Remortgaging generally takes place when your mortgage is nearing the end of its fixed term. Many people look to remortgage in order to secure a better deal or to look into releasing some equity from their property. Whatever the reason might be, our expert mortgage advisors in Leeds can be by your side to help you look at your options.
If you went with Leedsmoneyman to get your current mortgage, then you usually will receive a reminder from us 6 months before your fixed terms ends. You might be thinking that this is a little soon, however, we do this to encourage you to look early in order to be prepared and look at your options. Furthermore, as your fixed term ends, you will be automatically put on the standard variable rate (SVR) which will usually impact your mortgage payments by increasing.
In some cases, people look to capital raise when they are looking to remortgage, this is also known as releasing equity. Many people look to capital raise so they can fund larger developments like home improvements, or to consolidate debt.
Before securing any debts against your home, we always advise seeking expert mortgage advice.
Here at Leedsmoneyman, we always provide open and honest mortgage advice in Leeds. Therefore, if we can’t find a deal that is better than the one you have with your current lender, we would advise staying with your current lender.
Our goal is to find you the best deal which is why we search through thousands of mortgage products to find the one that is best for your circumstances. Furthermore, all our customers receive a free remortgage consultation.
At the time where your mortgages initial fixed period is due to come to an end, your option could be to look at remortgaging. Otherwise, you will be transferred automatically onto your lenders’ standard variable rate of interest (SVR).
Furthermore, you will find that the interest rate is normally higher compared to the initial fixed period which means your monthly mortgage payments will increase. Because of this, many people start looking to remortgage in Leeds at this point.
Here at Leedsmoneyman, we have dealt with many customers who are looking to release equity to fund home improvements. The improvements are usually large projects such as an extension, renovating for a home office or a new kitchen.
In the case where you are looking to release equity in order to fund these types of improvements, you may be asked by the lender to evidence some quotations for the work.
A way to reduce your outgoings into one attainable monthly payment is to consolidate any unsecured debts into your mortgage.
Nevertheless, you will end up paying more in the long run if you were to extend this debt over your mortgage term. When it comes to debt consolidation, there are many points you need to be aware of.
Speaking to a mortgage broker in Leeds is something we do recommend doing before securing any debt against your home.
In the circumstance where you are co-owning a property in Leeds and are wanting to remove a name, you need to remortgage to do this.
It’s no different if you are staying with your existing lender, the process will still be similar. The lender will need to be reassured that the person who is remaining on the mortgage will be able to still afford the mortgage and is creditworthy.
Please visit our guides section if you are wanting to look further into popular remortgage scenarios.
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.
There are several reasons you might consider Remortgaging in Leeds, but it’s a good opportunity to possibly save large amounts each year on your mortgage repayments if you are on your lenders SVR (Standard Variable Rate of Interest). Some people choose to Remortgage when they have come to the end of their mortgage deal. If you have equity in your property, a remortgage will also allow you to release some of this money for things like home improvements. We will compare the new products available against your current mortgage deal to work out these savings for you.
If you’re an employee, you will usually have to supply three pay slips to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ accounts. You will also need to provide proof of ID, address and three months’ bank statements.
Despite having shown any credit problems in the past, the good news is you may be able to get a mortgage, but it means you may be required to put down a higher deposit, e.g. 10 – 15% of the property purchase price.
You can have two mortgages running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.
As a committed Mortgage Broker in Leeds, we will carry out a Fact Find to establish your personal needs before we go ahead with advising the most suitable mortgage for your circumstances. From there, you will be credit checked, which is a requirement to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be issued a formal mortgage offer.
The fees involved in Remortgaging will be similar to those involved at the start of your existing mortgage. Your allocated Mortgage Advisor in Leeds will be able to break down all of the fees with you before proceeding. So you are able to consider these fees when comparing the savings of the new deal against the current mortgage you are on.
Your free remortgage consultation with a Mortgage Advisor in Leeds will last around one hour. Once they have evaluated your circumstances, they will compare a potential new deal against your current product, recommending the most affordable one for your needs, with no obligation to proceed.
Consolidating your debt into your mortgage can help you better budget your finances and bring your outgoings into one manageable monthly payment. Please do not rush into this, though, as there are some downsides. We advise that customers always seek Mortgage Advice in Leeds before consolidating debts.
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.
