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 Rating224 Reviews
Matthew
Our advisor Matt Collinson has been so helpful and a pleasure to deal with. I would definitely recommend him.
Lauren
Wayne was great throughout. Understood our needs really well and catered to when we were free to chat. Followed up and finalized with his colleagues who were really helpful and it’s really such a friendly team. Couldn’t fault the service at all...
Soney
I have been in my current house for 6 years and have always relied on Leedsmoneyman to deal with my mortgage renewal, etc. We will always use Leedsmoneyman for our mortgage needs and highly recommend them to anyone thinking of applying for a...
Andie
Absolutely fantastic service from both Chris and Lizzi!! Always responded quickly and answered all our questions. Wouldn’t go to anyone else now.
Jessie
Jason and Paula were really helpful all the way through my mortgage application process. Jason answered my questions in detail and promptly. I would definitely recommend and use them again.
Anonymous
Super helpful - as a first time buyer I had no clue about the ins and outs of getting a mortgage but Jason made sure to help me understand the process as well as get me a great deal.
Anonymous
Daniel was super helpful with our remortgage and did everything he could to secure us the lowest rate possible at a time rates are going up so fast!
Michael
We definitely chose the right company to handle our case. They were very professional and efficient and everything went through smoothly. We were delighted with the ongoing service we received up to completion and the icing on the cake is they will...
James
Excellent service from all involved once again. Everything was explained fully at all stages and the whole process was smooth sailing.
Anonymous
Would highly recommend Leedsmoneyman. The service was really great, everyone we spoke with was very responsive and helpful with any questions or queries. It really made the whole process a lot easier and less scary for us as first time buyers.
Anonymous
Really helpful for me and my partner being first time buyers, explained all the ins and outs and helped us get a great deal.
Melanie
Cannot recommend Daniel enough. He was efficient and professional while dealing with my change of mortgage.
Lisa
Very professional & friendly service, I had a very complex case & really didn't think I'd be able to secure a mortgage. Dinah went through every step in a way I could understand & was there anytime I needed to ask anything. I will definitely be...
Connor
Dan was a fantastic help, and gave some grand advice. Very glad I had the chance to contact him!
Michael
Charlie had excellent and prompt communication and was supportive especially when a problem came up (not UK Moneyman's fault). Would definitely recommend.
Anonymous
Great service. Very efficient and friendly.
Samantha
They have been incredibly helpful every step of the way and there has always been someone available to speak to us, both during the week and at weekends. I highly recommend them and cannot fault them at all.
Saffron
UK Money Man have been incredible throughout the entire process. We worked with Matt & Lyndsey who have been faultless. We are first time buyers so are very new to the process but they made it stress-free from beginning to end. I would 100%...
Sashiddharan
My advisor is very prompt in replying to messages and will reply as soon as he is available. He discussed the mortgage with me and provide decision, on how to proceed. In my last application he was working late night to submit the applicaiton. I...
Stephen
How can I say anything other than brilliant my best choice.
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.Â
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.Â
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.Â
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.Â
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.Â
Your free remortgage consultation with a Mortgage Advisor in Leeds will last around 30 mins. 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. Â
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.Â
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.
