You may want to consider remortgaging if you’re coming to the end of a fixed-rate deal or looking to reduce your monthly repayments.
Interest rates have been rising in the last couple of years, so reviewing your mortgage on a regular basis makes sense.
Most lenders’ standard variable rates, SVRs, are running at double many of the available fixed-rate deals. SVRs usually track the Bank of England base rate and also include the lender’s own fee and costs, so this means they do go down as well as up.
Independent James can look at your current mortgage, and by assessing your circumstances, help you decide whether switching mortgage is a good idea.
We also take into account the fees lenders charge and we look at how much capital will remain in your home at the end of your fixed rate.
The increase in interest rates has meant many people are looking at remortgaging to keep costs down, but there may be other reasons you need to consider switching your mortgage. For example:
Fixed-rate mortgages, which include tracker and discount mortgages, can run up to 10 years, but the most popular deals are between two and five years. When your fixed-rate deal ends you will automatically end up on your lender’s SVR, which will mean you’ll pay a lot more towards your mortgage.
If you are concerned about your mortgage going up, you may want to consider running your mortgage for longer. This will reduce your monthly repayments but it will also mean you end up paying more interest. Independent James can help you look at ways of keeping your mortgage affordable in the current climate.
It can make sense to look at remortgaging if the value of your home has risen considerably because the amount you originally borrowed may be worth a lot less compared to the value of your property and you may be able to get a better mortgage deal.
If you are in a fixed rate deal you may have to pay an early redemption penalty and/or fee, we can help you assess your options and because we can look at the whole of the mortgage market we can see whether remortgaging can save you money.
If you’ve had a work-related bonus payment, a pay rise or inherited some money you may want to use that to reduce your mortgage. Independent James can help look at how your extra financial capacity can be used to reduce your mortgage without paying unnecessary fees.
You may be considering renovating your property or you may need a new car. Remortgaging can be used to raise extra finance and we can help you look at all your options and whether getting a mortgage deal is the best way for you to borrow extra money.
Interest rates have been increasing over the last few years. The Bank of England has been putting up the base rate to try and curb the UK’s spending and bring down inflation.
This does not necessarily mean your mortgage will go up but it does mean you need to make sure you are gettting the best deal, at a time when some of the best rates are often only available for a limited time.
A mortgage is a long-term loan and we can help you by reviewing your options and making sure you choose a home loan which suits your circumstances.
When we look at your current mortgage we will look at the value offered by your existing lender; this is important for long-term value and the mortgage’s affordability.
● Does your lender offer you all of their best rates when your special deal ends or when you want to jump off their variable rate?
● How does your lender treat existing customers; especially with people's changing circumstances?
● Does your lender offer the flexibility to make extra payments
Mr R Govoni, Wimbledon
Paying an 2% per annum extra on a £300,000, repayment mortgage can make a huge difference to the amount you pay over the 25-year mortgage term.
For example - the difference between 2% and 4% per annum amounts to an extra £331 per month, or £4,000 per year.
● We can help you remortgage within 6 weeks
● You may be able to take advantage of a fast track application process or Automated Valuation Model - this is software which can help value your property accurately and give you a better idea of the loan-to-value related deals offered by mortgage lenders.
If you are looking to free up capital from your home and we can individually tailor a solution for you be it via your existing lender, a remortgage or a secured loan.
Speed is of the essence in the purchase process and quite often can be a determinant factor for you in obtaining your dream property.
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