders may not consider first time landlords, although there are alternative solutions available.

Can I live in my buy to let property?

Living in your own buy to let property can lead to a violation of your mortgage terms and serious repercussions. If you plan to rent out your present property to buy a new dwelling, this is termed as a let to buy mortgage in Manchester, which might be a plausible choice for individuals seeking an income boost while moving to a different location.

How many buy to let mortgages can I have?

The number of buy to let mortgages an individual can hold is not distinctly limited but will be determined based on the lender’s evaluated risk. To understand better, consider consulting a dedicated mortgage advisor.

An option of ‘consent to let’ might be open to some homeowners, generally used for short-term purposes, where your property is temporarily classified as a buy to let in Manchester. However, restrictions are applied by the lender.

To gain more insights on converting your residential property into a buy to let, feel free to book a free consultation with our qualified specialists. They can assess your situation, provide advice, and detail the accessible deals for you.

Can I Remortgage to Pay Off Debt in Manchester?

Homeowners have a variety of options that they can look at when it comes to mortgages, especially when they are reaching the end of their term. The most popular choice is always remortgaging in Manchester, where you take out a new mortgage to replace your old one, often with a better deal.

That said, not everyone will look to get a better deal. Some will remortgage to release equity in Manchester or more specifically, remortgage for home improvements, whilst others may look at an alternative to remortgaging by way of product transfer mortgages in Manchester.

Taking unsecured debt and securing it against your home is a complex process that requires expert help. You should always take professional mortgage advice in Manchester before proceeding with a debt consolidation remortgage in Manchester.

How can I pay my debts by remortgaging?

Remortgaging to pay off debt involves increasing your mortgage loan amount to release equity, which you can then use to settle outstanding debts. By consolidating your debts into your mortgage, you can potentially lower your monthly repayments, as mortgage interest rates are sometimes lower than those of other forms of borrowing. This approach can simplify your finances by combining multiple debts into one manageable payment.

Can you remortgage early?

Whether you can remortgage early depends on your existing mortgage terms and conditions. While some mortgage deals have early repayment charges that apply if you remortgage before a specified period, others offer more flexibility, allowing you to remortgage without incurring penalties. It’s essential to review your current mortgage terms and consult with a mortgage advisor in Manchester to determine if remortgaging early is a viable option for you.

Are you able to take out a further advance?

Taking out a further advance involves borrowing additional funds from your existing mortgage lender on top of your current mortgage balance. This option allows you to access equity tied up in your property without remortgaging with a new lender. However, further advances typically come with their own set of terms and interest rates, so it’s essential to compare the costs and benefits before proceeding.

The Pros & Cons to Remortgaging to Pay Off Debt

Remortgaging to pay off debt in Manchester offers several potential benefits, including lower interest rates, simplified finances, and reduced monthly payments. It can also help improve your credit score by consolidating high-interest debts into a single, more manageable loan. However, there are also drawbacks to consider, such as extended repayment terms, increased overall interest costs, and the risk of losing your home if you default on your mortgage payments.

Should I remortgage to pay debt?

Whether you should remortgage to pay off debt depends on your individual circumstances, financial goals, and risk tolerance. Before making a decision, it’s crucial to assess the potential costs and benefits, consider alternative debt repayment strategies, and seek professional advice from a qualified mortgage advisor in Manchester. They can help you evaluate your options, navigate the remortgaging process, and make an informed choice that aligns with your long-term financial well-being.

Looking to Remortgage in Manchester? Answering Your Remortgage Questions

Whether you’ve just bought your first home in Manchester or have been living there for a while, understanding remortgaging is key.

It involves either moving your mortgage to a new lender or renegotiating terms with your current one. To make the right decisions for your unique situation, it’s important to speak with a trusted mortgage broker in Manchester.

We’ll guide you through the different types of remortgages, helping you choose the best option for your needs.

What is a Remortgage in Manchester?

