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.