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Remortgage Advice in Newcastle

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Remortgage Advice in Newcastle

Looking to remortgage in Newcastle? If you are looking to release equity or compare like for like products, book a free remortgage review today and secure your financial future.

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Looking to remortgage in Newcastle?

Whether you are considering a remortgage in Newcastle to secure a new fixed rate, release equity, or for any other purpose, we are here to provide expert guidance. Our team of remortgage advisors has extensive experience helping customers in a variety of remortgaging scenarios.

Typically, our customers approach us for advice on remortgaging in Newcastle to access a competitive fixed-rate deal, raise funds for home improvements, consolidate debts, or for unique reasons like removing a name from a mortgage.

If you are aged 50 or over and exploring your remortgage options in Newcastle, rest assured that we have tailored solutions to meet your specific needs. Our mission is to offer comprehensive support to ensure that your remortgage experience is both informed and successful.

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Remortgage Advice in Newcastle

Helping you to remortgage in Newcastle

The initial step involves scheduling a complimentary, obligation-free remortgage advice consultation with one of our specialists in Newcastle. If you are presently on a fixed-rate deal, it’s ideal to plan this consultation approximately six months before your existing arrangement concludes.

During this consultation, your mortgage advisor in Newcastle will address your queries, elucidate your remortgage possibilities, and provide insights into the monthly cost of your new mortgage. We will also conduct a thorough assessment, comparing the available product transfer mortgage options from your current lender.

Throughout the application process, our experienced mortgage case handlers will stand by your side, ensuring a smooth journey and helping you navigate any potential challenges that may arise along the way. Our goal is to make your remortgage experience as seamless and successful as possible.

What are the benefits to a remortgage in Newcastle?

Remortgaging in Newcastle is a popular choice for those seeking the best interest rate since mortgages are a significant financial commitment.

Homeowners may choose to remortgage in Newcastle to release equity for home improvements or to consolidate unsecured debts.

Failing to remortgage in Newcastle may result in being charged the standard variable interest rate, which is generally more expensive.

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Common FAQs for a Remortgage in Newcastle

What is a remortgage in Newcastle?

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Remortgaging in Newcastle involves taking out a new mortgage on your existing property when your current deal is about to end.

Homeowners often prefer fixed-rate mortgages to maintain consistent payments for a certain period of time and then remortgage in Newcastle for a better deal.

To be considered a remortgage in Newcastle, you must obtain your mortgage from a different lender than before. Taking out a new mortgage with the same lender is called a product transfer.

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Can I consolidate my debts into my mortgage in Newcastle?

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It is possible to remortgage in Newcastle to incorporate unsecured debts into your mortgage, but this could result in longer mortgage terms and increased monthly payments, potentially putting your home at risk of repossession if you cannot make the necessary repayments.

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.

How does my free remortgage review work in Newcastle?

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At Newcastlemoneyman, we offer a free remortgage review with a dedicated remortgage advisor in Newcastle who will evaluate your current mortgage deal and explore other remortgage options in Newcastle.

If a better rate is available, our team will search through 1000s of remortgage deals to find the perfect one for you and will be transparent about any fees involved.

Are there fees involved with remortgaging in Newcastle?

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The fees associated with remortgaging in Newcastle are similar to those associated with setting up your first mortgage, depending on the mortgage broker in Newcastle you previously used.

When comparing the savings of a new deal with your current mortgage, a mortgage broker in Newcastle will consider these fees and discuss them with you.

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Our Simple Remortgage Process

Free 30-Minute Remortgage Review

Step 1

During your free review, you’ll have the opportunity to discuss your current situation and objectives with one of our expert remortgage advisors in Newcastle.

Our mortgage advisors in Newcastle will determine your affordability, and ask you to provide key information about your income and expenses.

We Can Search 1000s of Remortgage Deals

Step 2

Our team will search through 1000s of remortgage products to find the most suitable deal for you!

Before finalising the product, we will take into account your personal and financial circumstances.

Submit Your Remortgage Application

Step 3

Once your offer has been accepted, your remortgage advisor in Newcastle will submit your full mortgage application and send all supporting documents to the lender.

Throughout the process, your dedicated case manager will keep you informed throughout the entire process until you receive your formal remortgage offer and complete your purchase.

Protecting You and Your Mortgage

Step 4

We strive to go above and beyond. In addition to securing the best remortgage deal, we will also recommend relevant insurance to protect you and your family.

