We believe that every mortgage should be stress and hassle-free, and that goes for a remortgage. Whether you are coming to the end of your current mortgage deal and want to find better rates to save money in the future, or you want to free up the equity in your home for a particular purpose, we always fully understand your situation to enable us to give you the best advice possible, and also help you to assess all of your options. For example, it might be that you want to consolidate other debt into your mortgage with a debt consolidation remortgage. If you live in or around Mansfield or Sutton-in-Ashfield, then we should be the first call.
A remortgage replaces one mortgage with another, where your new mortgage repays your existing mortgage, and you can also release some money stored within your property if you choose. You might have been hesitant about remortgaging in the past, but it should never be a daunting process. We will work with you to assess your financial situation, and from there, find the best remortgage deal for your circumstances. We will also complete your remortgage application on your behalf to give you peace of mind that the process is running smoothly.
Do You have questions? Then contact us either by our enquiry form here or call us on 01623 375007
Did You Know?
According to research, more than a third (36%) of homeowners are still on standard variable rate mortgages (SVR). As a result, owners could save £216 each month - £2,500 annually. However, 58% have never remortgaged, and 3.4 million households don't know their current mortgage rate.
We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield. So, if you want to remortgage in Mansfield or remortgage in Sutton-in-Ashfield, we're here to help.
People can save £££ of pounds over the life of a mortgage by making sure they're on the right deal
There is no right or wrong answer to this as it's dependent upon your circumstances. In most cases, it's after your initial rate ends & you move onto your lender standard variable rate. You may find that when your current deal ends, your payments can rise if the standard variable rate is higher than the rate you were on previously. This is when we see most people remortgage. However, you can remortgage during the lifetime of your mortgage subject to meeting a lender's policy and criteria.
You may be eligible for a lower interest rate when you remortgage if the value of your property has risen and your mortgage balance is lower than at the start of the mortgage. This means that you have more equity in your property. Equity is what we call the difference between the market value of your home and the balance of your outstanding mortgage. The more equity you have, the lower risk you may be for a mortgage lender. If you are lower risk for a mortgage lender, this means that you may be eligible for the most competitive deals available at the time you remortgage. This means you may well get a lower rate if rates have fallen, which means you could save money. The only way to know is to contact us, and we'll be able to tell you.
When you remortgage, a new mortgage effectively replaces your existing mortgage. A new mortgage lender agrees to a new deal with you depending on what type of remortgage it is you're after. They then repay your existing mortgage, and the remortgage becomes your new mortgage lender on a new and usually better deal, saving you money every month.
A straightforward remortgage can take between two to four weeks; however, it can take up to 8 weeks if it is more complex. A remortgage is much quicker than purchasing a property, as there isn't as much legal work to complete. You can speed your remortgage up if you provide all the necessary documents that you have been asked for on day one and any questions the solicitors ask of you as quickly as possible. We aim to complete remortgages between two and three weeks and make it as quick and painless as possible.
The cost of remortgaging depends on many factors, such as if you need to pay a penalty to leave your existing lender, if you need to pay a Help To Buy loan off, or if you've got a complex situation. However, as a guide, a remortgage will likely cost up to £500 on average and will save you much more than that over the term of your deal. In addition, many mortgage lenders offer cashback incentives when you remortgage to help cover some or all of remortgaging.
Yes. A mortgage lender will always want to establish the current market value of your home. However, they often don't charge a fee for this. In addition, a mortgage lender will want to revalue your home to determine which deals are suitable for you, dependent upon how much equity you have in your property. Often these types of valuations are conducted remotely and don't require a full internal inspection of your property; however, the mortgage lender decides which type of valuation is most suitable when we apply to them.
Yes, absolutely. We always encourage our customers to consider reducing the term of your mortgage, especially if you are comfortable paying the level of payments you are used to. This means that we reduce the number of years your mortgage has left rather than lowering your monthly cost. This means you are mortgage-free and debt-free sooner, which also has the effect that you save interest costs.
The majority of mortgage lenders allow six-month mortgage offers on remortgages. We always recommend you start the process up to six months in advance to make sure that we can lock in a new deal for you; however, given how quickly we work, if you are currently on your standard variable rate, then you should get in touch with us as soon as possible so we can start the process of your remortgage.
