ReMortgage

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 (certain conditions may apply with regards to underpayments) 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:

• An early repayment statement will be needed from your existing lender telling you how much you owe.

• An application form from your new lender will need to be completed, along with details of your income and proof of your identity. Generally income verification is required, such as payslips and P60 if you are employed or audited accounts, an accountants reference or Inland Revenue produced tax assessments if you are self-employed. Some lenders may also require bank statements and a mortgage statement from your current lender. In some situations a completed mortgage application and proof of identity are the only requirements

• 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.

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:

• Market leading remortgage deals available

• 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

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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