When your mortgage is coming to the end of its fixed term, this is usually when you would look to Remortgage. This could be to just secure a better deal, or you may be looking to release some equity from your property too. Either way, our Mortgage Advisors in Newcastle will be able to help look at your options.
If you obtained your current mortgage through us, you’ll usually be sent a reminder around 6 months prior to your fixed term ending. This may seem a little far in advance, but it’s best to get prepared early and look at your options. As when your fixed term ends, you will be placed on your lender’s standard variable rate (SVR) of interest, which will usually see your monthly mortgage payments increase.
Many people look to capital raise at the time of Remortgage, this can also be referred to as releasing equity. Generally, people will look to raise capital to fund large purchases such as home improvements, or to consolidate unsecured debts.
We always recommend seeking professional mortgage advice prior to securing any debts against your home.
We are completely open and honest when it comes to Mortgage Advice in Newcastle, if we can’t find you a better deal and the best solution is to stay with your current lender, then that’s exactly what we will advise.
We can search through thousands of mortgage products, to find you the best deal for your circumstances. All our customers receive a free Remortgage consultation.
When your mortgages initial fixed period is due to end, this is when people usually look at a Remortgage, as at this point, you will be automatically switched onto your lenders’ standard variable rate of interest (SVR).
This interest rate is usually higher than your initial fixed period, so in turn, your monthly mortgage payments will increase. Hence a popular time to look at Remortgage Advice in Newcastle.
We have helped numerous customers release equity to fund home improvements. These are usually substantial improvements, such as an extension, a new kitchen, or loft conversion.
If you are looking to release a large amount of equity to fund a significant development, such as an extension. Some lenders may ask you to provide them with quotations for the work.
Consolidating unsecured debts into your mortgage could reduce your outgoings into one manageable monthly payment.
However, usually you will be extending this debt over your mortgage term and will end up paying more in the long run. There are various determining factors to look at when considering debt consolidation.
Therefore, we would always recommend speaking to a Mortgage Broker in Newcastle prior to securing any debt against your home.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
If you co-own a property in Newcastle and are looking to remove a name. You will need to look at a Remortgage in order to do so.
Even if you are remaining with your existing lender, the process will be much the same. As the lender needs to know that whoever is remaining on the mortgage is creditworthy, and can afford the mortgage.
For more information and guidance on popular Remortgage scenarios, please visit our Remortgage guides section of the website.
We offer a free Remortgage consultation in Newcastle for all customers. Our team are available 7 days a week until late, to be on hand at a time that suits you.
Whether you are looking to release equity from your Remortgage or just find a better deal, your dedicated mortgage advisor in Newcastle will be able to help look at your options.
We can search through 1000’s of mortgage products to find you the best deal for your individual circumstances.
Here at Newcastlemoneyman, we pride ourselves in offering open and honest Mortgage Advice in Newcastle. We really love what we do, helping customers achieve their Remortgage goals, please feel free to read our customer reviews.
If you would like to look at booking your free Remortgage consultation, then please don’t hesitate to contact us. Our Mortgage Advisors will be happy to help answer all your questions and get your Remortgage process underway.
Your chances of saving money may go up if you are on your lenders Standard Variable Rate of Interest. A Mortgage Broker in Newcastle like us can compare the new products available against your current mortgage deal, in order to work out what your savings may be. If you have equity in your property, a remortgage would also allow you to release any equity you have in your property if you need it, usually used for things like home improvements.
You may be able to remortgage and increase the size of your mortgage to pay off any unsecured debts that have built up. This is not something we advise rushing into though, as there are some downsides. We recommend that customers always seek Mortgage Advice in Newcastle before signing up to consolidate any debts!
Your free initial remortgage consultation in Newcastle with a mortgage advisor will last around 1 hour. They will then compare a new deal against your current product and recommend whichever is the most appropriate one, with no obligation to you. It’s then up to you to decide whether you wish to go ahead with the mortgage, or take a step back and rethink your options.
The fees for a Remortgage will be similar to the ones involved when you started your current mortgage. However, your dedicated Mortgage Advisor in Newcastle will be able to run through all of the fees with you, and they will take these into consideration when they compare the savings of the new deal against your current mortgage.
As your Mortgage broker in Newcastle, we will carry out a Fact Find with you to establish your personal & financial needs before we recommend the most suitable mortgage for your circumstances. A credit check will then be required for you to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can then be issued a formal mortgage offer.
You may have the option to get a second mortgage on your home in Newcastle for something like debt consolidation or home improvements. It may also be possible for you to take out a mortgage on a second property if you’re looking to potentially use it for yourself, a family member, a holiday home or a Buy-to-Let. If you require the help of a Specialist Mortgage Advisor in Newcastle, we are more than happy to have a chat about your options for a second mortgage.
If you have had credit problems you may still have some options to get a mortgage but this require extra steps, such as being asked to put down a higher deposit than usual, potentially 15% of the property purchase price. If you are having difficulty in trying to obtain a mortgage because of past credit problems, please feel free to get in touch with your Mortgage Broker in Newcastle and we will see how we are able to help!
You’ll find that the lenders will usually want to see three payslips from an employee to prove their income and the latest 2 years’ accounts for Self-Employed applicants. You will also need to provide the lender with proof of ID, address and 3 months’ bank statements before they will accept you for a mortgage in Newcastle.
An initial telephone call where we take some details and look at your Remortgage plan.
A discussion about your personal requirements. You already own the property this time around, you can avoid the property chain!
We will search and compare 1000s of products to find you the most appropriate deal.
Application stage - We'll ensure everything goes smoothly with the lender. You'll have our support from your initial contact right through to when your remortgage process has completed.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