The answer is often yes. However, it depends on your circumstances. For example, if you are on a higher rate and we can reduce the rate you are currently paying, then this will mean that your payments are lower, and therefore you will be saving money.
Yes. Most mortgage lenders allow you to raise capital to work for your home, such as a new kitchen and bathroom. However, it may be that you'd like to fully renovate your home or build an extension to give you more living space and get your home exactly as you want it. We help many homeowners who have wanted to do extensions and refurbish their homes whilst getting a better deal and adding value to their current property.
We hope the remortgage video helps explain things but if you're unsure then just drop us a line and lets talk about your options
Debt consolidation remortgaging is a way to replace your current mortgage provider and product with new terms – often changing the amount you pay each month. By remortgaging your home, you can free up a lump sum, which can then be used to clear other debts such as credit card repayments, unsecured loans or different types of finance. However, it should be stressed that this is not suitable for everyone. We have to do a lot of calculations to make sure it's beneficial, and you understand the implications of adding any debt to your mortgage as you may be securing previously unsecured debt against your home, which reduces your equity.
Suppose you wanted to remortgage your home and free up a lump sum of £5,000 to pay off a credit card debt in full. In that case, you could save months of potential interest and credit card repayments. But, of course, it might be the case that your monthly mortgage payment rises slightly, and you may end up paying more interest in total as the debt will then be over a much longer time.
On other occasions, a debt consolidation remortgage can be used to reduce your overall monthly commitments. This might be a way of lowering your financial outgoings, but it almost certainly means increasing the length of the term of the debts; for example, let's say you have a loan that you pay monthly for five years, after five years, the loan is paid off. However, you could consolidate that into the mortgage, but that loan amount is now being paid potentially over a much longer time frame. This can increase the overall cost of the interest you pay in total, so you have to be aware that you would be securing previously unsecured debts against your property. This, in turn, means that you are reducing the amount of equity you have in your home or property.
You'll almost certainly change your mortgage lender, often to a better deal, you might only have one monthly payment if you consolidate everything together, it may give you peace of mind that you know precisely how much you're paying out per month & you might be able to free up some disposable cash month to month.
There is always a downside to everything though, don'ton't forget this is why you need to take advice; to make sure it's suitable for you and your circumstances:
The answer is maybe. It'll depend on several factors, including but not limited to; the amount and frequency of your income, your employment record, the current value of your home and how much equity you have, the size and type of debts you want to consolidate into your home, the length of time you have left on your current mortgage and your credit history. As with anything mortgage-related, there are certain things we can't do, and with a debt consolidation remortgage, it's the same. There are certain debts that we can't consolidate as it just wouldn't make sense to do so, and these are:-
Of course, we have to take into account why you want to consolidate debt - after all, lenders will want to know the following things;
As you can see, there's a lot of information to take in and think about with this type of remortgage, and it isn't suitable for everyone. It's best to talk to an independent mortgage broker who has experience in doing debt consolidation remortgages to make sure that it's right for you and your circumstances and to clarify all the costs and fees mentioned above.
If you want to have a no-obligation consultation, contact us below to schedule an appointment - the first appointment is always at our expense. We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield. So if you need a mortgage broker in Mansfield or a mortgage broker in Sutton-in-Ashfield, we're here to help.
Debt consolidation isn't suitable for everyone and it's so important to get the right advice
We love our remortgage customers, so feel free to call or email during regular business hours if you live in or around Mansfield or Sutton-in-Ashfield.
We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield. So if you need a mortgage broker in Mansfield or a mortgage broker in Sutton-in-Ashfield, we're here to help.
Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
09:00 – 20:00
Terms & Conditions
Lewis Shaw (FCA registration number 927754) trading as Shaw Financial Services is an appointed representative of King Mortgages Ltd which is authorised & regulated by the Financial Conduct Authority, FCA registration number 803561.
There may be a fee for arranging a mortgage. This will typically be £499.
Think carefully about securing other debts against your home
Some forms of Buy To Let mortgages are not regulated by the Financial Conduct Authority. The guidance &/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers in the UK. As with all insurance policies, conditions & exclusions will apply.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Office Address - Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
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