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How Soon Can You Remortgage in Sunderland Before Fixed Rate Ends?

Precision in timing is paramount when contemplating a remortgage in Sunderland before your fixed-rate mortgage deal concludes. Our recommendation is to initiate this process approximately six months before your current mortgage arrangement expires.

This well-timed strategy ensures a seamless transition to your new mortgage deal, seamlessly taking over just as your old one is about to conclude. This approach minimises potential financial disruptions and helps maintain your financial stability.

Understanding Fixed-Rate Mortgages in Sunderland

Before delving into the timing considerations of remortgaging in Sunderland, let’s take a moment to explain the concept of a fixed-rate mortgage.

A fixed-rate mortgage offers a steady and unchanging interest rate over a predetermined term, typically spanning two to five years. This stability in the interest rate provides borrowers with financial predictability, making it easier to manage their budgets.

Can You Remortgage in Sunderland During a Fixed-Rate Term?

Certainly, remortgaging in Sunderland while you’re still in the midst of a fixed-rate period is possible, but there are some important factors to keep in mind:

Early Repayment Charges (ERCs)

Fixed-rate mortgage agreements frequently come with Early Repayment Charges (ERCs). These charges are applied when you repay or remortgage your mortgage before the fixed-rate period concludes. ERCs are usually calculated as a percentage of your remaining mortgage balance.

It’s worth noting that this percentage tends to reduce as you approach the end of your fixed-rate term. This can make remortgaging a more financially viable option as you get closer to the term’s conclusion.

Timing Matters

To mitigate Early Repayment Charges (ERCs), many borrowers choose to remortgage in Sunderland during the later phases of their fixed-rate period, aligning with the suggested six-month timeframe.

As your fixed term nears its conclusion, ERCs tend to decrease, lessening the financial burden of remortgaging. Nevertheless, it’s advised that you consider the time needed to secure a new mortgage deal and ensure a seamless transition.

Lender Policies

Lenders have diverse policies regarding remortgaging in Sunderland within a fixed-rate period.
Certain lenders permit you to initiate the process as early as six months before your fixed rate concludes, while others may have different timeframes.

It’s very important to review your lender’s terms and conditions to understand their specific policies and timelines.

Market Conditions

Stay vigilant about the current mortgage market conditions. If interest rates have substantially decreased since you secured your fixed-rate mortgage, it might be beneficial to consider early remortgaging in Sunderland, even if it incurs ERCs.

The potential savings from lower interest rates can potentially outweigh the costs associated with ERCs.

Remortgaging Benefits in Sunderland

Remortgaging while in the midst of a fixed-rate period can offer several compelling advantages. Firstly, if market interest rates have fallen since you initially secured your fixed-rate mortgage, you may have the opportunity to secure a new mortgage deal with a lower interest rate.

This can translate into tangible savings through reduced monthly payments, making it an attractive option for homeowners. Additionally, remortgaging during a fixed-rate period allows for the renegotiation of mortgage terms.

This means you can tailor your mortgage to better align with your evolving financial goals. Whether it involves transitioning from a fixed-rate to a variable-rate mortgage or adjusting the repayment period, this flexibility can be a valuable financial tool.

Furthermore, as property values tend to appreciate over time, remortgaging provides the means to tap into this accrued equity.

Whether you’re looking to undertake home improvements, consolidate debt, or address other financial needs, the equity in your property can be a valuable resource that remortgaging in Sunderland can unlock.

In summary, remortgaging during a fixed-rate period can be a strategic move to capitalise on lower interest rates, improve mortgage terms, and access your property’s equity for various financial purposes.

The Remortgaging Process in Sunderland

When considering remortgaging during a fixed-rate period, it’s important to start with a thorough assessment of your current mortgage terms.

This includes examining factors like the interest rates on your existing mortgage and the potential Early Repayment Charges (ERCs) you might incur. Simultaneously, it’s essential to have a clear understanding of your broader financial objectives.

Following the assessment, the next step involves conducting comprehensive market research. This entails exploring the various mortgage deals and lenders available in the market. The objective here is to identify a remortgage option that seamlessly aligns with your specific financial goals and preferences.

Once you’ve identified a suitable remortgage deal, it’s time to initiate the application process. During this stage, you’ll be required to submit your application and provide the necessary financial documentation that supports your request.

Subsequent to your application, the lender you’ve selected will arrange for a property valuation. This valuation is instrumental in determining the current market value of your property, which, in turn, plays a pivotal role in establishing the Loan-to-Value (LTV) ratio.

Following approval from your chosen lender, the final phases of the remortgage process come into play. Your existing mortgage will be settled, and the terms of your new mortgage agreement will be put into effect.

This ensures a smooth transition to your selected mortgage terms, potentially offering advantages like lower interest rates or improved financial flexibility.

Seeking Professional Mortgage Advice in Sunderland

Remortgaging can indeed be a multifaceted process with significant financial implications, which is why consulting a qualified mortgage advisor is highly advisable.

