Once you start to reach the end of your fixed mortgage term, if you’re not looking to sell up and find a new property, then it’s time to enquire about starting your Remortgage application!
There are lots of other reasons why people choose to take the route of a Remortgage. These include, but are not limited to, wanting to try and access a better interest rate on a mortgage, releasing built-up equity for home improvements and remortgaging to consolidate any potential unsecured debt.
No matter your remortgage situation, our loyal and experienced Mortgage Advisors in Birmingham will work hard to guide you through the whole process and try to find you a deal that will save you money!
Our reliable and trustworthy Remortgage Advisors in Birmingham will search through 1000’s of remortgage deals on your behalf. To not only try and find a competitive deal but also try to find one that perfectly matches your personal and financial mortgage situation, going above and beyond to give you the highest level of service we can.
We aim to provide clear & simple Mortgage Advice in Birmingham. If at any point we feel the deals we can source are not ideal for you, that that’s what we will tell you. Alternately we may suggest going down the route of a Product Transfer, which may be better for you.
During the entire process, we will be open & honest with you, completely transparent and keep you informed.
When your initial fixed period for your mortgage in Birmingham is coming to an end, you need to start looking at your options.
It’s always best to give yourself plenty of time to go through your options and get your new mortgage deal processed. Typically, this is 3-6 months before your fixed rate ending.
The vast majority will look to obtain a Remortgage. If you don’t act, you will automatically be switched onto your Lenders’ SVR (Standard Variable Rate).
The interest rate for an SVR is usually higher than your initial fixed period, which will serve to increase your monthly mortgage repayments. Hence why we recommend speaking to an expert Mortgage Advisor in Birmingham.
We have worked with many customers looking to release equity from their homes as a means of funding any home improvements.
These are usually for rather significant home improvements, such as a new kitchen remodel, home extension or loft conversion.
If you are looking to release a large amount of equity to fund any new home improvements, such as an extension, some mortgage lenders may ask you to show evidence of any quotations you have received for the work costs.
Consolidating unsecured debts into your mortgage is a possible way that you could merge all your outgoings into a manageable and more consistent monthly payment.
It is crucial to mention that doing this will extend your debt over your mortgage term and will result in you paying more overall. Debt consolidation isn’t something to take lightly. You need to do some serious research before looking into debt consolidation.
It’s vital to speak to an expert Mortgage Broker in Birmingham before securing any debt against your primary asset, in this case, is your home.
If you co-own a property in Birmingham and consider removing a name off the mortgage, you will need to get a Remortgage to achieve this.
Even if you choose to stay with your existing lender, you might find yourself in a similar process. This is because the lender needs to be confident that the person on the mortgage is creditworthy and can still afford the mortgage.
All customers who get in touch will receive the benefit of a free initial remortgage consultation. Life can understandably get in the way, which is why we make your remortgage consultations with a Mortgage Advisor in Birmingham available on evenings and weekends, 7 days a week.
As an expert Mortgage Broker in Birmingham, we are incredibly knowledgeable when it comes to helping customers with their Remortgages. Whether you are looking to release equity or secure a better rate, we are ready to help you get the ball rolling on a Remortgage, finding you the best possible deal we can for your circumstances.
Unlike banks, building societies and estate agents, the perk of using a Mortgage Broker in Birmingham like us is that we can search through 1000s of remortgage products for you.
Our team do love what we do here at Birminghammoneyman, providing fast and friendly Mortgage Advice in Birmingham, and this shows through in our genuine customer reviews, of which we’re very proud. Feel free to have a look at these.
If you are on your lenders SVR (Standard Variable Rate of Interest), it is more than likely that you will be able to save money! We will compare the new mortgage deals available in Birmingham against your current mortgage deal to work out these savings for you. If you have equity in your property, a remortgage would also allow you to release some of this money if required. Usually, for home improvements.
You can remortgage and increase the size of your mortgage to pay off unsecured debts. Please do not rush into this though as there are some downsides. Always seek Mortgage Advice in Birmingham before consolidating your debts!
Your free remortgage consultation in Birmingham will last around 1 hour. Your remortgage consultation can be carried out over the telephone or video call. We will then compare a new deal vs your current product and recommend the most suitable with no obligation. You can then decide whether you wish to go ahead or not.
The fees will be similar to the ones involved when you started your current mortgage. However, your dedicated Mortgage Advisor in Birmingham will run through all of the fees with you. Taking these into consideration when comparing the savings of the new deal vs your current mortgage.
As your Mortgage Broker in Birmingham, we carry out a Fact Find to establish your needs prior to recommending the most suitable mortgage for you. A credit check is then required for an Agreement in Principle and then once you have provided all the relevant documentation and a valuation of the property has been carried out a formal mortgage offer can be issued
It can be possible to get a second mortgage on your home in Birmingham for debt consolidation or home improvements. It may also be possible to take out a mortgage on a second property if it is for your own use, the use of a family member, a holiday home or a Buy to Let.
If you have had credit problems you may still be able to get a mortgage but you will likely need to put down a higher deposit than usual, perhaps 15% of the purchase price.
To prove income it’s usually three payslips for an employee and the latest 2 years’ accounts for Self Employed. In addition, you will need to produce proof of ID, address and 3 months’ bank statements.
An initial telephone call where we take some details and look at your Remortgage plan.
A discussion about your personal requirements. You already own the property this time around, you can avoid the property chain!
We will search and compare 1000s of products to find you the most appropriate deal.
Application stage - We'll ensure everything goes smoothly with the lender. You'll have our support from your initial contact right through to when your remortgage process has completed.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