Let’s break down remortgages in Manchester. It’s about shifting your existing mortgage or adjusting terms. People consider it for various reasons, like getting a better interest rate, releasing equity, or adapting to changing financial circumstances.

With the support of our reliable mortgage broker in Manchester, you’ll gain clarity and confidence in selecting the best option tailored to your needs.

How important is a mortgage review? 

Regularly reviewing your mortgage is a smart move that could save you money. It’s not just about rates; it’s also an opportunity to reassess your mortgage term.

Our mortgage brokers in Manchester can provide the service of remortgaging, exploring options like staying with your current lender through a product transfer. It’s about ensuring your mortgage fits your current financial goals.

Learn More in our article “Does your mortgage need a review?

Will I be offered a remortgage in Manchester by my current provider?

Wondering if your current lender will offer you a remortgage in Manchester? They might suggest a new deal, known as a “product transfer”. While it seems simple, exploring other lenders could unveil more attractive benefits.

Our mortgage broker in Manchester is here to guide you, ensuring you make informed decisions for your future financial landscape.

What is product transfer in Manchester?

As your initial mortgage deal ends, your lender may suggest a product transfer to keep your business. But remember, you’re not obliged to accept.

You can explore other options with different lenders, potentially finding better deals. Your mortgage broker in Manchester is your trusted ally, offering expert guidance to help you make choices aligned with your future goals.

Learn more in our article “Product Transfer V Remortgage

Tempted by an online switch?

While the process of switching from your existing mortgage deal to a new one with your current lender may seem straightforward online, we strongly advise exploring other available deals.

Lenders may encourage customers to opt for a new deal online without seeking professional mortgage advice, potentially missing out on better options and valuable consumer protection.

Choosing a new deal online without professional advice means forgoing the insights and tailored guidance a mortgage advisor in Manchester can provide. It’s important to avoid rushing into such decisions.

Take a step back, assess all your options, and speak with a trusted mortgage broker in Manchester to make informed decisions tailored to your unique situation.

Every customer reaching out for mortgage advice in Manchester benefits from a free mortgage appointment. Once we have your information, we connect you with a dedicated mortgage advisor in Manchester, guiding you through all your mortgage options.

Our aim is to help you secure the most appropriate deal based on your personal and financial circumstances, ensuring you understand the implications of your choices.

What are the main reasons to consider a remortgage in Manchester?

Now that we understand what remortgage means, let’s delve into why people consider remortgaging in Manchester.

Avoid Lender’s Standard Variable Rate (SVR)

Approaching the end of your fixed mortgage term without remortgaging means transitioning to your lender’s standard variable rate of interest (SVR), likely higher than your current rate.

Remortgaging involves securing a new product, avoiding the shift to the lender’s SVR and potential increased monthly repayments. It’s a strategic move to maintain financial stability and flexibility.

Lower Interest Rates

Searching for a new remortgage product is more than just finding better interest rates; it’s about tailoring your mortgage to your evolving financial goals.

Our role as your mortgage broker in Manchester goes beyond searching for deals; we work to understand your financial aspirations and find a product that aligns with your long-term objectives, ensuring you save both time and money.

Repayment Flexibility

Remortgaging allows modification of your mortgage repayment structure, making payments more manageable. This might involve switching the type of mortgage or adjusting the term.

Our mortgage advisors in Manchester work closely with you to understand your financial goals and tailor the remortgage solution to your unique situation, offering guidance on how these modifications impact your overall financial plan.

Home Improvements

Planning home improvements? Remortgaging can help incorporate improvement costs into your mortgage, providing a streamlined approach to financing your projects.

Our expert mortgage advisors in Manchester help in navigating the complexities of adding improvement costs to your mortgage, ensuring a clear understanding of the implications and helping you make informed decisions about your property.

Debt Consolidation

If you have accumulated debt, remortgaging to consolidate it into your mortgage may make repayments more manageable. Always speak with an expert mortgage advisor in Manchester before consolidating debt into your mortgage, exploring alternative options first.

