Remortgaging Advice for all Circumstances
Whether it’s a buy to let or residential mortgage, we can look at all mortgages for you and their potential to remortgage. We can also look at commercial mortgages to refinance. As well as if you are a home mover and want to remortgage after your move. Self build clients could also be looking to remortgage now their property is fully built.
End of fixed interest rate period
If you are nearing the end of your fixed rate period it never hurts to look at what’s available on the market with professional remortgage advice. You already have the property what’s to stop you looking for the best current interest rate to match & potentially saving you money each month on your mortgage payments. Key to this will be looking at all of the lenders on the marketplace. Our whole of market remortgage advice means we can look at all the lenders available to get you the best deal. If you are on a capital repayment mortgage, since taking out the deal, your total amount owing would’ve gone down as well. Meaning your mortgage balance will be lower. Coupling this with a potentially better fixed rate, you could see your monthly mortgage payments lower. This in line with the potential rise in value of your property might mean you have equity in your property. The way this helps is that if you started at a loan to value of 90% then over time paid the mortgage off and now you’re looking at 80% lenders will offer better deals for your remortgage. Generally speaking the lower the loan to value the better interest rates you get. Lenders see less loan to property value as less risky and so offer better rates.
Remortgaging for a new interest rate
When it comes to a remortgage you want to look at every avenue possible. When can I remortgage? Is a common question we are asked. Generally you want to avoid an early repayment charge which will apply if you remortgage in the fixed rate period. If you are looking for a new fixed rate mortgage, it’s best to leave this until the end of your current fixed rate. Having a mortgage advisor look at your current mortgage is essential. Without professional remortgage advice, how can you avoid these pitfalls? So, what can we do for you?… This is when we come into our own with our whole of market access. We can look at every single lender on the market who could potentially offer you a remortgage. We will discuss your current mortgage and what your goals are. Product research is then carried out on your behalf to find a suitable remortgage deal. How we gather the information needed to research is by carrying out a full financial fact find. In this we will also look at your current insurances that you have in place as well. Whether it be life insurance to protect the mortgage or buildings & contents, we can review them to make sure you are getting a good deal. This is all part of our remortgage advice package. We don’t want to leave anything un checked to make sure you are taken care of.
Our remortgage advice
Once we have reviewed all the deals we will present you with our recommendation on your remortgage. If this is acceptable and you want to proceed you sign up with us and we begin the document gathering. Lenders will want to see your proof of income, ID & bank statements as per usual. They will not need to see a proof of deposit in this case as you have your deposit sealed in the property. They will also want to do a valuation of the property. When it comes to remortgages lenders can be a little more lenient on the valuation. As to get to that stage it would’ve had to been valuated in the first place by a credible bank or building society. Given this they can sometimes do online valuations for remortgages when they would never do that for a purchase. When the valuation and documents have been classed as acceptable by the lender, a formal offer will be issued. This signals the end of our advice process and onto the legals side. Although we are finished here we often keep our eye on the process to make sure all is moving swiftly.
After the remortgage offer
The remortgage will be completed by carrying out the legal process. This signals the end of our remortgage advice process. Some lenders offer a free remortgage service whilst your normal conveyancers will also charge less for this service. The free remortgage service from lenders will often be slower than your traditional conveyancers, as the saying goes, you get what you pay for. If time is not an issue then taking the free service can be a great option to save you a couple of hundred pounds. We don’t do anything at the legal stage as our remortgage advice process is done, but do we stop our duty of care? Never. The remortgage legals will move along with similar checks being done to your usual purchase mortgage. Once all this is completed a date will be set for completion by the legal team. With no contracts needing to be exchanged this can be a day or two after all the necessary paperwork is finished. Now you set a date for your new direct debit and your new mortgage will take the place of your old one. You will have a new bank to speak with should you need and a different amount coming out each month. You should refer to your mortgage illustration that we provided for a payment schedule which details all the payments to be made. The lender will also remind you of this in the mortgage offer.
Remortgage advice aftercare
Once the remortgage is completed and you carry on in your home, we will still stay in touch. Especially if you have a fixed rate we will be in touch near the expiry to discuss a remortgage. With our remortgage advice we like to take care of our clients for the length of their mortgage. We are in this for the long run and build proper relationships with our clients. This means that even if you have come to the end of your mortgage and don’t require remortgage advice we can still help. In that situation we could look at equity release for you. Hopefully by this point you have a pension pot set up with either ourselves or your workplace. But if you don’t and want to release equity in your property we can help. This process is similar to a remortgage only it works differently. See our page on this for further details. Contact us today to discuss a remortgage and what we can do for you going forward. Please do be advised as well that we also cover the full remit of financial advice including pensions, investments & insurance.
