If you’re approaching the end of your initial fixed term and considering a remortgage in Birmingham, it’s time to start exploring your options. This will allow you to secure a better deal or release equity from your property.
At Birminghammoneyman, our team of experienced mortgage advisors in Birmingham can provide you with the guidance you need to make informed decisions that suit your individual circumstances.
A remortgage involves switching your mortgage to a new lender, typically to obtain a better deal or release equity from your property.
Many people choose to remortgage when their initial fixed term comes to an end, as this is when mortgage payments often increase.
At Birminghammoneyman, we prioritise our existing customers and provide them with the guidance and support they need to make informed decisions about their mortgage.
To this end, we’ll give you an early reminder before your fixed term comes to an end, giving you plenty of time to explore your options and make the necessary arrangements.
This way, you can avoid being placed on the standard variable rate, which can result in higher mortgage payments.
When you remortgage in Birmingham with us, we’ll help you explore a range of options, including releasing equity to cover larger expenses such as home improvements or debt consolidation.
We provide open and honest mortgage advice in Birmingham and will let you know if staying with your current lender is the better option.
Our team of mortgage advisors in Birmingham will comb through thousands of mortgage deals to find the most suitable one for you and your unique circumstances.
If you choose to move forward with the great deal that our team finds you, we’ll help you through the remortgage application process.
If you’re looking for open and honest mortgage advice in Birmingham, don’t hesitate to get in touch with us today.
Our experienced team will recommend the best ways for you to obtain a mortgage and provide the support you need to make informed decisions about your remortgage options.
When homeowners in Birmingham are seeking a better deal on their mortgage payments, remortgaging is a popular option.
This can involve switching to a new mortgage lender with lower interest rates, accessing better terms and conditions, or reducing monthly payments.
By shopping around for the best deal, homeowners can save money and improve their financial situation.
As a mortgage broker in Birmingham, we often see homeowners remortgaging to fund home improvements or renovations.
By taking advantage of the equity in their property to secure a larger loan, homeowners can pay for repairs, upgrades, or extensions to create a more comfortable living space and increase the value of their property.
Remortgaging in Birmingham can also be a way for homeowners to consolidate their debts and simplify their financial situation.
By using the equity in their home to pay off high-interest debts, such as credit cards, personal loans, or car finance, homeowners can reduce their monthly repayments and save money on interest.
This can be especially useful for those struggling with multiple debt payments who want to simplify their finances.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
In some cases, homeowners may need to remove a name from their mortgage in Birmingham, such as a former partner or spouse.
Remortgaging the property and taking out a new loan in the name of the remaining owner can be a way to untangle financial ties and move on from a previous relationship, while also ensuring that the remaining homeowner can continue to make mortgage payments and stay in their home.
Finally, some homeowners may choose to remortgage in Birmingham to release equity from their property.
This can be a way to access a lump sum of cash, which can be used for a variety of purposes, such as paying for a child’s education, funding a business venture, or going on a dream holiday.
By remortgaging, homeowners can unlock the equity in their property and turn it into a valuable asset to help them achieve their financial goals.
It may be worth considering a product transfer in Birmingham if you’re happy to stay with your current mortgage lender.
This involves switching to a different mortgage product, such as to a tracker mortgage or a new fixed-rate deal, with the same mortgage lender.
Product transfers in Birmingham are typically quicker and simpler than remortgaging as they don’t require a full mortgage application and underwriting process.
It’s important to compare options since they may not always offer the best rates.
Homeowners aged 55 and over who want to release equity from their property may want to consider a lifetime mortgage in Birmingham.
This involves taking out a loan secured against the value of your home, which is repaid when the property is sold & the homeowner passes away. or moves into long-term care.
While lifetime mortgages in Birmingham can be a good option for accessing cash without having to sell the property, they can come with high interest rates and fees, and may affect eligibility for means-tested benefits.
Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.
To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.
A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.
A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.
If you need more money but don’t want to remortgage in Birmingham, a further advance from your current mortgage lender may be a viable alternative.
This involves taking out an additional loan on top of your current mortgage, which is secured against the property.
Although further advances can be used for various purposes such as home improvements or debt consolidation, they may come with higher interest rates than remortgages in Birmingham.
For smaller amounts, an unsecured loan may be a more appropriate option than a remortgage in Birmingham.
These loans are not secured against the value of your home, so there is no risk of losing your property if you cannot keep up with repayments.
Unsecured loans usually come with higher interest rates than secured loans and may not be appropriate for large or long-term borrowing.
