WHY REMORTGAGE YOUR PROPERTY?
There are many reasons why you may want to remortgage your property – here at Mortgage Lolly, we have over 25 years of experience of dealing with clients looking to remortgage their property for pretty much every conceivable reason.
Effectively a remortgage is either switching to a new mortgage lender, or changing to a different type of mortgage product with the same provider. Whilst reducing payments is the number one reason to remortgage, you might be looking for a different provider or mortgage type for one of the reasons.
You’re reaching the end of a promotional fixed rate or tracker deal, and don’t want to be moved to a more expensive standard variable rate.
- You need the security of a fixed-rate mortgage.
- You want to pay the mortgage of quicker
- You want to be able to borrow more money
- You have other debts you want to consolidate.
Legal Notices: Your home may be repossessed if you do not keep up repayments on your mortgage.
Equity release will reduce the value of your estate and can affect your eligibility for means tested benefits.
AM I ELIGIBLE TO REMORTAGE?
There are a number of crucial factors which affect your eligibility in the eyes of lenders
- Time limit – in most cases, you will not be able to consider a remortgage until 14 weeks before your current mortgage term ends without penalty. You can in some cases also remortgage in the middle of your current deal, but there are often early termination payments, and these can be very expensive.
- Your Credit History – all remortgages will be subject to an affordability check by the lender.
- Property Value The value of your property will have an impact on the viability of the remortgage to the prospective lender.
- Age and Employment Status If you are over 60, retired or self-employed, then there will more stringent criteria in place to secure a remortgage please look at the relevant sections below for further information.
- Later Life Lending
- Equity Release
TALK TO US – LET US HELP YOU NAVIGATE THE REMORTGAGE MAZE!
WHAT ELSE DO I NEED TO KNOW?
Before you decide to go ahead it’s worth considering the fees you may incur when you remortgage. We can of course give you free impartial advice on the potential obstacles relating to you specific circumstances.
- Remortgage Fees – this is a charge by your existing or new lender, to set up your mortgage.
- Early Repayment Charges – your existing lender will charge you a percentage of your current mortgage value.
- Valuation Fees – paid to your lender to value your property in order to remortgage.
- Admin Fees – this is what you pay your existing lender, for forwarding title deeds to your solicitor.
- Legal Fees – What you will pay to your solicitor to cover the legal costs of setting up your remortgage plan.
- Broker Advice Fees – some brokers will charge you for advice, but here at Mortgage Lolly we are Fee Free.
TALK TO US TODAY – OUR ADVICE IS FEE FREE! START YOUR JOURNEY TOWARDS A SUCCESSFUL REMORTGAGE APPLICATION.