When you reach the point in time where you’ve gotten through the majority of your term and are nearing the end of your mortgage term, it’s probably time to start looking at your Remortgage options.
It’s here where your dedicated Mortgage Advisor in Nottingham looks at your current deal and looks to help you switch to one with more favourable interest rates.
If you’ve gotten in touch with a Mortgage Broker in Nottingham like us for your initial mortgage or a previous Remortgage, you’ll usually be sent a reminder around 6 months prior to the end of your mortgage term, in order to get the ball rolling ahead of time.
Remortgage rate, generally speaking, will be following the base rate of the Bank of England, much like a tracker mortgage. At the time of writing, interest rates on UK Mortgages have been at an all-time low since March 2009.
What this means is that those who are currently on higher rates may have the option of transferring to a lower rate, potentially allowing them to save money on their monthly mortgage repayments.
One of the great things about reaching the point of a Remortgage, is that you can usually avoid the “property chain”. This is because you already own your house this time around and have no reason to be waiting for someone else to finish their deal before you can start.
Our team of Mortgage Advisors in Nottingham will do their best to ensure that the process goes as quickly and as smoothly as possible.
Whether it’s to release equity, to get better rates, find a more appropriate deal for your circumstances or even something else, we’ll always do our best to ensure the process is quicker and smoother than when you first took out your initial mortgage.
After a few years of paying off your mortgage, you may find that either your financial situation has changed, your personal and/or marital circumstances have changed, or you simply have decided it doesn’t work for you anymore. At this point, you may opt to Remortgage in order to access better interest-rates on future mortgage payments.
In some cases, throughout the time that has passed, you may find yourself with some credit problems, with a big one being accrued unsecured debts. A secure debt is held against an asset, like your house. If you missed that payment, your home can be repossessed.
On the flip side, if you’ve been building up big credit card debt, there is nothing to repossess and you will simply owe them money that could increase with added interest. It’s for this reason why Remortgaging to Release Equity for Debt Consolidation is a popular option.
Once you reach the end of the mortgage term, you’ll most likely be moving onto your lenders Standard Variable Rate (SVR). The interest rates on these types of mortgage is basically lender’s discretion; they can charge you what they want to charge you.
These types of mortgages are also more expensive than a typical mortgage might be. As such, homebuyers may look to Remortgage onto a Fixed Rate mortgage, to potentially lower the monthly mortgage repayments and create financial stability for a specific length of time.
Sometimes in life, things don’t always go to plan and this is the same when it comes to relationships. Things get difficult when it comes to large, joint financial commitments, especially when it’s a mortgage. Whilst the idea of simply calling a lender and asking for someone’s name to be removed from a mortgage may sound like an easy concept, it’s quite a complicated process.
Lenders like the security of being able to chase another person for payments if one can’t keep them up, so when they’re going from one to another, with no added support, this means they will need the utmost confidence in your ability to pay back by yourself. This means subjecting you to affordability checks and a Remortgage.
Contact us today to book your free remortgage consultation in Nottingham & see how we can help you with any of these scenarios.
We are able to search through thousands of Remortgage deals, in order to find the best product for your individual needs. Quite often, those in need of a Remortgage also have more equity in their house, so have access to better products from lenders.
When the time comes to Remortgage, you can usually avoid the “property chain”. 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.
As your mortgage advisor in Nottingham, we are here to help you. Get in touch with us today and make a date for your free mortgage consultation.
When you come to the end of your fixed mortgage period, you will move straight onto your lender’s standard variable rate of interest (SVR). Usually, a lender’s SVR will be higher than your current rate, meaning that you might see your mortgage payments go up each month.
To prevent this from happening, get in touch with our Mortgage Advisors in Nottingham and we will search through Remortgage deals for you so that you don’t end up paying more for your mortgage payments. We may even find you a deal that results in you paying less than you did each month!
You can remortgage and increase the size of your mortgage to pay off any unsecured debts you may currently hold. Please do not rush into this though as there are some downsides and it is best to thoroughly consider all options when looking into consolidating your debts. We recommend that customers always seek reliable Mortgage Advice in Nottingham before consolidating their debts!
Your free remortgage consultation in Nottingham should approximately last an hour. Once you have completed your consultation, we will search through thousands of remortgage deals, trying to find one that is not only better than your previous product but still benefits your personal and financial situation.
If you are interested in the offer and wish to continue, then it’s time to submit your remortgage application.
When remortgaging, the fees involved are similar to those when you started your current mortgage. Your Remortgage Advisor in Nottingham will go through all of these fees with you, making sure that you are aware of everything that you are paying for. We will compare the costs of getting a new deal vs staying on your current mortgage.
Our mortgage process consists of multiple different steps: 1. Once you get in touch, we will have you carry out our Fact Find so that we can get a bigger picture of your mortgage situation. 2. You’ll undergo your free mortgage consultation, then your dedicated Mortgage Advisor in Nottingham will begin searching for mortgage deals that are tailored to your circumstances. If we find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application. 3. We will perform a credit check on you in order to obtain an agreement in principle. Furthermore, we will get some evidential documents from you in order to back up your mortgage application. 4. We will submit your mortgage application and wait for a formal mortgage offer to be issued.
It’s possible to obtain a second mortgage; as a Mortgage Broker in Nottingham, here are the most common reasons we see for people wanting a second mortgage:
– Debt consolidation
– Home Improvements
– Buy to Let
– Other, e.g. for a Family Member, Holiday Home, etc.
If you’ve had bad credit issues in the past, you may find it a little harder to get a mortgage, but that isn’t saying you still can’t get one!
Lenders may ask for a slightly higher deposit if you’ve had bad credit in the past. Some lenders may ask for a deposit of around 10-15%.
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.