These experts can provide you with invaluable guidance, thoroughly assess your unique circumstances, and empower you to make well-informed decisions regarding the timing of your remortgage in Sunderland.

A strategic approach to remortgaging involves timing it approximately six months before your fixed-rate mortgage deal concludes. This careful timing aims to facilitate a smooth transition to a new mortgage arrangement while allowing you to minimise the impact of early repayment charges (ERCs).

Simultaneously, it offers the potential benefit of securing a new mortgage deal with lower interest rates and more favourable terms. As with any substantial financial decision, seeking remortgage advice in Sunderland can prove to be an invaluable step.

Their insights and knowledge can ensure that your remortgaging journey is not only seamless but also financially advantageous.

The Different Types of Remortgage Available in Sunderland

Navigating the intricate landscape of remortgaging in Sunderland involves a nuanced understanding of the diverse options available, each crafted to address specific financial needs.

To guide you through this complex process and ensure well-informed decisions, consulting with a trusted mortgage broker in Sunderland is not just advisable but also very important.

The Main Different Types of Remortgages

Remortgage for a Better Deal

Approaching the conclusion of your current fixed-rate deal, especially with less than six months remaining, presents an opportune moment to secure a new mortgage deal.

Our dedicated team excels at comparing various options, including product transfer mortgage deals, offering you potential savings in both time and money.

We meticulously evaluate proposals from your current lender and alternative options, often revealing that switching to a new lender proves more cost-effective.

Capital Raising Remortgage  

Opting to remortgage for capital raising in Sunderland provides the flexibility to secure additional funds for various purposes. This includes making significant purchases, supporting family members entering the property market, acquiring a buy-to-let property, or consolidating existing debt.

Our service thoroughly compares advance mortgage proposals from your current lender and alternative lenders, pinpointing the most advantageous option tailored to your individual needs.

It’s essential to borrow funds for valid and prudent reasons, considering the extended period of interest payments associated with a remortgage.

Remortgage for Home Improvements

Remortgaging for home improvements in Sunderland offers a viable avenue to invest in your property, yielding significant returns.

Whether it’s enhancing the tangible value through extensions or loft conversions or funding cosmetic upgrades to kitchens and bathrooms, remortgaging provides a flexible solution.

Lenders may request estimates for planned works, with no obligation to choose the contractor providing the estimate for the actual renovations. This option is popular among those deeming their residence their “forever home.”

Debt Consolidation Remortgage

Navigating debt consolidation through a mortgage demands careful consideration and prompt consultation with our specialised mortgage team.

Undertaking this process without a reliable broker may lead to increased interest payments and the potential risk of home loss, especially when securing unsecured debt against your home.

Understanding the interest rates associated with the debts intended for consolidation is crucial, as merging items like 0% credit cards into your mortgage may trigger additional charges.

Seeking professional guidance is vital to effectively navigate these intricacies and make informed decisions aligned with your financial well-being.

You should consider all options before deciding to remortgage for debt consolidation, such as asking family members for assistance if possible and reducing as much non-essential expenditure as possible.

Once you have considered all of the above and decided a remortgage for debt consolidation could be right for you then it’s vital you speak with a mortgage advisor. The advisor will take responsibility for the recommended remortgage advice and help you with your application.

Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoing. Some customers end up reducing their payments by hundreds of pounds.

Equity Release Remortgage (Age 55+) 

Individuals aged 55 and above often consider remortgaging to unlock capital from their property for various reasons, such as supplementing pension income, helping family members, or settling outstanding debts.

Our proficient late life lending team assesses the potential for remortgaging on equity release in Sunderland, ensuring the best possible deal. The evolving mortgage landscape provides innovative products for older homeowners, offering a range of choices to meet diverse needs.

To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.

Buy to Let Remortgages

Buy to let remortgages in Sunderland cater to various objectives, including seeking a more advantageous deal, raising capital, or extending the mortgage term. The property value and rental income play pivotal roles in the evaluation.

As specialists in buy to let mortgages in Sunderland, our dedicated team navigates you through the entire process, providing a comprehensive understanding and tailored guidance.

Remove a Name From a Mortgage

In the event of a recent separation or divorce, it is possible to remove a name from the mortgage during the remortgage process. This requires the individual taking over the mortgage to pass necessary lender checks, submitting essential documents like payslips and bank statements.

Our trusted mortgage broker team guides you through this process, providing clarity on necessary documentation and anticipated new monthly repayments.

Change the Term of Your Mortgage

Clients often adjust their mortgage term to decrease monthly payments, expedite repayment, or address the conclusion of an interest-only mortgage. Each lender has distinct criteria for term adjustments, making the services of a mortgage broker advisable.

Remortgage a Specialist Finance Product

Remortgage options extend beyond traditional mortgages to include specialised financial products like secured loans, HMOs, or commercial mortgages.

Classified as specialist finance, engaging with our trusted mortgage advisor team streamlines the process, ensuring efficiency and cost-effectiveness in your financial decisions.

How to know which remortgage type to go for?

Choosing the right remortgage type hinges on your unique circumstances, goals, and overall situation. Relying solely on your current lender may mean overlooking potentially lower rates elsewhere.

