Many of us
are looking for a better mortgage deal, or would like to release
some of the equity in our home but the process is often not
as easy as it first appears.
So what do you need to know before
you seriously consider remortgaging?
Where to start?
The first step is to contact us and
we can advise you on the best remortgaging options.
We will work with you to check the
terms and conditions of your existing mortgage. These will
tell if you are tied-in to your mortgage deal or if there
are any early repayment charges. You can then decide if it
is worth switching to a different rate or stay put until the
penalties have expired.
Which deal to choose?
There are broadly four types of deal
on offer that we can talk you through in more detail and find
out which option suits you best.
* Fixed-rate schemes
- ideal for people who want certainty and must be able to
regulate how much they will be spending each month.
* Discounted loans - offer a reduction off
the standard variable rate for a set period. If rates fall,
the rate you will pay will go down but if rates rise, so do
your payments.
* A capped-rate loan - sets a limit on the
rate you will pay. If rates rise, your payments will not go
above that level but if rates fall below the cap so will your
repayments
* Flexible mortgages - allow you to overpay
and underpay when you choose, without penalty. This is ideal
for people who have fluctuating incomes or who want to clear
their mortgage early.
How do I apply?
We will of course guide you through
the whole remortgaging process, which will include:
* A 'redemption statement'
will be obtained from your existing lender telling them how
much you owe.
* An application form from your new lender
will need to be completed, along with details about your income
such as bank statements, payslips, P60 form, mortgage statements
and proof of identity.
* Your new lender values your home.
* Subject to all the paperwork being satisfactory,
the lender will issue a mortgage offer which will contain
the amount of the mortgage and the terms that they will offer
you.
* Solicitors will need to be instructed at
this point to arrange the legal documentation, leading through
to completion of the loan.
How long does it take?
The whole process should take about
a month to complete.
Once you have received a completion
statement from your solicitor or new lender, the process has
finished and your new mortgage is in place, congratulations!
What can we offer you?
As we have access to thousands of mortgages
including exclusive deals with a huge range of lenders, we
can offer a wide range of remortgage offers with some special
features:
* The ability to raise
extra monies to clear credit cards and loans
* Fees-free products available
* The ability to raise capital for all purposes
including business reasons
* Market leading remortgage deals available
* Whatever your mortgage requirements, we’re
certain we can find the mortgage for you.
So if you want a better mortgage deal,
or would like to release some of the equity in your home,
talk to us today!
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