When your next remortgage in Newcastle is due for renewal, we will contact you to ensure you are always on the best deal.

Reasons to Choose us

Free Remortgage Review

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We offer a free remortgage review in Newcastle for all customers. Our team are available 7 days a week, 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.

1000s of Remortgatge Deals

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We can search through 1000s of mortgage products to find you the best deal for your individual circumstances. We have a large panel of lenders that we can access to find the best product for you.

Our Service

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Here at Newcastlemoneyman, we pride ourselves on 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.

7 Days a Week

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If you would like to look at booking your free remortgage review, then please don’t hesitate to contact us. Our mortgage advisors in Newcastle will be happy to help answer all your questions and get your remortgage process underway.

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Common Remortgage Scenarios

Remortgage for a new deal (current product expiring within 6 months)

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If your current fixed-rate mortgage deal has less than 6 months remaining, you have the opportunity to secure a new deal.

Typically, your existing lender will present you with a product transfer offer, which we will then compare to what other lenders have available. It’s generally more cost-effective for you to switch to a new lender.

Your new lender will make the process of obtaining a new deal convenient, often through your mobile app or internet banking portal. However, we strongly recommend that you don’t proceed with this without first consulting a mortgage broker in Newcastle, like us. Shopping around and ensuring it’s the best option for you is a wise step.

Remortgage on to a fixed rate for peace of mind

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If your mortgage payments fluctuate with interest rate movements and you’ve owned your property for a while, it’s likely that you’re currently on your lender’s standard variable rate.

Being on a standard variable rate offers flexibility, particularly with overpayments. However, many clients prefer the peace of mind that comes with a fixed rate when it comes to budgeting.

Fixed-rate remortgage options typically include 2-, 3-, and 5-year deals. While these fixed deals are recommended for over 90% of customers, they may not be the ideal choice for everyone. Your mortgage broker in Newcastle will assess your situation and recommend the best path forward for you.

Opting for a fixed rate provides the security of protection against potential future interest rate increases, and it simplifies your finances with a consistent monthly mortgage payment.

Remortgage to borrow more/capital raising

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If you need to raise capital, and you’ve held a mortgage for several years, it’s likely that you’ve built up a significant amount of equity in your property. Opting for a remortgage in Newcastle to release equity can provide you with the means to access this cash if the need arises.

Clients typically choose to remortgage in Newcastle to release equity for several reasons, including debt consolidation (combining loans and credit cards), providing financial gifts to family members, managing finances during divorce or separation, funding home improvement projects, and, notably, for those aged 50 and over, as part of retirement planning.

Similar to standard remortgages in Newcastle, you’ll still need to meet the lender’s affordability criteria and undergo a credit check.

Remortgage to repay help to buy equity loan

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A Help to Buy remortgage in Newcastle serves the purpose of settling the equity loan that was initially acquired when purchasing a new build property through the Help to Buy scheme. This scheme facilitated the purchase of new homes with as little as a 5% deposit, supplemented by a 20% equity loan.

For the initial 5 years, no interest is accrued on the equity loan. After this period, the interest rate becomes linked to inflation. Additionally, the loan amount is tied to the value of your property, meaning that if your home’s value has significantly increased, so has the loan amount.

When it comes to repaying your Help to Buy equity loan, you have several options to consider. It’s advisable to seek professional mortgage advice in Newcastle from us to explore these options before making any decisions.

Remortgage to consolidate debts

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Usually, a debt consolidation remortgage in Newcastle involves settling any remaining balances from credit cards, personal loans, and similar debts by incorporating them into your mortgage.

However, this isn’t without its risks. We are here to guide you through weighing the advantages and disadvantages of a debt consolidation remortgage in Newcastle and to suggest the most suitable course of action.

For older borrowers, our dedicated later life team is available to help. If you fall into this category, you can explore further details about mortgage options for individuals over 50.

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.

Remortgage to supplement retirement income (over 50’s)

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Frequently, older individuals consider remortgaging in Newcastle as a means to access the capital tied up in their property. This is often done to supplement pension income, help family members, or eliminate debts.

The mortgage market has seen remarkable innovation in this area in recent years, resulting in a wide array of excellent products tailored to older homeowners who are interested in purchasing a new property or remortgaging in Newcastle.

Free Mortgage Guides & Newcastlemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

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