Once you are close to the end of your mortgage term, we advised that you begin to look at a Remortgage. Our team of expert Mortgage Advisors in Leeds will look at your current deal and find a way to help you switch to one with more favourable interest rates.
If you’ve gotten in touch with a Mortgage Broker in Leeds like us, you would have gotten sent a reminder around several months before your term is due to finish, to get the ball rolling ahead of time.
Remortgage rates mostly follow the base rate of the Bank of England. At the time of writing, interest rates have been at an all-time low since March 2009. Meaning those who are currently on higher rates may be able to transfer to a lower rate, saving them money on their monthly repayments.
We tell every customer to look around first before you commit to the same lender. There could be hundreds of better deals with lower rates out there, don’t stick with the same lender just because it’s the more relaxed approach, but keep in mind. Lenders don’t reward loyalty; in fact, we have seen that they give offer better deals to new customers than to customers who have been with them for several years!
Some home improvements such as extensions, or loft conversions can be huge investments that can add more value to your property. People who are not looking to enhance their property value and have found their “dream home” will also borrow for home improvements.
There is nothing wrong with this, gives their home a bit of a transformation. Raising this money for your home improvements work for both cosmetic changes as well as structural renovations.
You can raise capital on your property when you remortgage, for almost any legal reason. In any case, this could be for large consumer purchases, gifts to help family members, to purchase a Buy to Let property or for debt consolidation.
Adding unsecured debt to your mortgage may result in you paying back more interest overall. It’s usually because a mortgage term is usually much longer than the length of a personal loan. Though this isn’t always a guarantee and there may be another reason for this.
You will need to consider that you are taking unsecured debt and securing on your home. Which will not sit comfortably with everyone as you are under the risk of repossession if you cannot afford your mortgage payments down the line.
You will need to know that if you have 0% credit cards, the interest rates that apply to the debts you wish to pay off using your Remortgage will start attracting interest too.
As a Mortgage Broker in Leeds, we have been helping many people looking to take out a Remortgage, not to mention there is rarely a situation in which we have not come across. Below, our Mortgage Advisors in Leeds listed some popular Remortgage scenarios that they have helped assist with:
These are just a few examples of why people might choose to Remortgage. If there is something we missed, contact us today to book your free remortgage consultation in Leeds & see how we can assist you.
We offer all our customers a free remortgage consultation. As a trusted Mortgage Broker in Leeds, we understand the busy lifestyles of today that is why our free remortgage consultations with your Mortgage Advisor in Leeds are available 7 days a week, 8 am – 10 pm. For some reassurance check out our reviews page.
Our Mortgage Advisors in Leeds have a wealth of experience when it comes to helping customers remortgage. Whether you are looking to release equity or secure a better rate, we are ready to help you find the perfect remortgage deal. Unlike your Bank, we can search through thousands of remortgage products to find you the best deal for your situation.
For additional information, Contact us today to book your free remortgage consultation in Leeds & see how we can assist you.
It’s usually three payslips for an employee to prove income and the latest 2 years’ accounts for self-employed. You will also need to produce proof of ID, address and 3 months’ bank statements.
Your chances of saving money go up if you are on your lenders SVR (Standard Variable Rate of Interest). We will compare the new products available against your current mortgage deal, in order to work out these savings for you. If you have equity in your property, a remortgage would also allow you to release some of this money if required. Usually, this is used for things like home improvements.
You can remortgage and increase the size of your mortgage to pay off any unsecured debts you may have. Please do not rush into this though as there are some downsides. We recommend that customers always seek Mortgage Advice in Leeds before consolidating debts!
Your initial free remortgage consultation in Leeds will last around 1 hour. We will then compare a new deal vs your current product and recommend the most appropriate one, with no obligation to you. You can then decide whether you wish to go ahead with the mortgage, or take a step back.
The fees will be similar to the ones involved when you started your current mortgage. However, your dedicated Mortgage Advisor in Leeds will run through all of the fees with you. Taking these into consideration when comparing the savings of the new deal vs your current mortgage.
As your mortgage broker in Leeds, we carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you. A credit check is then required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.
It may be possible to get a second mortgage on your home for things like debt consolidation or Home Improvements. It may also be possible to take out a mortgage on a second property if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.
If you have had credit problems you can still get a mortgage but you may possibly be required to put down a higher deposit than usual, perhaps 15% of the property purchase price.
An initial telephone call where we take a few details and look at your Remortgage plan.
A discussion about your requirements: you already have the property this time around, you can avoid the property chain!
We will seek out and compare thousands of products to find you the most suitable deal.
Application stage - We'll ensure all goes smoothly with the lender. You'll have our backing from your initial contact right through to when your remortgage process is complete.
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.