Our team, specialising in various remortgage types, provides comprehensive support and guidance throughout the entire mortgage advice process. Your well-being is our priority, and we are dedicated to helping you make informed decisions tailored to your specific needs and aspirations.

What Does Remortgage in Sunderland Mean?

If you’ve recently become a homeowner in Sunderland and are currently navigating your initial mortgage deal, the idea of remortgaging might be a new and unfamiliar concept.

On the other hand, if you’ve established yourself as a long-standing resident, you likely have a solid grasp of when the need for remortgaging in Sunderland arises.

Defining Remortgaging in Sunderland

Remortgaging, also known as refinancing, involves obtaining a new mortgage deal from a different lender to replace your existing one. Usually, people consider remortgaging in Sunderland as their current mortgage deal nears its expiration date.

Important Aspects of Remortgaging in Sunderland

Let’s explore the key elements of the remortgaging process and how it unfolds.

Switching Mortgage Lenders

Remortgaging in Sunderland involves transitioning to a new mortgage product with a different lender. This move opens up the possibility of accessing mortgage products with more attractive interest rates.

Additionally, Sunderland homeowners may consider remortgaging for improved customer service, more favourable mortgage terms, or specialised products not available from their current lender.

Renegotiating Terms

If you’re satisfied with your existing mortgage but wish to make adjustments to the terms, remortgaging is a viable option. This allows you to potentially modify your mortgage term, switch from a fixed to a variable rate, or even explore entirely different mortgage products.

Unlocking Equity

If you’re looking to unlock the financial potential of your home, a remortgage in Sunderland to release equity can be a practical solution. Even if your current lender doesn’t offer this option, there are alternative lenders who specialise in equity release products.

The knowledgeable team at Sunderlandmoneyman is here to help you in exploring equity release options in Sunderland.

Reasons to Contemplate Remortgaging in Sunderland

Having delved into the mechanics of remortgaging, let’s now explore the motivations driving individuals to opt for remortgaging in Sunderland.

Avoiding the Lender’s Standard Variable Rate (SVR)

As your fixed mortgage term concludes, failing to remortgage in Sunderland leaves you exposed to your lender’s standard variable rate (SVR), which typically carries a higher interest rate compared to your existing one. Remortgaging allows you to bypass the SVR by securing a new mortgage product.

Securing Lower Interest Rates

By exploring the array of remortgage products available, you may gain access to more favourable interest rates, leading to a reduction in your monthly mortgage payments.

In our capacity as mortgage broker in Sunderland, our primary objective is to help you in identifying the ideal remortgage product tailored to your unique circumstances. Our aim is to save you both time and money whenever possible.

Enhancing Repayment Flexibility

Remortgaging provides the flexibility to adjust your mortgage repayment structure, potentially making payments more manageable. This can involve switching to different mortgage types or altering the term.

Funding Home Improvements

If your home requires upgrades or renovations, you can finance these through a remortgage designed for home improvements. The associated costs are added to your mortgage, and your monthly repayments are adjusted accordingly.

Debt Consolidation

Consider remortgaging as an option to consolidate existing debts, such as credit card balances or personal loans, into your mortgage. This can make repayment more manageable, but it’s advisable to speak with a mortgage advisor in Sunderland before proceeding.

Accessing Equity Growth

Over time, your property’s value may appreciate, granting you access to additional equity through remortgaging. This equity can serve various purposes, from purchasing a car to planning a holiday.

Speak with a Mortgage Advisor in Sunderland

Remortgaging is a complex process, and seeking expert advice in Sunderland can help you secure the perfect remortgage product. We have the capability to sift through thousands of options to craft a deal that aligns with your unique situation.

It’s important to conduct thorough research, avoid hasty decisions, and seek the necessary guidance for a remortgage in Sunderland.

Can I Remortgage to Pay Off Debt in Sunderland?

Homeowners will have many different options that they can look at with their mortgage, especially as their fixed period reaches its end. The most popular choice for customers is always a remortgage in Sunderland, where you take out a new mortgage that replaces your old one.

Whilst many will do this for a better deal, not everyone is able to do this. Some will remortgage in Sunderland to release equity as a means to make any appropriate home improvements, whilst others may look at alternative routes available to them, such as product transfers.

A product transfer is where you stay with your existing lender and simply just switch to a new product (mortgage) with them. You can learn more about product transfer mortgages in Sunderland, in our article on the topic.

Something else we find ourselves coming across, are debt consolidation remortgages in Sunderland.

In taking out this sort of mortgage option, you will be merging your unsecured debts (such as credit cards, loans etc.) into a combined, more manageable monthly mortgage payment, which will lower your outgoings.

Taking unsecured debt and securing it against your main asset, your home, is a complex process that will require the help of an expert. You should always seek out professional remortgage advice in Sunderland before you look to proceed with a debt consolidation remortgage in Sunderland.

How can I pay my debts by remortgaging in Sunderland?