Our team provides comprehensive debt consolidation advice, guiding you through the potential impact on your mortgage and overall financial health.

Accessing Equity

Property values tend to increase over time. Remortgaging may allow you to access this extra equity in your home, using the cash for various purposes.

Our mortgage experts in Manchester analyse the market trends, property values, and equity potential, ensuring you make informed decisions about leveraging your property’s value for your financial goals.

What is a loan to value and why do people remortgage for a better one?

Loan to value (LTV) is the ratio of the mortgage to property value, represented as a percentage. Lower LTV mortgages, typically below 60%, offer more favourable deals as they pose less risk to lenders.

As your property value increases and mortgage balance decreases, your LTV improves, granting access to better mortgage rates. Our mortgage advisors in Manchester provide in-depth explanations of LTV, ensuring you understand how it impacts your mortgage options and overall financial picture.

Are there any benefits to remortgaging in Manchester?

Remortgaging during a fixed-rate period can offer advantages beyond securing a lower interest rate. It’s an opportunity to reassess and tailor your mortgage terms to align with evolving financial goals.

Additionally, tapping into accrued equity during a fixed-rate period can address various financial needs, making remortgaging in Manchester a strategic move.

Our dedicated team of mortgage advisors ensures you have a clear understanding of the potential benefits and implications, empowering you to make sound financial decisions.

Can I remortgage early if the value of my home has increased?

The decision to remortgage early hinges on your mortgage term progress. Remortgaging before the term completion may trigger an early repayment charge (ERC) due to breaking the initial contract. The critical consideration is whether the potential benefits outweigh the ERC.

For instance, during the COVID-19 pandemic, the Bank of England’s rate drop created an opportunity to secure a better rate through early remortgaging, offsetting the ERC in long-term savings.

While this example is unique, it underscores the potential advantages. Speaking to our expert remortgage advisors in Manchester ensures you make well-informed decisions aligned with your financial goals.

Learn more in our article “Remortgaging in Manchester When Your House Value Has Increased

Do I need a remortgage in Manchester to remove a name from a mortgage?

From the lender’s perspective, retaining joint mortgage holders provides security in case of financial challenges. They prefer two parties for potential financial compensation in scenarios like mortgage arrears or repossession.

If one party seeks removal from the mortgage, it triggers affordability checks to ensure solo repayment capacity. The process varies among lenders, and seeking help from a trusted mortgage broker in Manchester can be beneficial.

Switching lenders for a better mortgage deal during this process may ease complications, and our specialist advice in Manchester is available for a free initial mortgage appointment.

Learn more in our article “How do I Remove a Person From a Mortgage in Manchester?

Can I borrow more money for home improvements?

Subject to affordability checks and sufficient property equity, increasing your mortgage for home improvements is viable.

This strategic move not only updates your home but also enhances its value. Customers often use this approach for kitchen renovations, home office creation, or loft conversions. Strategic planning and professional guidance are key in executing this wisely.

Speaking with a mortgage advisor in Manchester ensures you make informed decisions that align with your financial goals and property’s potential.

Can I borrow more money to fund other means?

Borrowing extra funds through your mortgage can serve various purposes, such as debt consolidation, property investment (e.g., Buy to Let), consumer purchases, or gifting to relatives. This flexibility allows you to leverage your property’s value for diverse financial goals.

However, seeking guidance from a mortgage advisor in Manchester helps navigate the complexities and choose the most suitable options aligned with your unique circumstances.

Should I remortgage in Manchester or move home?

Moving home in Manchester is an option worth considering, especially if it meets your needs for a larger space or a home office. However, the associated costs, including removal fees, property survey fees, and mortgage arrangement fees, need careful consideration.

Remortgaging for a home office without moving, presents a cost-effective alternative. Seeking remortgage advice in Manchester at this juncture allows you to explore the best options tailored to your needs.

When should you speak with a mortgage broker in Manchester?

Remortgaging for home improvements often involves releasing equity within your property. This can be a wise choice to fund updates and enhance your property’s value.

