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.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
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, from early on until late. 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.
4.98 Rating197 Reviews
Anonymous
It was a great service and we're really happy with the offer they helped us secure. Daniel was very helpful and Louise sorted everything very quickly for us. This is the second time we've used Leedsmoneyman for mortgages and we've...
Lucy
Ryan and Meghan couldn’t have been more helpful they made the process clear and stress free from start to finish.
Emma
Our entire experience with Leeds Moneyman has been fantastic, as first-time buyers this was all new to us and Dinah and Louise were such a great help along the way explaining the process in detail. They went above and beyond to secure us a mortgage...
Victoria
First Class Service, Both Louise and Charlie were always available to assist us in our remortgage. The are both very professional and dealt with any queries we had. We would have no hesitation in recomending them. Thank you.
Charmaine
Overall an excellent service and an experienced team. They covered all the basics and answered all our questions in a friendly way for first-time buyers. We really can't thank Wayne and Meghan enough.
Kim
The best customer service I have ever received from all staff members. Kayleigh who looked after my account was certainly the most authentic and approachable person i have come across in a long time, her willingness to help and go the extra mile is...
David
My dealings with Charlie, Meghan and the whole team were exceptional. They made the progress less daunting, provided clear and friendly advice/guidance and always responded promptly to any questions or concerns I had. They secured my loan and I...
Brian
Excellent service thus far. really quick, informative and efficient throughout each stage of the mortgage process
Daisy
Dinah was amazingly helpful, always available to text/talk on the phone at anytime. She kept me in the loop continuously and i would recommend her to everyone
Lisa
Lovely, helpful people and easy to work with. Would highly recommend.
Melanie
I would highly recommend Leo and Jennifer. They have been fantastic securing our buy to let mortgage. The process has been quick and easy - Jennifer is a star!
Oliver
Brilliant service and will recommend Tom and Kayleigh to our friends and family
Katherine
Tom and Kayleigh were brilliant in helping us secure our Mortgage. They had great advice and responded quickly to any queries, as well as working around our work hours. I have already recommended Moneyman to friends!
Samuel
Helen was very friendly and welcoming, got me booked in for an appointment to discuss my mortgage renewal. Really pleasant and professional, I'd highly recomend Leeds money man's services.
Jason
Would definitely recommend Leedsmoneyman Mortgage Brokers. Jason and Jennifer secured our mortgage for us - both were extremely friendly, professional and super responsive. They've both helped to make the process so straightforward.
Saleem
Matt and the team, were excellent from start to finish, clear, good communication, updates and demystified the current mortgage market and the approach lenders are taking. The deal Matt found was better than I had expected given current market...
Anonymous
helped with getting a mortgage. Very helpful.
Mazhar
Excellent services, in process of arranging another.
Soney
Having used Leedsmoneyman in the past it was natural to hire Leedsmoneyman to do my remortgage as the current deal was expiring. Leedsmoneyman searched for the best deals relevant for me. Very happy with the communication and help to get this done...
Scott
Great service. Found a very competitive mortgage and the service provided was very professional and informative.
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.