If your mortgage advisor in Sunderland comes to the conclusion that a remortgage in Sunderland to consolidate debt is indeed the right option for you and you match up to the criteria for this, you can only do so if you have enough equity within your home.

Equity is of course the difference between what the value of your property currently is and your remaining mortgage balance.

The reason that you need that equity, is because much like would be the case for a remortgage in Sunderland to release equity, you will use a lump sum to pay off your unsecured loan debts, with those costs then merging into your mortgage balance, which will give you more to pay back over a longer term.

You will also be paying interest on a much longer term duration than you previously would have had, which ultimately means you will no doubt have a much larger loan amount to pay back overall.

Can you remortgage in Sunderland early?

This will be entirely dependant on how far into your term you have gotten. People will remortgage 6 months before their deal is due to end, to see their new process completed, though this doesn’t count as early in a mortgage lenders eyes.

Anything earlier than that 6 months will be what is deemed early and typically, will see you faced with an early repayment charge that can be quite costly. If you only happen to be 2 years into a 5 year fixed-rate mortgage, it is incredibly likely that you will be paying one of these charges.

Whilst in some circumstances it may be worthwhile, please remember that not only will you be paying a lot of money to lose the deal that you already have (which will almost certainly be cheaper overall), but the funds you put towards your ERC could quite easily just be put towards your existing debts.

Of course it will all depend on your personal situation and we would always suggest speaking with a remortgage advisor in Sunderland to decide that this is indeed the best course of action for you, prior to doing this. There could yet be better options out there for you, such as a further advance.

Are you able to take out a further advance in Sunderland?

A further advance is a type of additional borrowing that some homeowners may have access to, where you borrow some more money from your current mortgage lender, usually at a different interest rate from your main mortgage in Sunderland.

Quite similarly to a debt consolidation remortgage in Sunderland, this will see your costs spread across your term, though it will be with lower interest rates than if you had took out a personal loan.

Whilst a further advance can prove to be a suitable alternative for a standard remortgage in Sunderland, typically being used for home improvements, it may not be the right option for debt consolidation.

You must remember that you will be securing this extra debt to your home, meaning if you are unable to maintain your mortgage and further advance payments, you risk falling into arrears and facing potential repossession.

Even with that in mind though, this allows you to have a means of paying off your debts if a remortgage in Sunderland is not yet an option that you can take, let’s say for example if you are not yet out of your fixed or introductory period.

Having the conversation with an expert mortgage broker in Sunderland will allow you to accurately evaluate each of the possible options that are available to you as a homeowner.

The Pros & Cons to Remortgaging to Pay Off Debt

As it will be with pretty much all mortgage options, there will be both positives to this, but also a lot of risks as well. The biggest benefit to a remortgage in Sunderland to consolidate debts, is that you will of course be lowering your total monthly outgoings, with one manageable mortgage payment.

Your overall mortgage payments will be going up as you are borrowing more, however, your monthly payments to the credit providers that you have consolidated will then cease to continue.

As said though, the downside is that you are increasing your mortgage amount so whilst monthly payments may be lower, your term will be longer so you’ll be paying more overall. Even still, this can give you more free income to use how you want or to overpay on your mortgage, if appropriate to do so.

It will also be putting significant risk on your home, as all of your unsecured loans will then move on to be secured against your home instead.

What this means is that if you miss any payments and fall into arrears, you are at a serious risk of repossession. It’s for this reason why remortgages in Sunderland to consolidate debt should be prepared for carefully, in advance.

Is it really worth risking losing the home you’ve grown in, just so you can consolidate your debts?

Should I remortgage in Sunderland to pay debt?

This is the ultimate question at the end of the day. Sure, it is possible, but should you actually do it? It depends on your circumstances. Whilst it is an incredibly risky move and should only be looked at in extreme situations, it can still be very useful and help you to better your finances.

Once again though, this should only be done once you have spoken to a qualified mortgage expert. Our mortgage advisors in Sunderland are more than happy to go over your options with you during your free mortgage appointment. They will always try to recommend an alternative for you first, if there is one.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage in Sunderland, 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.

Can I Remortgage With The Same Lender? Product Transfer Advice in Sunderland

When you are reaching the end point of your initial fixed period of your mortgage term, generally homeowners start to look for their options on what to do next, with a remortgage in Sunderland being one of the most popular choices. Another choice is a product transfer in Sunderland.

This may not be something that many homeowners are familiar with, especially if you have been doing your own research ahead of the end of your fixed period. You could say, however, that product transfers are just as popular, if not more popular than an actual remortgage in Sunderland itself.

What is The Difference Between a Remortgage & a Product Transfer in Sunderland?

To explain the difference here, a remortgage in Sunderland is a new mortgage that replaces your old mortgage, with a different mortgage lender. They usually have better rates of interest and lower payments. They typically require documentation to be submitted, before you can get those deals.

A product transfer in Sunderland on the other hand, is the same concept but with the same mortgage lender. What this means, is that so long as your circumstances aren’t different, additional documentation isn’t usually required; You have already been accepted by that mortgage lender once before!