If you need to borrow a smaller amount of money for a shorter duration, a credit card or overdraft may be suitable.
While these options can be convenient and easy to access, they often come with high interest rates and fees and may not be appropriate for long-term borrowing or larger amounts, where a remortgage in Birmingham may be more suitable.
Looking for a reliable and experienced mortgage advisor in Birmingham to assist you with your remortgage in Birmingham? Look no further than Birminghammoneyman!
Our team of dedicated and experienced professionals is committed to helping you find the most suitable mortgage deal for your unique situation. We offer a free remortgage appointment in Birmingham and surrounding areas, so you can get expert advice without any financial commitment.
Our mortgage advisors in Birmingham are available 7 days a week, from early mornings until late at night, and we offer flexible bookable appointments to fit around your personal and professional life.
At Birminghammoneyman, we offer a wide range of remortgage options, including releasing equity or finding a better deal. Our trusted mortgage advisors in Birmingham will guide you through the process and help you make an informed decision about your remortgage.
With access to thousands of specialist and unique mortgage products, we can find the most suitable mortgage deal that matches your individual needs and circumstances.
We take pride in providing fast and friendly mortgage advice in Birmingham and are committed to helping you achieve your property goals. Our satisfied customers speak for themselves – check out our company reviews to see what they have to say about our services.
Our mission is to provide the highest levels of customer satisfaction. We are constantly looking for ways to improve our services and exceed our customers’ expectations.
To schedule a free remortgage appointment with our trusted mortgage advisors in Birmingham, simply get in touch with us today. We’ll be happy to answer all your questions and get your remortgage in Birmingham underway.
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Shelline
Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
Nafesa
I have been dealing with Wendy and Malcolm in regards to my house purchase and I could not recommend these enough. A true credit to the company. Very efficient with communication and solving any issues that needed to be addressed. Would highly...
Anonymous
Incredibly helpful, supported throughout whole process
Nazeef
Fantastic experience. Charlie helped me race through to secure the best mortgage offer, best plan for life and critical illness insurance. Very approachable and responsive even with any queries I had after everything was completed.
Tyler
Had great help from both Joe and Chris and Chloe who were all friendly and always happy to help
Rosie
Made everything very easy, we are first time buyers and they couldn't have been more helpful or informative. They didn't make us feel like we were stupid for not know anything about buying a house and talked us through the entire process....
Sophie
Tom and Meghan were brilliant throughout the entire process! Both were friendly and knowledgeable and explained everything to us clearly and answered our countless questions and gave us clarification where we needed it. Both were easy to contact and...
Esme
Super helpful, made the whole process really easy and explained everything as we went along. Pretty good at keeping in contact, keeping us up to date and explaining the choices we had and then giving us the time to discuss and make those decisions.
Sheikh
I must say I am very pleased with the service I recieved from Moneyman, they set up regular calls and kept us updated throughout the checking progress. Fairly priced fees and very knowledgeable! I would highly recommend their services
Abdassami
Second time with this broker and it's been an amazing experience. Would definitely recommend. Anna and Matt were brilliant.
Nicholas
We couldn't be happier with the service provided. Matt has been professional, helpful and extremely supportive throughout our process. We will certainly be recommending you to friends. Communication was 5* and Matt was available at any point...
Asia
Great team - very good communication and very nice, helpful team that made it possible for me! Thank you for the great service.
Andrew
To say we have had a nightmare of a process of trying to buy a house would be an understatement, however Wayne and team were the bright light that helped us get through it. Can't thank them enough for their help.
Kazim
That nice 😊
Kristina
Brilliant service! Would highly recommend! Tom at the Birmingham branch was amazing. We're first time buyers so we were very unsure of the whole process and had lots of questions. Tom gave us all the support and guidance we needed and was there...
Anonymous
Moneyman were really supportive during this process. After our first house fell through following downvaluation, they were really helpful in outlining the process moving forward and supporting us through the next house sale. Couldn't be happier...
Eleanor
Thank you so much for your support Even when I Couldn't get hold of anyone else During the pandemic Your staff were there to encourage me to press on with the mortgage after Thanks for your help and the guidance Thanks for giving me a chance...
Anonymous
Very good service, unbelievable fast to apply my mortgage. Thank you all of you.
Tyler
Aaron was both very friendly and helpful over the phone.
Samina
Dale was a Very lovely person to speak to. Gave all the best advise he can and was very polite. Made me reassured with a few problems I may have but gave me a few options around getting a mortgage
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.
