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.