Remortgaging is where you take out a new mortgage on a property you already own to replace your existing mortgage or borrow money against your property value. There are many reasons people choose to remortgage, but one of the most popular scenarios is to Remortgage to find a better interest rate and save money.
A mortgage is a massive financial commitment that should be planned and thought out before rushing into anything. This is why we suggest looking at your options to try to get the best deal on products and services nice and early. Who wouldn’t want to save money off your mortgage payments?
The good news is that we will do the shopping around for you by searching through thousands of Remortgage deals to find you the most suitable deal with better interest rates. Our Remortgage Advisors in Sunderland are experts in the industry and we know exactly where we can access these competitive deals.
The Remortgage process can sometimes be complicated, and that’s why we always recommended that seeking expert advice from a Mortgage Broker in Sunderland is the first step in the process. We are known for our open and honest mortgage advice service in Sunderland. Let us help guide you through the entire Remortgage process and try and save you time and money.
Before you begin your Remortgage process, it’s worth watching Malcolm’s five-minute guide to remortgaging video. This will help you get a better understanding of what happens during the remortgage process.
As an experienced Mortgage Broker in Sunderland, we have come across most remortgage situations.
Are you at the end of your Fixed-Rate Mortgage?
If your Fixed-Rate mortgage is coming to its end and you don’t choose to Remortgage, you will end up on your lenders (SRV) Standard Variable Rate. You could be looking at paying more on your monthly mortgage payments, and this is where our Advisors will step in, search the market, finding you are a fairer deal, saving you time and money.
Remortgage for home improvements?
Most people look to raise capital to fund further large purchases, and it’s entirely up to you what you do with the cash. However, some choose to make some Home Improvements in the property; these can include but not limited to a new kitchen, a home office or a conservatory.
To protect against future interest rate increases?
If you’ve been on a tracker mortgage with fluctuating interest rates, you may wish to switch more towards a steadier and more consistent option, like a Fixed-Rate Mortgage. A Fixed-Rate Mortgage keeps the payments at a controlled amount and protects them from the Bank of England’s base rate.
Remove yourself or a name from a mortgage, such as an ex-partner?
Regrettably, not every relationship goes to plan. Alternatively, if it’s a family member or friend, plans can change, and you wish to be independent. Whatever the situation, you may want to remove them or even yourself from a mortgage. This process is tricky but not impossible, and absolutely something your mortgage advisor in Sunderland can look take a look for you.>
Combine unsecured debts, i.e., credit card debts, onto your mortgage
It would be best to seek advice from an experienced Mortgage Advisor in Sunderland, your priority when considering securing debts against your home. Our team will inform you of the risks involved in carrying out debt consolidation.
Other problems that may arise a change in your credit circumstances, leading you to be declined by your current lender, or you may not be allowed to borrow as much as you’d like the second time around. In any of these cases, speak with a dedicated and knowledgeable mortgage broker in Sunderland to see what your options may be.
No matter the requirements for your mortgage, our experienced Mortgage Advisors in Sunderland will help find you the best solution for your circumstances.
Why wait? Get in touch to book your free remortgage consultation with a Mortgage Advisor in Sunderland, and we will see what we can do to help you out.
We offer all our customers a free remortgage consultation. We understand today’s busy lifestyles. That is why our free remortgage consultations with your Mortgage Advisor in Sunderland are available 7 days a week.
Our Mortgage Advisors in Sunderland have a wealth of knowledge 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 most suitable Remortgage deal.
Always remember that as a Mortgage Broker in Sunderland, we are here to help you. Friendly, helpful and patient, whatever questions you may have about your Remortgage will be answered by our expert team.
We want you to feel happy and relaxed throughout the whole process. Check out our customer reviews to see what others have said about our fantastic customer service!
Contact us today to book your free remortgage consultation in Sunderland & see how we can get the ball rolling.
If you are on your lenders SVR (Standard Variable Rate of Interest), your chances of saving money go up. A member of our team will compare the new products available against your existing mortgage deal, in order to work out these savings for you. If you have equity in your property, a remortgage would also present you with the opportunity to release some of this money if required. We often find that this is used for things like home improvements.
Some people opt to remortgage and increase the size of their mortgage to pay off any unsecured debts that have gathered over time. Please do not rush into a decision like this though, as there are some downsides. We recommend that customers always seek Mortgage Advice in Sunderland prior to consolidating debts!
Your free initial remortgage consultation in Sunderland will last roughly an hour. Your given advisor will then compare a new deal against your current product and recommend the most appropriate one, with no obligation to you. You are free to decide whether you wish to go ahead with the mortgage, or take a step back.
The fee that will be involved with a remortgage will be similar to the ones involved when you started your current mortgage. Your dedicated Mortgage Advisor in Sunderland will be able to run through all of the fees with you prior to agreeing to anything. They will take these into consideration when comparing the savings of the new deal vs your current mortgage.
As a trusted and well experienced mortgage broker in Sunderland, we will first carry out a Fact Find to establish your personal needs, before we begin searching and recommending the most suitable mortgage for you. A credit check will be required for an Agreement in Principle. A formal mortgage offer can be issued once you have provided all the relevant documentation and a valuation of the property has been undertaken.
You may have the option of getting a second mortgage on your home for things like debt consolidation or Home Improvements. This can also be possible if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.
If you have had credit problems previously in life, you may still have a chance at obtaining a mortgage, but you may be required to put down a higher deposit than usual. This could be be 15% of the property purchase price.
A lender will usually need three payslips for an employee to prove income and the latest 2 years’ accounts for an applicant who is self-employed. You will also need to provide them with proof of ID, address and 3 months’ bank statements.
An initial telephone call where we take some details and look at your Remortgage plan.
A discussion about your personal requirements. You already own the property this time around, you can avoid the property chain!
We will search and compare 1000s of products to find you the most appropriate deal.
Application stage - We'll ensure everything goes smoothly with the lender. You'll have our support from your initial contact right through to when your remortgage process has completed.
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.
