Remortgage Advice in Sunderland

When you remortgage in Sunderland, you will take out a new mortgage product to replace your current one. A remortgage can also be known as a product transfer, however, they are slightly different.

A remortgage is when you take out a new deal with a different mortgage lender, whereas a product transfer is when you take out a mortgage product with the same lender. It depends on what you are looking to achieve to which route you go down.

Most homeowners are on a fixed-rate mortgage for a fixed-term which usually lasts 3-5 years. When this fixed-term ends, you will need to find another product to switch over to, otherwise you will move onto your mortgage lender’s standard variable rate of interest (SVR). This SVR is likely higher than your current rate, and that is why it can be better to remortgage to find a new, competitive rate.

Looking for a new mortgage product can often help you save money; it’s easy to do too! We recommend seeking help from a mortgage broker in Sunderland so that you can find the best deal for your personal and financial situation. If you are unable to find a better rate, we will be open and honest with you and recommend that you renew your product.

There are several different reasons why someone may want to remortgage in Sunderland. Some may simply want to find a better rate, others may want to do something like remortgage for home improvements, consolidate debt or release equity.

If you are looking to achieve any of these whilst remortgaging, make sure to reach out to our mortgage advisors in Sunderland to discuss your remortgage options.

The answer to this question is usually yes, judging that you have a good credit score and you can afford your increase in mortgage payments, however, this can change from mortgage lender to mortgage lender.

Consolidating your debt into your mortgage in Sunderland can not only increase your monthly mortgage payments, but it may also extend your overall mortgage term. Mortgage lenders have to be sure that you can afford to keep up to date with these payments before accepting your application.

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.

Your free remortgage review allows you to speak with a remortgage advisor in Sunderland and discuss your remortgage options. They will take a look at your income, expenditures and affordability.

Appointments can vary in length, although, you can usually expect them to last between 30 minutes to 1 hour. Following your free remortgage review, your mortgage advisor in Sunderland will be able to begin searching for the perfect remortgage product for you and your individual circumstances.

The fees involved with remortgaging are similar to those you faced when you took out your current mortgage product. Most mortgages come with an arrangement fee – a fee for taking out the mortgage.

Speaking with a mortgage broker in Sunderland will make you aware of the costs that come with remortgaging. We will also make sure that you are getting on the best rate available to you.