What Are the Benefits Of a Remortgage in Sunderland With The Same Lender?

One of the main reasons why a customer might look to take out a product transfer in Sunderland instead, is that you could be able to save yourself a good amount of money. This in itself can be quite appealing to homeowners.

This is because when you product transfer in Sunderland, you don’t need to pay solicitors fees, may be able to avoid early repayment charges and also may not have any redemption fees. There may still be some arrangement fees for you to pay, however.

A product transfer in Sunderland may also serve to save you a great deal of time and make your process a lot easier. Remortgages in Sunderland may take a while to complete, whilst with a product transfer in Sunderland, because the mortgage lender already knows you and your habits, it can be much quicker.

Why Might Someone Choose To Do a Remortgage Over a Product Transfer in Sunderland?

Whilst product transfers in Sunderland may seem appealing, some may still instead look to remortgage in Sunderland. These are also incredibly popular, due to the flexibility involved with those types of mortgages.

Think about it; You have access to multiple mortgage lenders, with a variety of deals that could be better. Finding one of these otherwise inaccessible mortgage deals could save you a lot of money in the long run.

Additionally to this, a product transfer in Sunderland only means you can take out a new mortgage on the same term you have already agreed to. A remortgage in Sunderland possibly gives you the ability to change your term and allow for the next remortgage in Sunderland to go much easier.

Another choice that is popular, is taking out a remortgage in Sunderland to release equity. Equity is the difference between what you owe on the property and the value of it. This is usually done for all kinds of reasons, such as to fund home improvements, place a deposit on another property and more.

Releasing equity will not work exactly the same with product transfers in Sunderland, though you could possibly find yourself making use of something called a further advance. You should get in touch with a mortgage specialist to learn more about product transfers and further advances in Sunderland.

Do I Need a Solicitor to Remortgage in Sunderland With the Same Lender?

As a general rule, because you are not moving out of the property, there will be no need for a solicitor to be involved when you take out a product transfer in Sunderland.

Where this will become necessary, is if you are going to be making any changes to your mortgage terms, such as removing or adding a name from your mortgage contract. Once this is set to happen, you will most likely need a conveyancer or solicitor.

If I Remortgage in Sunderland With The Same Lender, Will I Need to Have a Credit Check?

Generally speaking, you will not need to have a credit check taken out on you for a product transfer in Sunderland. This can differ between mortgage lenders. The reason this typically occurs, is because the mortgage lender already has a record of you being able to keep up mortgage repayments.

Alternatively to this, if you have, if you have had credit problems during your current mortgage or are remortgaging with another lender to perhaps release some equity, you may find yourself with another credit check taken out on you.

Is there anything else I need to consider when I do a product transfer in Sunderland?

When you take out a product transfer in Sunderland, you may need to plan ahead and think about whether you can foresee yourself moving home at any point in the future. Your current mortgage deal may or may not allow porting a mortgage to a new property.

Instead, a remortgage in Sunderland may allow you to achieve this type of flexibility, by selecting a mortgage deal that may give you the choice to take your mortgage with you if you ever decide to move home.

How Can a Mortgage Broker In Sunderland Help With a Product Transfer in Sunderland?

Our team offer expert remortgage advice in Sunderland and will be able to take a look through your case and figure out what it is you are looking to achieve. Not only can we get through your process efficiently, you’ll also benefit from the variety of deals we have with our large panel of mortgage lenders.

We genuinely care about our customers and our service goes beyond just typical remortgage advice in Sunderland. If you are looking to product transfer in Sunderland, we can help with this. If your mortgage advisor in Sunderland feels like a remortgage is better for you, however, they will advise as such.

We believe in being completely transparent with all of our customers, your best interest should always be a priority. To discuss your options for either a product transfer in Sunderland or a remortgage in Sunderland, book a free remortgage review and speak to one of our mortgage experts.

Mortgage Advice after Divorce / Separation in Sunderland

What happens to your mortgage?

It is very sad when you and your partner decide to call it a day. When you have made joint financial commitments unwinding that side of things does not always run as smoothly as you’d hope.

Here are three main questions that we get asked on Divorce and Mortgage Advice on a regular basis:

Divorce and Mortgage Advice in Sunderland

How do I remove my ex-husband/wife from my mortgage?

Obviously, when you buy a home together you don’t do so with the intention of splitting up in the future but it is a massive financial commitment and making changes to your mortgage further on down the line is not always easy.

When there are children involved, quite often it’s the mum that stays in the property but regardless of gender, there may come a time that whoever is “in situ” wants to take over the mortgage in their own right. This is not always straightforward!

The fact that you may be able to demonstrate you have been paying the mortgage without any help from your ex, does not change the fact that at the point of application you bought the property jointly or, in other words, in the event of mortgage arrears there are 2 people the Lender is allowed to pursue.

Before removing a party from a mortgage the Lender has to be sure that the remaining applicant has the means to be able to afford the mortgage on their own going forward and this means a full assessment of income regardless of whether you have kept up mortgage payments in the past or not.