The remortgage process, facilitated by a dedicated remortgage advisor in Manchester, tends to be smoother and quicker, ensuring a hassle-free experience.

At Manchestermoneyman, our mortgage advisors in Manchester are dedicated to helping customers throughout the day.

Whether you’re considering remortgaging for home improvements or evaluating the pros and cons of moving home, our advisors are ready to address your queries and provide comprehensive guidance.

The Different Types of Remortgage Available in Manchester

Navigating through the mortgage process can be complex, and remortgaging is no exception. There are 10 types of remortgages in Manchester, each catering to specific financial needs and circumstances.

To ensure you make informed decisions tailored to your unique situation, it is crucial to consult with a trusted mortgage broker in Manchester. With our expertise, we can guide you through the various remortgage types, helping you choose the most suitable option that suits your personal situation.

The main different types of remortgages are:

  1. Remortgage for a Better Deal – This involves actively seeking the most favourable interest rates in the hopes to achieve cost savings.
  2. Remortgage to Release Equity – With this type of remortgage, you can release tax-free equity from your home. 
  3. Remortgage for Home Improvements in Manchester Consider extending your mortgage to fund home improvements to your home or garden, such as a new kitchen, an extension, additional bedrooms, or other improvements.
  4. Debt Consolidation Remortgage – This is when you take your unsecured lending such as store cards, credit cards and personal loans and add them to your mortgage.  Note, this is high risk, our mortgage broker Manchester team will be more than happy to discuss all the risks associated with this type of remortgage.
  5. Equity Release Remortgage (Age 55+) – With this type of lending aimed at peopled aged 55+, you can release equity from your home to supplement retirement income, complete home renovations, repay an existing mortgage, provide gifts to family, or anything else.  If you already have a lifetime mortgage, our head of later life lending Dan Osman can also explore options such as borrowing more or refinancing it for a better deal.
  6. But to Let Remortgage – If you are a landlord who have a portfolio of properties in Manchester or surrounding areas and looking to remortgage a buy to let property, either for a better deal or to release equity, you can do this via a buy to let remortgage product.
  7. Remove a Name from a Mortgage – If you have recently separated or divorced, at remortgage time, providing that the person looking to take over the mortgage passes the lender checks, a name can be removed from the mortgage.
  8. Remortgage to Change the Term – You’ll have the option to reduce or extend your mortgage term at remortgage time depending on your personal situation.
  9. Remortgage Specialist Finance – There are more specialist remortgage types available such as a secured loan, house in multiple occupation (HMO) or commercial mortgage.  More on these below.  

How to know which remortgage type to go for?

Selecting the right type of remortgage is a decision contingent on your unique circumstances, goals, and circumstances. If you solely rely on your existing mortgage lender for a new deal, you might be overlooking potentially lower rates available elsewhere. Mortgage lenders tend to benefit when customers don’t shop around, leading them to default to higher standard variable rates.

Mortgage lenders often streamline the process for customers to secure a new deal through their online banking platforms. However, it is strongly advised not to proceed with this without consulting a mortgage broker in Manchester, such as our team, beforehand as search 1000’s of deals and find the options that’s right for you.

We specialise in assisting with various types of remortgages and can offer comprehensive support and guidance throughout the entire mortgage advice process. Your well-being is our priority, and we are dedicated to helping you make informed decisions tailored to your specific needs and aspirations.

Remortgage for a Better Deal

If your current fixed-rate deal is ending with less than six months remaining, its a good opportunity to secure a new mortgage deal. Our team can compare the different options available to you, including evaluating any product transfer mortgage deals you may be offered, saving you time and money.

Typically, your existing lender will propose a product transfer deal and then we’ll compare this to what is available elsewhere. It’s always usually cheaper for you to switch to a new lender. 

Capital Raising Remortgage  

When you remortgage to release equity in Manchester, you have the option to borrow additional funds for a variety of legitimate purposes. This includes, but is not limited to, making purchases, providing financial assistance to family members get onto the property ladder, acquiring a buy to let property, or consolidating debt.

