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.