Looking To Remortgage in Bristol?
We Can Help You To Find The Right Mortgage Deal.
Looking To Remortgage in Bristol?
We Can Help You To Find The Right Mortgage Deal.
If you are coming to the end of your fixed-rate mortgage and you’re worried about falling onto the high variable rate, we are here to Get in touch so that we can remove the stresswhen you come to remortgage. We want to make sure you are not paying too much for your mortgage.
We’re here to give you the answers to your questions and make sure that the whole process is as easy as possible. We know that life is stressful enough, so we are here to take that stress away so you can concentrate on the more important things.
We’ve helped many clients across Bristol and across the UK to remortgage their properties for lots of different reasons. It is important to remember that an early repayment charge may be applied by your existing lender if you remortgage too early. Get in touch so that we can help you remove the stress of remortgaging, and make the process as easy as possible.
Your Home May Be Repossessed If You Do Not Keep Up Repayments On Your Mortgage.
So, What Exactly Is Remortgaging?
Remortgaging is when you switch from your existing mortgage product to another. This can be with an existing lender or more commonly, with a different lender with more competitive products. In today’s market, it is an essential exercise to make sure you aren’t paying too much for your mortgage.
It is important to remember that an early repayment charge may be applied by your existing lender.
Reasons To Remortgage
Common reasons for remortgaging include:
1) Remortgaging Due To Changes in Personal Circumstances
Some people choose to remortgage their homes to reduce their monthly repayments. A new mortgage deal will allow you to reduce the loan size on your home and potentially get a cheaper rate.
2) Remortgaging For Incentives
When you took out your current loan, there will have been features that made it competitive and attractive to you. It may be that your incentive period is coming to an end, or simply that the market has changed. If you want to remortgage for better incentives, we can keep this in mind when we look at the market.
3) Remortgaging For Renovations
It can be more cost-effective to enhance your existing property, rather than move home. This can be financed by remortgaging or a further advance. Once we have spoken to you in detail about the renovations, home improvements or home extension you require we can then find the right lender to suit your financial situation.
4) Remortgaging For a Lump Sum
Many people remortgage when they have a special occasion or reason coming up. This could be a wedding or perhaps you have university or school fees to fund. If your property value has risen, you could release equity.
5) Remortgaging To Consolidate Debt
Remortgaging allows you to release some of the value you can hold in your home – this is known as equity. Doing so can consolidate debts that can attract higher rates of interest than that of your mortgage (e.g. credit cards or personal loans). While debt consolidation can reduce your monthly repayments, it usually means increasing how long you will pay and can mean you pay more for the debt in total. We will advise you to think carefully before securing other debts against your home, and should you wish to remortgage for debts, we will give you options that you can afford.
Consolidating debt may reduce your outgoings now, but you may end up paying more overall. Your home may be repossessed if you do not keep up repayments on your mortgage.
When Can I Remortgage?
The decision whether or not to remortgage will depend on your existing mortgage. You may find that your current mortgage has a fixed period, therefore meaning that you can’t remortgage without facing an early repayment charge. Here at Adam Wells Mortgages, our team will be able to help you throughout the remortgaging process, to review your current mortgage and find the right remortgage deal for you.
How Long Does Remortgaging Take?
The time it takes to remortgage your home will depend on personal circumstances. However, typically the remortgaging process will take between several weeks and several months to complete. This time frame will depend on how long it takes for the mortgage lenders involved to issue a new mortgage and whether any more complex issues arise during the process.
A mortgage advisor will be able to provide you with a wide knowledge of remortgaging and finding the best deal from various mortgage lenders. We will search the market and carry out all of the research needed. We’ll discuss with you the loan-to-value ratio of your new mortgage, understand how much is left on your current mortgage term, and where your home’s value currently stands.
Why Do I Need a Mortgage Advisor To Remortgage?
Find Great Mortgage Deals When Remortgaging With Adam Wells Mortgages
If you want to remortgage your home and find a new mortgage, here at Adam Wells Mortgages, we’ll do all of the remortgage work for you. Where possible, we’ll find a better mortgage deal that suits your personal financial circumstances, with monthly repayments that you can afford.
We believe in the importance of clear communication, and will make sure that you are kept fully informed throughout the whole remortgaging process. In fact, with a wide range of experience in all types of property finance, we’ll give you all the advice you need as an award winning mortgage broker in Bristol and the rest of the UK.
We will find the right mortgage for you! Contact us now.
01174 520 330
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
CONSOLIDATING DEBT MAY REDUCE YOUR OUTGOINGS NOW, BUT YOU MAY END UP PAYING MORE OVERALL.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Frequently Asked Questions
Below are some of the most frequently asked questions about remortgaging.
Why Should I Remortgage?
Remortgaging is usually done to lower the amount you’re paying each month for your mortgage, to repay debt or to raise funds. You don’t have to buy a new property to remortgage. Remortgaging your property could allow you to secure a new fixed rate, or to repay your mortgage sooner by changing the term of your mortgage. If your current lender doesn’t offer a better deal or more flexible mortgage on its other products, you may want to consider switching your mortgage to a new lender.
How Far In Advance Should I Remortgage?
A good rule of thumb is to start looking for a new mortgage around six months before your current mortgage deal ends. Say you have a three-year fixed-rate mortgage, you should start looking for a new deal when you’re 30 months into the 36-month fixed period.
When you have a new mortgage offer, you should have around three to six months to accept it.
How Often Can You Remortgage?
There is no limit to the number of times you can remortgage your home. However, most people choose to do so when their fixed-rate period ends.
When Remortgaging Can I Borrow Money?
When you remortgage you can choose to borrow more money by increasing your mortgage loan.
When Remortgaging Can I Reduce The Term?
Yes! In fact, it can be helpful to reduce the term each time you remortgage. The longer your mortgage term, the lower your mortgage payments will be, but the more interest you’ll pay overall.
How Does Loan To Value Ratio Affect Remortgaging?
When you remortgage, the lower the loan-to-value you require, the more deals you’ll find available to you from lenders.
Can I Remortgage With My Existing Lender?
You can remortgage with your existing lender, or choose a new lender. Shopping around for new remortgage deals can open new opportunities to pick a new product which might better suit your needs.
Adam Wells Mortgages is a trading name of Adam Wells who is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.
A fee of up to £495 per mortgage may be charged depending on individual circumstances.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.