Our service involves a thorough comparison of any additional advance mortgage offers presented by your current lender against those available from other lenders. Our goal is to identify the most favourable option tailored to your specific needs.

Bear in mind that a remortgage typically entails paying interest over an extended period. Therefore, it’s essential to ensure that the funds are borrowed for valid and prudent reasons. Making informed decisions about the reasons for borrowing is paramount, considering the long-term impact on your financial well-being.

Remortgage for Home Improvements

If you believe your home could use some upgrades, remortgaging for home improvements is a viable option. Investing in your home can prove to be a worthwhile investment, with certain improvements like extensions or loft conversions adding tangible value to your property. Over time, kitchens and bathrooms may appear dated, and remortgaging allows you to finance both cosmetic enhancements and structural modifications.

In cases where the borrowed amount is substantial, the lender may request estimates for the planned works. Importantly, you are not obligated to engage the contractor who provided the estimate to carry out the actual renovations.

Interestingly, some individuals opt to borrow for home improvements even when they don’t anticipate an immediate increase in the property’s value. This is particularly common for those who have decided they are in their “forever home.” If the financial capacity allows, there’s no drawback to borrowing for this purpose.

Debt Consolidation Remortgage

This remortgage type is a very specialist area of mortgage lending so if you are looking to consolidate debts it’s vital that you speak with one of our mortgage team asap.  Doing a debt consolidation mortgage without a trustworthy mortgage broker on your side could result in you paying more interest and potentially losing your home.

When you add unsecured debt to your mortgage you may end up paying back more interest overall. This is because a mortgage term tends to be much longer than that of a personal loan (although it doesn’t have to be).

The other thing you need to think about is that you are taking unsecured debt and securing your home. That doesn’t sit easily with everyone as you are under the risk of repossession if you cannot afford your mortgage in the future.

You will need to know the interest rates that apply to the debts that you are considering rolling into your mortgage. If you have 0% credit cards, then adding these to your mortgage will start attracting interest.

You should consider all options before deciding to remortgage for debt consolidation, such as asking family members for assistance if possible and reducing as much non-essential expenditure as possible.

Once you have considered all of the above and decided a remortgage for debt consolidation could be right for you then it’s vital you speak with a mortgage advisor. The advisor will take responsibility for the recommended remortgage advice and help you with your application.

Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoing. Some customers end up reducing their payments by hundreds of pounds.

Equity Release Remortgage (Age 55+) 

We tend to find anyone, aged 55+, are often looking to remortgage to raise capital on their property. Reasons such as to supplement pension income, helping family, pay for a big purchase and to clear debts.

Already have an equity release plan in place, a remortgage on equity release in Manchester may be possible. Our late life lending team can look at refinancing these if more funds are required and getting you the best deal.

Mortgage lenders have been very innovating in this space over the last few years and lots of great products are now available to older homeowners looking to remortgage.

Whether you will qualify for a regular mortgage, a mortgage into retirement or an equity release plan will depend on various factors such as your age, income, and plans with the property.  Head of later life lending Dan Osman, can explore all these different mortgage types with you.  

Buy to Let Remortgage 

Buy to let remortgages in Manchester include remortgaging for a better deal, capital raising or extending the term.

With a buy to let remortgage, the property value will be considered along with the rental income received. being a buy to let mortgage broker in Manchester, our team will guide you through the whole process.  

Remove a Name from a Mortgage 

If you have recently separated or divorced, at remortgage time, providing that the person looking to take over the mortgage passes the lender checks, a name can be removed from the mortgage.

Documents will be required by the person taking over the mortgage to prove income such as payslips and bank statements.  Mortgage lending criteria will also need to be met.

As a trusted mortgage broker in Manchester, our team will help explore your options with this type of remortgage and let you know how much your new monthly repayments will be.

