Back to your future
It's a similar process to your first mortgage but with more options and questions.
What's the difference?
How long have it got before I have to act or decide?
There's an early repayment charge? Why?
Am I really gambling on the markets? The economy?
But my mortgage has another couple of years to run?
Can I remortgage?
Could I really save that much by switching?
When should I start looking at my options?
Can I use the money for something else?
Do you know what interest rates are going to do?
How can I avoid being trapped in an expensive mistake?
We can help you with
- Preparing for the end of your current 'special' rate,
- Raising some money to add value through home improvements,
- Reducing overall burdens via debt consolidation,
- Making your money work harder with a Buy To Let mortgage.
Things we'll consider
- There can be costs involved,
- such as valuation fees,
- lender/ broker fees
- and legal fees.
- Typically lenders will offer a free legal service and a free valuation,
but not always.
- Searching the whole market for the cheapest mortgage cost overall,
taking any charges into account.
- Calculating the true mortgage cost.
I have used Craig for a number of years now for mortgages.
Every time I have been to Craig he been able to secure me a mortgage that meets my needs, in some instances my requirements have been more than your average but Craig has the knowledge and background to find a suitable lender that will work for me.
He will make sure he understands your circumstances so that there are no surprises down the line. Totally recommend!
Remortgage with us
Things to prepare when remortgaging
If you are currently in a fixed rate deal that has not yet expired you will almost invariably be subject to payment of an early repayment charge (ERC), in order to leave. This is usually a percentage of the mortgage balance, depending upon how long you have left.
If you want to release equity from your property to get a lump sum, this means you will be increasing the overall amount you are borrowing and will, therefore, see a rise in your mortgage payments. Depending on the amount of equity you have in your property and the amount you are seeking to release, you may also see an increase of interest rate as your loan to value (LTV) may have decreased.
If you are thinking of remortgaging as a way to consolidate debts or to pay for a project, make sure you do your sums carefully. Remortgaging may seem attractive as mortgages have relatively low interest rates when compared to credit cards or loans but borrowing over a long period may cost a lot more in the long term.
You can rest assured that if we arranged your mortgage previously, that we will be in touch in plenty of time to discuss your options, but if you, or someone else did it, we generally recommend about 4 months in advance to be sufficient.
When you initially took out your mortgage, (hopefully) it was designed around your needs at the time, but these can change.
We will reassess those needs as they may of changed, and we will make sure that your new mortgage continues to meet your needs and requirements.
Generally speaking, lenders would love your new business, and whilst we explore all options for you, we also consider what your current lender is willing to offer, as this may be the best solution.
1. Check your credit file
2. Make sure the required documents are all together; typically identification, 3 months pay slips (or 3 years tax returns/ company accounts for self employed), latest P60, 3 months bank statements.
3. Ensure you have sufficient time
Less of this
You'll be able to quickly and efficiently remortgage and get back to the rest of life and enjoying your property.