Remortgage Advice

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Remortgage Advice

Has your mortgage expired? Are you thinking of remortgaging? A remortgage is a very big financial commitment and for some, it may even be the most important decision they make. There may be multiple reasons for why you want to convert a property into a mortgage.

Sometimes, you get a remortgage for securing a better deal or looking to release some extra equity. Whatever reason you may have to remortgage, our experts at Care Financial services will be by your side to help you with everything you need. Our expert advisors make it their responsibility to keep themselves updated with the up-and-coming remortgage bargains so that they can give you the best assistance and direction possible

We usually advise our clients to start looking at their remortgage options as early as six months into their mortgage deal. Another reason to start early with your remortgage process is that as soon as your fixed term ends you will automatically be put on the SVR list which will affect your monthly mortgage instalments by increasing. You may think this is very early but we advise this early time frame so that we can find the best and most advantageous offer for you.

Our expert mortgage team at Care Financial Services will not only provide you with free remortgage advice but can also help you navigate various remortgage deals that the property market has to offer. With such a complex procedure, you must get the right kind of guidance. Get in touch with our expert remortgage team today to get your hands on some of the best deals available.

NOTE: We work, as introducer, with a number of reputed, well established mortgage brokers to offer mortgage services at the best possible rates who will assist you in finding the ideal home and securing the right mortgage by utilizing their in-depth expertise in estate agency mortgage services.

Common Remortgage Situations

We have listed down some common situations when you think of remortgaging. We are here to assist you with whatever situation you may have, whether it’s securing the best rates or protection against rate hikes in the future.

Remortgage for a Better Deal

If you are planning on remortgaging your estate then you should know how significant it is to find the right bargains and prices. It is a good option to start looking at the possibility of remortgaging for a better deal when your initial mortgage fixed period comes to an end. If you don’t, you will automatically be transported to your lender’s SVR list. You will also find that at the end of your fixed period, the initial interest rate on your mortgage will be higher, raising the monthly payments. Due to this many clients assess the choice of remortgaging early in their mortgage contract to avoid these expenditure increases. The smallest difference in rates can affect your repayments by a large margin, hence you must get the proper kind of direction and guidance. We are here to hold your hand through the process and make sure to deliver you the best advice possible.

Remortgage for Home Improvement Funds

We have come across many clients who consider remortgaging to fund any improvements or maintain their property. These improvements may include extensions or renovations of a portion of the home such as the kitchen or a new workspace. If you are looking to release equity for such purposes then the lender may ask for some kind of quotations or proof for such projects.

Remortgage to Consolidate Debts

To reduce spending many clients consider the option of a consolidated debt against their monthly mortgage fees. However, you might pay up more eventually in the long run if you were to extend this debt at the end of your mortgage duration. If you do consider the option of debt consolidation, there are several points to be mindful of. If you are thinking of putting an unsecured debt against your home then you need to first speak to one of our expert remortgage advisors and get the right advice; this is because you could potentially be putting your home at risk if for any reason you are not able to make the essential payments on time. It is important to get the right kind of advice for a step like consolidating debts. We at Care Financial Services, have a team of the most skilled consultants so book your slot today to get the best advice regarding debt consolidation.

Remortgage to Remove a Name

If you co-own an estate and want to remove one of the owners then you will need to remortgage the property to do so. If you are sticking with the same lender the process will remain the same. Your lender will be assessing the person staying in the mortgage contract to check their credibility and whether they can afford the property themselves.

Giving Future To Your Living

Helping You Remortgage; Why Choose Care Financial Services?

At Care Financial Services, we make it our duty to provide every first mortgage client with a specialist advisor who is authorised and experienced in this field to provide you with free remortgage advice. Not only do they help you with the best arrangements and rates but they also make sure they are fully equipped with the updated knowledge to help with any queries you may have. We believe that the client is the owner, we make sure that each of our clients walks away pleased with our assistance. Our team of experts has access to some of the best mortgage products available and unlike online advisors, our experts understand each client’s conditions individually and customize their remortgage deals accordingly. We will handle any relevant paperwork for you, dealing with lenders, surveyors and suggesting solicitor options along the way. Get in touch with us today to initiate your remortgage process.

First Time Mortgage - Eligibility

Age

You should be at least 18 years at the time of the mortgage.

Deposit

You need at least 5 to 10% of the property value depending on the situation

Credit Score

You should have the bank specified credit score.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

What is remortgaging?

A remortgage is when you decide to modify your existing mortgage contract for another one, either by switching it to a different lender or moving to different rates with your existing lender. When your current mortgage deal is near to ending the initial interest rates are also expired so you will be regressed to the lender’s standard variable rate (SVR) which is likely to be higher. In this case, remortgaging can be a good choice to move to lower interest.

What is a standard variable rate (SVR)?

SVR is deemed an expensive way and can be more costly than other alternatives. Hence switching mortgage deals can be less costly and help you have a ton of money whether that’s long-term or monthly or even both.

Can I pay for my mortgage early by remortgaging?

Yes, by remortgaging you can pay your mortgage quicker. This can be done by reinstating your current mortgage deal with a better one that has lower interest rate and fewer monthly payments. Furthermore, you can reduce the duration of your mortgage and repay your mortgage faster.

Is remortgaging a complicated process?

Remortgaging is not a complicated process as long as you have the right lenders, exceptional deals, and appropriate paperwork. Our expert mortgage advisors at Care Financial Services can help you make the process much less complicated by providing you with the best recommendation and outstanding deals to help you accomplish your goals.

Is it necessary for me to change lenders while remortgaging?

No, it is not necessary to change your lender. At Care Financial Services, we have come across many cases where clients have stuck with their old lenders and found incredible deals and it has also been calculated to be less costly for them. However, you should always check out all your options and put up your current lender against other lenders in the market to get the best deals possible. At Care Financial Services, we make it our duty to keep up to date with the most promising lenders and bargains available so that we have the best options ready for our clients.

What do early repayment charge (ERC) mean?

An ERC is a charge that is put on most mortgages in their initial stages. During the initial period of your mortgage, you can not remortgage during that time without paying the ERC penalty cost. However, once the mortgage duration comes to an end you are open to remortgaging without compensating any charges.

Disclaimer:

The content on this page is based on our understanding and knowledge at the time of publication. It may be subject to change and may not be applicable to your circumstances, so should not be relied upon. Please contact us if you require further information about the content included on this page.