Often, when a client is removing a name from a mortgage, they look to raise some equity from the property to pay off the ex-partner.  This can all be done at the same time with one transaction by our mortgage advice team.  

Change the Term of your Mortgage 

Our clients usually reduce or extend their mortgage term for three main reasons, the first is to reduce their monthly payments, the second is to get their mortgage paid off quicker, and the third is if their interest-only mortgage is ending soon.

All mortgage lenders will have different criteria when it comes to maximum age so it’s always best to do this with a mortgage broker like us, on your side.  Here, we have a full range of later life lending mortgage product types available also.

There are risks and alternative product available so it’s important seek mortgage advice to explore all your options.  

Remortgage a Specialist Finance Product 

You are also able to refinance other lending products such as a secured loan, house in multiple occupation (HMO) or commercial mortgage.

These products are classed as specialist finance so it’s always best to speak with a reputable mortgage advisor, like us, to save you time and money.

What is a Mortgage Broker in Manchester?

Whether you’re new to the world of mortgages or you currently own a property and have some past mortgage experience, you will have either heard of a “mortgage broker” or will have no clue what they are or what they do.

Using a mortgage broker in Manchester when moving home can not only make your job easier but can take all of the stress out of the process.

Mortgage Broker in Manchester vs Your Bank

Here we will discuss the main differences between using a mortgage broker and your bank.

Mortgage Products

If you opt for your bank when looking for a mortgage, you will not have to pay a broker fee, which will save you money.

However, banks can only access their in-house mortgage products, whereas, a mortgage broker can search through various different types of lenders in order to find the best product for you. For example, as a mortgage broker in Manchester, we have access to a variety of different lenders that hold both high street and specialist deals. We can search through these lenders to try and find you a competitive mortgage product.

During your free mortgage appointment with us, we will perform a free affordability assessment on you to work out what sort of deals will be accessible to you.

Appointments

Most high street banks are renowned for making you wait weeks to get an appointment with a mortgage advisor. This can be extremely inconvenient if you have just had an offer accepted on a property.

A mortgage broker in Manchester, like ourselves, offers flexible availability and allows you to book a mortgage appointment at a time that suits you. Sometimes, we even have same-day availability!

Declined Application

If you approach a high street bank and your mortgage application is declined, the chances are that most other high street banks will do the same.

There are many different reasons why a bank could decline your mortgage application, sometimes you are never told why. If it has something to do with your credit, if you apply to another bank and are declined, you could put more harm on your credit.

As mentioned earlier, mortgage brokers can access a large variety of mortgage lenders, including those from specialist lenders. If you have been declined by your bank, the best thing to do is to approach a mortgage broker in Manchester like us and we can explore options that are better suited to your personal and financial situation.

If your credit is the issue and you need help improving your credit score and getting your finances back on track, our mortgage advisors in Manchester can run through this with you.

Securing Your AIP

Banks and brokers have a pretty similar turnaround time when it comes to getting you an agreement in principle (AIP). Our mortgage advisors in Manchester can usually secure you an AIP within 24 hours of your free mortgage appointment.

If your AIP expires, simply get back in touch with our team and we can renew it straight away for you.

Customer Service

Similar to their mortgage appointment availability, banks will never be available there and then for you to ask a quick question or give you an update on the progress of your mortgage application. Drop your mortgage advisor in Manchester a message whenever you want to speak to them and they will be back in touch right away. We know that the mortgage process is a stressful time, and we want to put you at ease.

Mortgage Broker in Manchester

As a mortgage broker in Manchester, our job is to help you through the entirety of your mortgage journey. No matter your situation, whether you’re a first time buyer in Manchester or a buy to let landlord in Manchester, we are here to offer our help.

Our responsive service is at the heart of our business. You can book your free mortgage appointment or arrange a call back online! This allows you to be in control of your mortgage appointment and schedule it around your busy working and personal schedule.

If you would prefer to, give our team at Manchestermoneyman a call and we can put you in touch with one of our expert mortgage advisors in Manchester.

