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If you are on the hunt for the perfect deal, you are probably no stranger to shopping around. So, why not take the same approach for your remortgage? With me as your remortgage advisor, the complexities of the mortgage market will become clear and manageable.
Essentially, remortgaging is when an individual takes out a new mortgage on a property they already own. This can be done with their existing lender or a new one. Does remortgaging sound like something you’d be interested in? Well then, you’ve come to the right place.
Being too comfortable with your existing mortgage deal could keep you from finding a more suitable agreement.
By consulting with remortgage advisors, you get the chance to explore more satisfactory rates and secure lower monthly payments. This helps you save money and unlock equity to achieve your financial goals.
Here are the initial steps before and after initiating the remortgaging process.
There are many reasons why homeowners may choose to remortgage an existing property. They may want to:
As the introductory rate of your current mortgage deal comes to an end, you are typically transitioned to your lender’s standard variable rate. These interest rates are often higher, making it an ideal time to consider a remortgage to help reduce your monthly payments.
In my capacity as a mortgage broker for remortgage deals, I can assist with remortgaging for the above reasons and a number of others.
You have Bespoke Home Finance as expert advisors to help you navigate a remortgage, as there are a few things to think about first.
Remortgaging is a fairly simple process, especially with the help of expert mortgage advice from Bespoke Home Finance. The complexity of the remortgage process will vary depending on whether you remain with your current lender or switch to a new one.
Transferring from one mortgage to another with the same lender is usually straightforward, as your current lender knows everything about you and your property. There likely won’t be any added legal work or service fees involved. You simply move onto a new deal with the same lender on the fixed-term start date and begin paying your new monthly fee.
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. Many remortgage deals offer free property valuation and legal work. However, in some cases, you may need to hire a conveyancing solicitor to handle all the documents surrounding this.
I am here to guide you through the process with expert mortgage advice to ensure that you get the most perfect deal possible. With years of experience in the industry, I can secure better rates than most. For every remortgaging opportunity, speak to me today.
The ultimate goal of applying for a remortgage is to improve your financial circumstances. As a result, it is advisable to account for the service fees associated with the remortgaging process. Here are some of the fees linked to a remortgage.
Application Fee: A fee charged to initiate your new mortgage, often referred to as an arrangement, product, or booking fee.
Valuation Fee: A charge to evaluate and confirm the value of your property.
Early Repayment Charge (ERC): Many lenders have strict criteria for the repayment structure, as there is a cost to them if the rate is changed. The ERC covers this.
Solicitor’s Fee: A fee for a solicitor who will handle the transfer of your mortgage.
Other fees such as exit and broker remortgage fees may also apply. However, some of the better deals include coverage of some of these costs.
You may have signed up for a pretty fantastic bargain when you initially got your mortgage. But as the industry evolves, new mortgage deals constantly become available. This suggests that you could be able to find a better offer right now, saving you hundreds of pounds in the long-term.
You can remortgage your property 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.
With the support of our expert mortgage advice service, your mortgage balance can become more manageable.
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 on your property.
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 better interest rate and terms if you have strong credit and a track record of making on-time payments. Loan-to-value ratios are another aspect that affects remortgaging eligibility.
If any of the 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 since making your current deal
You do not have a decent credit score
Your property value has fallen
However, when you collaborate with qualified advisors for impartial mortgage advice, securing a remortgage deal can be within reach. This holds true even under challenging circumstances.
Mortgage advisors have the connections to put you in touch with the one lender who can meet your specific needs. However, if any of the above examples apply to you, keep in mind that most lenders will offer a higher interest rate to offset the risk of your personal circumstances.
There is no set timeline for remortgaging. While the average timeframe following the application date is generally four to eight weeks, this is not always a guarantee. If there are delays along the road, the timeline may change.
It’s always important to speak with professional mortgage advisors who are qualified and competent to provide you with advice on the perfect deal for your needs.
When submitting your mortgage application to remortgage brokers, it’s essential to provide all the paperwork requested. This includes documents like your current mortgage term and proof of earnings. Supplying clear and accurate documents will help streamline the entire process.
If you are looking for trustworthy mortgage brokers with experience in the UK’s mortgage industry, choose Bespoke Home Finance. I provide expert advice and services to guide you every step of the way.
Based in Scotland, I offer mortgage advice services in Edinburgh, Glasgow and across the UK! Hiring me as your online mortgage advisor means you can manage your home finances from the comfort of your couch.
My mortgage services go beyond just remortgage advice. If you are looking to move home, buy your first property, or need advice on buy-to-let mortgages, I am here to help. With impartial mortgage advice, you can effectively manage your repayments and save money in your monthly budget.
At Bespoke Home Finance, there are no obligations or high-pressure tactics. I simply offer expert mortgage advice and exclusive deals.
Turn dead equity into living cash! As your dedicated remortgage advisor, I offer comprehensive whole-of-market services. Dial 0330 111 2477 now to get started — I look forward to hearing from you.