Quite often in these situations, there is someone who can step in to replace the ex-partner such as a family member or indeed your new partner.

Of course, there are lots of Mortgage Lenders out there all with slightly different ways of assessing your ability to afford a mortgage so don’t give up hope if your existing Lender says no, we still may be able to help you.

How do I remove my name from my ex-partner’s mortgage?

In the event of a separation or divorce, you need to understand that even if you vacate the family home you remain responsible for any joint financial commitments you took out with your ex-partner. This is the case even if you make an agreement with your ex that they will make all the payments.

The mortgage payment for your old property will be taken into consideration if you want to buy a new property in the future so it’s essential in these instances that you take mortgage advice in Sunderland before making an offer. Some Lenders are more generous as regards how much they’ll lend you than others and I’ll take this into account when recommending the most suitable lender to apply for a mortgage agreement in principle with.

Can I have two mortgages?

The answer to this one is YES, you can! Lenders and their credit scoring systems take many factors into account before they offer you a mortgage.  On-going financial commitments are just one of these. The mortgage payment you hold with your ex will need to be inputted, alongside any other credit commitments you may have.

Once we’ve keyed all this in for you our system will confirm the maximum amount you are able to borrow.  So you know your budget at outset and how much deposit you will need to put down.

It can be difficult to move on from your previous joint financial commitments. Just remember it’s all about risk as far as Lenders are concerned. They want to avoid repossession situations at all costs.

Mortgage Broker in Sunderland – Our Service

We offer a whole host of services, including remortgage advice in Sunderland and moving home mortgages. The best thing to do is to get in touch with us with your individual needs and we can advise you on the next steps.

Mortgage Protection Insurance Explained in Sunderland

Why Mortgage Protection Insurance is important?

Mortgage Protection Insurance serves as a comprehensive shield, encompassing various types of coverage, designed to safeguard borrowers from potential events that may impact their ability to manage mortgage payments.

By being linked to a mortgage, this insurance offers borrowers a reassuring sense of security and peace of mind.

The Different Types of Cover Include:

  1. Life Insurance in Sunderland.
  2. Critical Illness Cover in Sunderland.
  3. Income Protection in Sunderland.
  4. Accident, Sickness, Unemployment (ASU) Cover.
  5. Family Income Benefit.

Life Cover Mortgage Advice in Sunderland

In the realm of life cover, two main types prevail: “Whole of Life” and “Term Assurance.” “Whole of Life” provides a guaranteed lump sum pay-out upon the policyholder’s death, regardless of when it occurs.

On the other hand, “Term Assurance” pays out only if the policyholder passes away within a specified term of years. Within “Term Assurance,” various options exist, such as “level,” “increasing,” or “convertible.”

Presently, “Decreasing Term Assurance” is commonly utilised as mortgage protection. When connected to a repayment mortgage, the sum assured decreases in tandem with the mortgage balance over time.

Due to the reduced risk to the insurer as the policy progresses, the premiums are generally more affordable than other life cover options if the policyholder were to die within the specified term.

The sum assured in “Decreasing Term Assurance” should ideally align with the outstanding mortgage balance. By ensuring this, the policyholder’s dependents are safeguarded from inheriting a debt that they might find challenging to manage on their own.

Critical Illness Cover

Many individuals consider life cover as a means of providing for their loved ones after they’re gone, as it offers no personal benefit during their lifetime. Modern medical advancements have enabled many people in Sunderland to survive conditions that were once fatal.

Despite this, undergoing treatment and recovery from a critical illness may still impact one’s ability to meet financial obligations. As a response to this concern, Critical Illness cover has emerged in Sunderland.

Similar to Life Assurance, Critical Illness cover is taken for a specific term, and it offers different options such as level or increase. The policy is designed to pay out a lump sum and is usually taken on a decreasing term basis, in line with the reduction of the mortgage balance.

The crucial aspect is that the benefit is paid if the policyholder falls victim to one of several specified critical illnesses. Upon diagnosis of a covered critical illness, the policy pays out regardless of the long-term prognosis of the condition.

The specific illnesses covered may vary depending on the insurance provider, but typically include conditions such as cancer, heart attack, and stroke, among others. The pay-out is contingent on meeting the required severity level of the particular illness suffered.

What else do we know?

Life insurance companies operate based on pre-designated clinical definitions set by the Association of British Insurers. This means that they cannot arbitrarily decide that a person is not ill enough to receive the benefits.

If successful treatment leads to recovery from the illness, the policyholder can benefit by having their mortgage taken care of. In many cases, insurance companies offer a combined policy that includes both Life and Critical Illness cover.

This policy typically pays out on the “first event,” meaning whichever occurs first, either death or a severe illness. The policy can also be written on a single or joint life basis, depending on the specific needs and preferences of the individuals involved.

Income Protection

Income Protection cover differs from Life and Critical Illness cover in that it provides a monthly pay-out rather than a lump sum. This type of policy is designed to replace your wages in the event that you become unable to work in Sunderland due to illness or injury.

