Mortgages & Re-Mortgages...
Helping you build your future
Helping you build your future
Welcome to our Mortgage and Re-mortgages page where we endeavour to provide information on the different mortgages available, helping you find the right one for your specific circumstance.
We have the whole of the market (over 150 lenders) available to us, which means we can provide all mortgage deals available to you, some of which are exclusive to us, which the general public cannot access. We can access everything to ensure you get the most competitive mortgage available to you, every time.
As specialists we not only provide you with the most competitive mortgage, we take away the headache of navigating all of the small print and different deals and undertake all of the work for you, supporting you all the way. You will find us friendly, approachable and helpful and you’ll be pleased to know we don’t use financial jargon. We pride ourselves on being trusted advisers and developing lifelong relationships, servicing generations of families and businesses.
You are in safe hands to start your mortgage enquiry, simply call us on 01423 561060, email email@example.com or fill in the form. We welcome you today.
A mortgage is a loan from a bank, building society or lender that lets you buy a property, either to live in, rent out or use as a second home. You then pay back the amount you have borrowed plus interest over an agreed period of time often around 25 years, although you can take them out over longer or shorter terms. The mortgage is secured against your property until you have paid it off in full.
You’ll usually need to put down a deposit for at least 5% of the property value, and a mortgage allows you to borrow the rest from a lender.
There are two main mortgages:
Whether you are taking out a new mortgage, or considering changing your mortgage repayment type, it’s important to understand the differences between interest-only mortgages and repayment (capital and interest) mortgages, in terms of both how they work, and how much you’ll have to pay each month.
If you already have a mortgage and you want to either draw some equity (the difference between your mortgage amount and the value of the house, it’s called loan to value – or LTV) or you want to move to a new lender or deal. You can actually re-mortgage at any time but there’s no point doing it unless there is a positive advantage in moving mortgages as more often that not re-mortgaging will incur some charges and if there is no financial benefit from re-mortgaging it will almost certainly cost you money.
A good time to re-mortgage is when:
It used to be that people stayed with the same lender for the whole period of the mortgage. This is no longer the case. You can switch mortgages just as you can move from one energy provider to another.
When interest rates are low
Lenders are continually launching new mortgage products and deals and if you’ve had your mortgage for a few years, you’ll probably find there are cheaper deals around. This can save a lot of money, in fact a recent survey suggested that moving from an SVR to a fixed rate deal in July 2020 could save you on average £4,200 per year!
You can fix yourself in to a low interest rate and know that your repayments will stay the same for the term you have taken the deal for, whatever happens to other rates.
There’s one risk to watch out for: if your existing mortgage is a special deal, you might be tied in and have to pay an early redemption charge for switching before the end of the deal. We will help you check this before we advise.
When you have enough equity in your house
If the price of your house has gone up, your mortgage will be a smaller percentage of the property’s value than it was when you started.
The more equity you own and the lower the LTV, the better re-mortgage deals will be available to you, lender like less risk, so the more you have available, the less they risk on your lending, hence the better the deals. Obviously there is no point in re-mortgaging if you end up out of pocket. We will advise you on the right solution for you.
There are lots of options we can work through with you, everyone’s circumstances are different, it’s always better to get advice specifically to meet your situation.
If your fixed term mortgage is due to finish
Fixed rate mortgages run for a set term, typically between 2 and 10 years, and then move to the lender’s standard variable rate of interest (SVR) which is almost certainly higher. If you have a fixed rate mortgage coming to an end, you’ll need to re-mortgage, if you don’t want to go on to the variable rate.
Whether interest on the re-mortgage is the same as you’ve been paying, higher or lower, will depend on what’s happening to rates in the UK at the time. We will shop around to see what is on offer across all lenders and products.
If you want to re-mortgage before your fixed rate comes to an end, you’ll probably have to pay early repayment charges. Usually this isn’t worth paying but you should consider it if interest rates have dropped since you took out your fixed rate mortgage. We can guide you on this.
When you will be paying less even after paying the costs. Moving from one lender to another involves time and money. You will nearly always have to pay several different fees such as:
01423 561060 or email firstname.lastname@example.org