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Home » Mortgages » Re-Mortgages

Everybody’s looking for the best deal. Whether you want to build that extension, pay off some debts or just want to ensure you’re not paying over the odds, finding the right next mortgage is important.  Which is why you need a partner who understands the market in detail AND who can help you achieve your goals.

If you’re looking to remortgage it’s usually down to two reasons.  Your current deal’s initial “promotional rate” is coming to an end, or you need some extra money.

In either case, you need someone who’s been in the market for many years and knows all the available options, and who can help you get the right deal.

If you’re looking to change your mortgage for a better deal, our expertise and knowledge of the whole market means you get the right answers and minimal fuss.

…and if you’re looking to raise some extra capital, then we know the best ways… which might not even be a mortgage. We work to your bigger picture, and want to make sure you get the correct solution, which could be a mortgage or may be something else.

That way you know you’re getting the best deal – and are safe in the knowledge that it can be delivered smoothly to help turn that bigger picture into reality.

Having been very content in our house for many years and having previously concentrated our money on school fees and all the other children expenses, we decided the time had come to spend a bit of money on the house. With Paul and the team making remortgaging our house a seamless and straight forward process, and the money already in the bank – we can now enjoy choosing a new bathroom and flooring! Definitely 5 stars for Kiren and Stevie and 5 GOLD stars for Paul!

Mr A Bhuller

Cippenham

Common questions about remortgages

When it comes to updating your mortgage, or securing extra money, chances are we’ve handled something similar before.

Here are some of the questions we get asked regularly to help give you some guidance on the best routes forward.

Why should I consider remortgaging?

Many borrowers only consider remortgaging when looking to borrow additional money, but this should not be the case. The main reason to remortgage is to save money on the amount of interest you pay to the lender. With your existing loan, it is very likely your lender offered an introductory rate to attract you to borrow money from them. When that rate finishes you revert to a costly variable rate and it therefore makes sense to shop around again to keep down your monthly mortgage costs.

However, if you do require additional money, perhaps for home – improvements, fund another property purchase or large luxury item, or any other legal purpose. remortgage is an option you can consider.

 

Lending rates are still low is it worth me moving my mortgage?

Just like your car insurance, mortgage lenders offer competitive rates to entice you into to changing with them, so even in times of low interest rates, it still pays to shop around.

In addition if you property has gone up in value since the original loan, it may mean you have moved into a lower risk category, which lenders offer even more competitive rates on.

 

What are the costs?

Before considering remortgaging you should check there are no penalties for leaving your existing lender. An early repayment charge (ERC) could be payable should you try and move your mortgage while still benefiting for the lenders current mortgage deal.

To set up a new mortgage, there will be fees involved including survey costs, legal fees and arrangement fees. However, many lenders offer “fees free” deals to entice new borrowers.

 

Can I change the type of mortgage I have?

A common request is to move from paying an interest only mortgage to a repayment loan, allowing you to repay the debt on your property over the chosen mortgage term.

There are other flexible mortgages that may be of interest; for example, loans that give you the ability to overpay each month, offset savings or even take payment holidays under certain circumstances.

 

Am I too old to remortgage?

There is no maximum age to apply for a mortgage, however lenders will your look at what term you wish to repay the loan over. They will take into account when you plan to retire and, if the term extends beyond your retirement date, that you will have sufficient income in retirement to sustain the mortgage payments.

Alternatively we can provide an introduction to our partner equity release advisers, who specialise in mortgages for people aged 55+

 

Can I add or remove a person to the mortgage?

Known as Transfer of Equity, this will involve a full legal process and affordability reviews from the lenders. If removing a person from the loan, the lenders will check if the mortgage is affordable to the remaining individual. Even when adding someone to the loan, the person will be vetted in the same way as a new mortgage application and could potentially incur the government tax, Stamp Duty.

 

Can I pay off my debts?

With mortgage interest rates at historical lows, it may be financially beneficial to refinance existing debt into your mortgage loan.

It may not always be the best solution and is very dependant on you individual circumstances, so before jumping in, talk to asset plus+ to get full advice on the best solutions for your individual circumstances.

 

Is a remortgage right for me?

If you are a homeowner and are looking to borrow additional money, there are various avenues that may be open to you. You could consider remortgaging, taking a further advance or secured loan. But which one is right for you? Talk to asset plus+ –  with our wealth of expertise in this market we find the best solutions for your individual needs.

 

 

When is the best time to remortgage?

You can remortgage at any time, however the key factors to consider before moving your mortgage will be the costs involved and whether you will benefit from moving your mortgage. Just like shopping around for cheaper car insurance, it pays to switch mortgage providers when the special rates end, with the added benefit of being able to release equity if required

 

Why do I need a broker?

Trawling through comparison websites will give you an insight as to who is offering the best rates at the time you wish to re-mortgage, however, understanding all the upfront costs and knowing if, not only you, but your property will fit into their lending criteria as well as dealing with the legal process, takes time and could incur you unnecessary costs. Let our experts at asset plus+ take the hassle out of remortgaging.

 

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About Asset Plus

We are Experts – we know the market and the people we serve. We are Bespoke – every person and circumstance is unique – and needs to be treated as such. We are Transparent – we keep you informed every step of the way. We are Accessible – we’re approachable, local & friendly, and look to build great relationships with our customers – not keep them at arms length through call centres and anonymous communication. We are Invested – it’s about knowing that there is a bigger story, understanding what it is, and helping you achieve your dream. We are more than just an Asset – because we know it’s about more than just the money...

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asset plus+ Mortgage Solutions is a trading style of asset plus+ Financial Ltd, an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. asset plus+ Financial Ltd is registered in England no: 05859399. Registered Address: Umpleby Accountancy, Basepoint Business Centre, Bridge Road, Haywards Heath, West Sussex RH16 1UA.

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