Unlike Critical Illness cover, Income Protection does not have specific restrictions on the illnesses or injuries covered; the main consideration is whether they render you unfit to work. There are limitations on the amount of coverage and the time frame for benefit payments.

Typically, you can cover approximately 55%-65% of your income, and benefits will start after a “deferred period,” which is usually equivalent to the length of time you would receive sick pay from your employer.

The benefits will continue to be paid as long as you remain unable to work or until the policy term ends, whichever comes first.

Some policies may offer a “budget” option where benefits are paid for a shorter period, usually between 2-5 years, to encourage you to return to work or make alternative arrangements if the incapacity is prolonged.

Like Life and Critical Illness Cover, Income Protection policies are underwritten based on your health and lifestyle at the time of application. These policies are typically written on a single life basis.

Accident, Sickness, Unemployment (ASU) Cover

Similar to Income Protection, these policies provide coverage in the event of unemployment. The benefits are typically linked to your mortgage and other essential costs, rather than being based solely on your wages. In case of a successful claim, the benefits are usually paid one month “in arrears.”

One distinctive feature of these policies is that they are underwritten at the time of a claim, not at the beginning. This may lead to some confusion or delays in determining whether the claim will be met.

These policies serve as a valuable safety net if you experience long-term unemployment. It’s essential to review the details of how and when any unemployment benefits will be paid out. It’s possible that you may return to work before becoming eligible for any monetary support.

Family Income Benefit

One of the less common types of “mortgage protection” policies is the Family Income Benefit policy. However, these plans can hold significant value, especially for families with young children in Sunderland. They typically cover both Life and Critical Illness and are underwritten during the application process.

Unlike traditional policies that pay out a lump sum, Family Income Benefit plans provide an annual or monthly income for the remaining term of the policy. This feature allows it to replace the income of the primary breadwinner for several years, offering substantial financial support.

The type of policy, whether level or index-linked, will depend on the individual client’s circumstances and preferences. Level policies maintain a constant pay-out throughout the term, while index-linked policies are designed to adjust with inflation, ensuring the coverage keeps pace with rising living costs.


Having adequate insurance coverage is essential for everyone, whether you’re a first time buyer in Sunderland, a buy to let landlord, or planning to remortgage in Sunderland. Exploring various insurance options can bring significant benefits.

It’s crucial to understand that having multiple types of Mortgage Protection Insurance is not an “either/or” decision. In reality, you can have more than one policy to ensure comprehensive protection.

The key factor to consider is affordability, as covering every type of Mortgage Protection Insurance may not always be feasible. As experienced mortgage advisors in Sunderland, our priority is to customise the insurance solutions that best suit your family’s needs and budget.

During a consultation, we will carefully assess your requirements and recommend the most suitable combination of coverages. In cases where you opt for multiple policies, we can often consolidate them with a single provider.

This approach helps you save on additional policy administration charges associated with individual policies, making the process more streamlined and cost-effective.

Remortgage Advisor & Remortgage Advice in Sunderland

Trusted Mortgage Broker in Sunderland

Some point if your lives your current mortgage deal is coming to an end, or you’re in need to borrow some extra money?

Then you should consider to remortgage in Sunderland, too many people make the same mistake leaving it far too late and end up lapsing into their Lender’s Standard Variable Rate. If this has happened to you, chances are you are paying way more than you need to be doing on your mortgage payments each month.

Why Should I Shop Around for a Remortgage in Sunderland?

Relying on your current Lender offering you a new deal, you will be missing out on potentially lower rates elsewhere. Lenders love it when customers don’t shop around! They do not reward loyalty as a rule. They even offer better deals to new customers than their existing borrowers.

If you switch online without speaking to someone, this is an Execution Only mortgage. That means you do not benefit from the consumer protection you would have got by taking advice. Again, Lenders love this because if it turns out, you received the wrong product, you have no grounds to complain since you picked it yourself. I have always felt that customers should always seek advice when their remortgage is due.

Some customers are still on low rate tracker deals that they have had for years and years. Even so, it’s always worth having a look to see what is out there, especially if you are concerned that interest rates might go up if you feel like that you can always take out a Fixed Rate Remortgage.

Remortgage Advice in Sunderland for Home Improvements

If you feel your home would benefit from some upgrading, then it is possible to Remortgage in Sunderland for Home Improvements. Investing in your home can be an excellent investment. Some improvements, such as extensions or loft conversions, can put a value on your home. Kitchens and bathrooms can look tired after a few years, and you can increase your mortgage to pay for cosmetic alterations as well as structural work.

If the amount you need to borrow is significant, then the Lender will reserve the right to ask you for estimates for the works you intend to have carried out. You don’t necessarily have to use the Contractor that provided the view to do the actual tasks.

Some people borrow for Home Improvements even if they know their home may not go up in value. If you have decided you are already in your “forever home,” and if you can afford it, there’s nothing wrong with borrowing for this purpose at all.

Capital Raising Remortgage Advice in Sunderland

You can borrow extra funds for most legal purposes, examples of this would be:

You can raise capital on your property when you remortgage in Sunderland for almost any legitimate reason. It could be for large consumer purchases, gifts to help family members, to purchase a Buy to Let property or for Debt Consolidation.