What Happens When You Remortgage in Manchester?

The act of taking out a remortgage in Manchester, which is often perceived as a complex financial decision, is a step that many homeowners contemplate at different stages of their homeownership journey.

Fundamentally, remortgaging in Manchester entails the option to either transfer your existing mortgage to a new lender or reconfigure the terms of your current mortgage agreement with your existing lender.

People opt for remortgaging in Manchester for a variety of reasons, and when executed thoughtfully, this process can yield financial advantages.

The Remortgaging Process

To gain a comprehensive understanding of the remortgaging process in Manchester, it’s beneficial to break it down into a series of key steps:

Assessment

The journey commences with a meticulous evaluation of your present mortgage and financial circumstances.

This entails calculating your outstanding mortgage balance, interest rate, and monthly payments. This assessment is pivotal in determining the feasibility of pursuing a remortgage in Manchester.

Research

Thorough research into the array of available mortgage deals in the market is imperative. Seek out lenders offering competitive interest rates and favourable terms. Seeking guidance from a dedicated mortgage advisor in Manchester, tailored to your specific situation, can prove invaluable.

Application

Once you’ve selected a suitable mortgage deal, the subsequent step is to complete a mortgage application. The lender conducts a comprehensive evaluation of your application, taking into account factors such as your credit history, income, and property value.

Valuation

Assessing the current market value of your property may necessitate a professional valuation. Ordinarily, the lender arranges for an experienced appraiser to assess your property.

Legal Process

Legal procedures are integral to the remortgaging process in Manchester. Engaging a solicitor or conveyancer may be necessary to oversee legal aspects, including property searches and fund transfers.

Approval

If your application aligns with the lender’s criteria, you’ll receive a formal mortgage offer. It’s imperative to conduct a thorough review of this offer to ensure it aligns with your financial objectives and expectations.

Completion

Once all the requisite checks and paperwork have been finalised, your new mortgage arrangement is concluded. This phase may involve the settlement of arrangement fees and other associated costs.

Repayment

Once your new mortgage is in place, you’ll embark on the journey of making monthly payments in accordance with the terms of your new arrangement. Consistently meeting these payment obligations is key for maintaining a healthy financial standing.

Reasons for Remortgaging in Manchester

Homeowners consider the prospect of remortgaging in Manchester for a wide array of individual reasons, each situation bearing its unique circumstances.

A prevalent motivation is the pursuit of a more favourable interest rate. Securing a lower interest rate can yield substantial long-term savings on your mortgage.

Furthermore, remortgaging in Manchester is often employed as a means to unlock equity tied up in your property. This accessible equity can be utilised for various financial objectives, such as home improvements, debt consolidation, or a multitude of other financial goals.

Changing your mortgage type is another viable reason for remortgaging. As your financial circumstances evolve, your existing mortgage type may no longer align with your needs. Transitioning to a different mortgage type can offer increased flexibility or more advantageous terms.

Finally, some homeowners opt for remortgaging as a means to consolidate high-interest debts, including outstanding credit card balances or personal loans, into their mortgage. This results in lower monthly payments and simplifies financial management.

Benefits of Remortgaging in Manchester

Remortgaging holds the potential to deliver several benefits, including the prospect of reduced monthly payments, access to home equity for financial pursuits, the opportunity to consolidate high-interest debt, and the flexibility to adapt your mortgage to better suit your evolving financial requirements.

In conclusion, remortgaging in Manchester is a dynamic process that empowers homeowners to transition their mortgage to a new lender or negotiate revised terms with their current mortgage provider.

Individuals embark on this journey for a multitude of reasons, ranging from securing improved interest rates to accessing the wealth tied up in their homes.

The remortgaging process encompasses several essential steps, such as assessment, research, application, valuation, legal procedures, and the finalisation of the new mortgage terms.

When considering the prospect of remortgaging in Manchester, it is imperative to conduct a thorough evaluation of your options and, when necessary, seek expert remortgage advice in Manchester to make informed decisions about your financial future.

