When you are nearing the end of your current mortgage term, it’s probably time that you start looking at your options for a Remortgage. This is where your mortgage advisor in Manchester looks at your existing mortgage deal and sets about with an aim to help you switch to one with more favourable interest rates.
If you’ve gotten in touch with a mortgage broker in Manchester like us, you’ll usually be sent a reminder around 6 months before your term is due to finish, in order to get the ball rolling ahead of the mortgages end.
Remortgage rates mostly tend to follow the base rate of the Bank of England. When the Bank of England base rates are low, those who are currently on higher rates may be able to transfer to a lower rate, saving them money on their monthly repayments. When they are higher, you may find that this changes.
When the time comes to Remortgage, you can usually avoid the “property chain” that would’ve been apparent when you were going through the process the first time. This is because you already own your house this time around. We will do our best to ensure that the process goes as quickly and as smoothly as possible, hopefully quicker than your first process.
We tell every customer to look around at their different options first before committing to the same lender. There could be hundreds of better deals available to you, with lower rates out there, so don’t just stick with the same lender that you’re used to, simply because it’s the more relaxed approach. Always remember that unfortunately, lenders don’t reward loyalty. There have been instances that we’ve seen that they give offer better deals to new customers than to customers who have been with them for a very long time.
Some home improvements such as extensions, or loft conversions can be massive investments that can add a lot more value to your home. People who are not looking to increase their property value and have found their “dream home” will also borrow money to fund their home improvements. There is nothing wrong with this, as it gives their home what in some cases is seen as a much needed makeover. Raising this money for your home improvements work for both cosmetic changes as well as any structural renovations.
You can raise capital on your property when you remortgage, for almost any legal reason. Something like this could be for large consumer purchases, gifts to help family members, to purchase a Buy-to-Let property or for debt consolidation.
Adding unsecured debt to your mortgage may result in you paying back more interest overall, something that requires a lot of initial consideration & planning. This is usually because a mortgage term is usually much longer than the length of a personal loan, though this isn’t always a guarantee and there may be another reason for this.
You will need to consider that you are taking unsecured debt and securing on your home. This will not sit comfortably with everyone as you are under the risk of repossession if you cannot afford your mortgage payments down the line.
You will need to know that if you have 0% credit cards, the interest rates that apply to the debts you wish to pay off using your Remortgage will start attracting interest too.
There are a lot of different reasons why people choose the path of taking out a Remortgage. These reasons can range from you wanting to release equity from your property, to get better mortgage rates, find a more appropriate mortgage deal, as well as various others. Regardless of what you are looking to do, our mortgage advisors in Manchester will always do there best to ensure the process is quicker and easier than it was the first time you enquired about obtaining a mortgage. Here are some of the most popular scenarios we find ourselves coming across when providing mortgage advice in Manchester:
Contact us today to book your free Remortgage consultation with a mortgage advisor in Manchester & see how we are able to help you.
It would be best if you considered all of your options before deciding to consolidate debts. In our expert opinion, we feel that the best way to make a decision is to seek Remortgage Advice from one of our mortgage advisors in Manchester. They will evaluate any changes in your personal circumstances, the Remortgage options available to you and ultimately help you down the appropriate path, should you choose to go forward.
Your dedicated mortgage advisor might even suggest that you don’t take a debt consolidation Remortgage if it’s the option that will benefit you the most. Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoings. We have seen some customers end up reducing their payments by hundreds of pounds.
Our team of mortgage advisors in Manchester, are here to help you through the Remortgage process. Get in touch with us today and book your free mortgage consultation.
If you are on your lenders SVR (Standard Variable Rate of Interest), you may find yourself in a better position to save money. As a trusted and dedicated Mortgage Broker in Manchester, we are able to compare the new products available against your current mortgage deal, in order to figure out what these savings may be. If you have equity in your property, a remortgage would also give you the option of releasing some of this money if you need it. Usually, people use this route for things like home improvements.
You may be able to remortgage and increase the size of your mortgage, in order to pay off any unsecured debts you may have accrued over time. This is not something we recommend rushing into this though, as there are some downsides to this route. We highly suggest that customers always seek Mortgage Advice in Manchester before consolidating any debts they may have.
Typically your initial free remortgage consultation with a Mortgage Advisor in Manchester will last about an hour. We will then be able to compare a potential new deal against your current product, recommending the most appropriate one for your needs, with no obligation to proceed if you decide not to do so.
The fees involved in Remortgaging will be similar to the ones involved at the start of your existing mortgage. Your dedicated Mortgage Advisor in Manchester will be able to run through all of the fees with you prior to making any decisions, able to take these fees into consideration when comparing the savings of the new deal against the current mortgage you are on.
As trusted Mortgage Advice professionals in Manchester, we will carry out a Fact Find to establish your personal needs before we go ahead with recommending the most suitable mortgage for your situation. From there you will be credit checked, which is a requirement to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be issued a formal mortgage offer.
If you’re looking to achieve something like debt consolidation or home improvements, you may be able to place a second mortgage on your home. If you’re looking to use it for yourself, a family member, a holiday home or a Buy to Let, a second mortgage on that property may also be an option.
If you have struggled with credit problems in the past, you may still be eligible for a mortgage, though a lender may possibly require you to put down a higher deposit than expected. This can be something like 15% of the property purchase price.
In order for an employee to prove their income, it’s usually 3 payslips and the last 2 years’ accounts if you are self-employed. You will also need to provide some proof of ID, address and the last 3 months’ bank statements.
An initial telephone call where we take some details and look at your Remortgage plan.
A discussion about your personal requirements. You already own the property this time around, you can avoid the property chain!
We will search and compare 1000s of products to find you the most appropriate deal.
Application stage - We'll ensure everything goes smoothly with the lender. You'll have our support from your initial contact right through to when your remortgage process has completed.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