Remember, you will pay interest on a Remortgage for many years usually, so it’s essential you borrow for the right reasons.

Debt Consolidation Remortgage Advice in Sunderland

When you add unsecured debt to your mortgage, you may end up paying back more interest overall, and a mortgage term tends to be much longer than that of a personal loan (although it doesn’t have to be).

Are you taking unsecured debt and securing your home?

That doesn’t sit comfortably with everyone as you are under the risk of repossession if you cannot afford your mortgage in the future.

You will need to know the interest rates that apply to the debts that you are considering rolling into your mortgage. If you have 0% credit cards, then adding these to your mortgage will start attracting interest.

You should consider all options before deciding to consolidate debts, such as asking family members for assistance if possible and reducing as much non-essential expenditure as possible.

Once you have considered all the above and decided a Debt Consolidation Remortgage advice in Sunderland could be right for you, then it’s vital you speak with a Mortgage Advisor in Sunderland. The Advisor will take responsibility for the recommended remortgage and help you with your application.

Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoing. Some customers end up reducing their payments by hundreds of pounds.

Remortgage for a Home Office in Sunderland

Remortgage Advice in Sunderland for Home Improvements

During the lockdown, more people have had to adapt to working from home, some managing to cope better than others, weighing the pros and cons. Some are turning their kitchen, living room, or even a bedroom into a temporary home office during lockdown.

A vast majority were already working from home, and some businesses would instead their employees work from the comfort of their home instead of going back and forth to the office, saving you a lot on travel expenses, saving you much money.

Remortgage for a Home Office

One of the most popular home improvements people carry out these days is converting a room or indeed garage for a Home Office. There are numerous advantages to working from home, although obviously it doesn’t work for everyone.

Sometimes people move house in order to achieve their goals in terms of a better living environment which is fair enough but there are sometimes options to better utilize another area of your current property.

Especially now that we live in a technological age, consider getting a remortgage in Sunderland for additional funds for home improvements to convert a room or perhaps a garage to a home office.

Assuming an interest rate of 2% is possible over 25 years it might cost you:

That’s probably not a lot more than you are paying right now and it can make sense for a lot of people to “improve not move”, especially when you consider the aggravation and cost of buying a new home.

Many factors will affect how much you will have to pay back per month and how much you can borrow overhaul. It is down to the specification of the home improvement, such as the size of the extension.

You will also need to consider that to remortgage, and you will have to go through another affordability assessment, even if you switch deal through the same lender.

Are you looking to remortgage for a home office?

As previously mentioned, the rates have never been lower, now is the best time to look for a remortgage deal to switch.

Your lender could likely extend the time frame of your remortgage process. Meaning your home improvement could start 6-9 months.

As Remortgage Advisor in Sunderland, we have always recommended that you speak to a local Mortgage Broker in Sunderland like us. We will search through thousands of remortgage deals and pick out the perfect one for you and your situation.

We understand that time is tight at the moment; having a team of friendly Mortgage Advisor in Sunderland by your side could make the process simple, saving you time and money.

We offer all our new or existing customers a free Mortgage Consultation. Contact us today to book your free remortgage consultation in Sunderland & see how we can help you.

Mortgage Broker in Sunderland

Getting a Second Mortgage in Sunderland

Here are some of the reasons for customers looking to obtain a second mortgage:

  1. To raise money for your existing home
  2. To rent out your existing home and purchase a new one
  3. So you can help your children out with a second mortgage
  4. Purchasing a buy to let mortgage in Sunderland
  5. You are on an existing mortgage and are looking to buy a new property

Second Mortgage to Raise Money

If you have a large amount of equity built up in your home and are looking for a second mortgage to release some of the funds to put towards a new home or something else, then your experienced Mortgage Advisors in Sunderland may be able to help.

Usually if customers find they are currently on a lenders standard variable rate, our team are able to shop around and find a more competitive deal, whilst also being able to release capital. A further advance with your current Lender is also a route you could take.

Second Mortgage to Rent Out Existing Home to Purchase a New one

Some customers consider moving home in Sunderland, whilst retaining ownership of their existing property with the intent to rent it out. Your second mortgage will be a new residential mortgage. This type of move is known as a Let to Buy and over the years has become a popular option amongst homeowners.

Second Mortgage to Purchase a Home for your Children

Maybe you are exploring the possibility of helping your children or grandchildren with in finding a spot on the property ladder. Nowadays there are many products that we can run through to make this work.

Named on an Existing Mortgage and Want to Buy a New Home

Is your name currently on another mortgage and you’re looking to purchase a new property to live in? This is something that we come across quite often, especially when factoring in things like divorce or separation and can often help.

Whatever your situation is in wanting to obtain a second mortgage, your experienced Mortgage Broker in Sunderland will be able to search 1000’s of mortgage deals on your behalf and recommend the most suitable product for you based on your personal circumstances. & Sunderlandmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at

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