There are many reasons as to why a homeowner would choose to remortgage such as:
– Reducing monthly payments by extending their mortgage term
– Finding a better deal
– Paying off their mortgage sooner
– Debt consolidation
– Home improvements
I am here to help you with remortgaging for a plethora of reasons. This includes if you are trying to raise a large sum of money, consolidate debts or to pay for an extension to your existing home rather than having to move.
You have us as a professional advisor to help you navigate a remortgage as there are a few things to think about first.
Maybe you signed up for a pretty fantastic bargain when you initially got your mortgage. But as the mortgage industry evolves, new offers become available. This suggests that you could be able to find a better offer right now, saving you hundreds of pounds.
You can remortgage at any time. However, ideally, you should start looking at your options three to six months before your current deal ends. If you’re not at the end of your fixed rate term, you may have to pay an early repayment charge.
To find out your eligibility for remortgaging, the first thing that will be assessed is how much money you make in comparison to what you owe.
Lenders who offer to refinance will carefully examine your credit rating, to determine if you have a decent credit score. You will probably be given a lower interest rate and better terms if you have strong credit and a track record of making on-time payments. Also, The loan-to-value ratios are another aspect that affects remortgaging eligibility.
So, if the following applies to you then remortgaging may not be your perfect option:
– You’re tied into an existing deal
– Your financial status has worsened
– You do not have a decent credit score
– The value of your property has fallen
There is no set time. However, it generally takes between four to eight weeks after you’ve applied. This is the average time frame following the application date. However, it is not always a guarantee. If there are delays along the road, the timeline may change and take longer.
Also, you will need to speak with a professional mortgage advisor, who is qualified and competent to provide you with advice on the perfect deal for your needs.
If you are planning on switching to a new lender, things can get a bit trickier. Similar to your first mortgage, you will need to provide up-to-date personal and financial information such as proof of income, documents related to outstanding loans, etc. Your new lender will check your credit history to confirm everything is correct and then arrange a property valuation.
You may need to hire a conveyancing solicitor to handle all documents about this, although many remortgage deals offer free property valuation and legal work. I am here to guide you through the process to ensure that you get the perfect deal possible. With our years of experience in the industry, I can secure better rates than most. For every remortgaging opportunity, speak to me today.
Furthermore, if you are looking to move home or even buy your first, I am here to help. Call me today on 0330 111 2477 or fill in the contact form below. I look forward to hearing from you and remember, there is no obligation or no high-pressure tactics on ours.