What Does Remortgage Mean?

Remortgage Advice in Manchester

If you have just bought your first home in Manchester and your current mortgage deal is ongoing, you may not have heard of a remortgage before. On the other hand, if you have been living in your property for a long period of time, you may have a rough idea of what remortgage means and when the point of remortgage is.

Defining a Remortgage in Manchester

Remortgaging, also known as financing, is simply the process of taking out a new mortgage deal with a new lender to replace your current product. Usually, a remortgage takes place when your current deal is coming to an end.

Key Elements of Remortgaging in Manchester

Let’s take a look at the main parts of a remortgage and how the process works.

Changing Mortgage Lenders

When you remortgage in Manchester, you will be taking out a product with a new lender. Taking out a new product with a different lender could help you potentially open yourself up to products with better interest rates. As a mortgage broker in Manchester, we also see that homeowners remortgage in Manchester for better customer service, more favourable mortgage terms and excess specialist products that their current mortgage lender does not offer.

Renegotiating Terms

If you are happy with your current mortgage but want to slightly alter the terms of the product, remortgage is an option. Remortgaging could allow you to extend or shorten your mortgage term or even change products completely, such as a switch from a fixed rate to a variable rate!

Releasing Equity

For those looking to take money out of their home, remortgaging to release equity is a viable option. If your current lender is not letting you take equity out of your home through a remortgage, other mortgage lenders may allow you to do so. There are many specialist lenders out there that offer products that can allow you to do this. Our team at Manchestermoneyman will be more than happy to help you explore equity release in Manchester and look at your options with you.

Reasons to Consider a Remortgage in Manchester

Now that you know what a remortgage means, let’s look at some reasons why people will want to remortgage in Manchester.

Avoid Lender’s Standard Variable Rate (SVR)

When you are approaching the end of your fixed mortgage term, if you do not remortgage, you will fall onto your mortgage lender’s standard variable rate of interest (SVR). It is more than likely that this rate is much higher than the current rate you have been paying. When you remortgage, you are taking out a new product and will avoid falling onto the lender’s SVR.

Lower Interest Rates

Linking with the reason above, searching around for a new remortgage product could allow you to access better rates of interest. In turn, this would reduce your monthly mortgage repayments.

As a mortgage broker in Manchester, it is our job to help you find the perfect remortgage product for your personal and financial situation. We will always try and save you time and money where we can!

Repayment Flexibility

Remortgaging can allow you to modify your mortgage repayment structure. Homeowners do this to make their payments more manageable. This could mean switching the type of mortgage they have on their property or shortening/extending their mortgage term.

Home Improvements

If you feel as if your home could do with some improvements, you may be able to incorporate some of the costs of these improvements into your mortgage. This is done via a remortgage for home improvements. The way that this works is that you would add the costs of the works to your total mortgage amount and then your monthly repayments will go up each month to accommodate the costs of the works. Depending on the work you’ve done, your payments may only rise by an extra £30 or £50.

Debt Consolidation

If you have built up debt, such as credit card balances or personal loans, you may be able to remortgage to consolidate this debt into your mortgage. It could make paying off your debt a little more manageable. We would always recommend speaking with an expert mortgage advisor in Manchester before consolidating debt into your mortgage, there are other options to explore first before doing this.

Accessing Equity

Your property value will likely increase over time. Remortgaging may allow you to access this extra equity in your home. Equity is essentially just how much money you have put into your home/mortgage, and you can withdraw a portion of this equity and use the cash as you like! We see that people use the money for all sorts of things, such as buying a new car or booking a holiday.

Speak to a Mortgage Advisor in Manchester

Remortgaging can be a complex process and getting remortgage advice in Manchester could help you find the perfect remortgage product. We are able to search through 1000s of remortgage products on your behalf to find a deal tailored to your personal and financial situation.

Remember to do your research, don’t rush into any deal and get the remortgage advice in Manchester that you need!

Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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