Expert Advice That You Can Trust
When it’s time for a change, we make sure it’s positive.
At Avail Mortgages, our remortgage brokers know that there are many reasons that you may want to remortgage. Maybe you’ve come to the end of a fixed rate mortgage period? Perhaps you want to release equity from your property for a DIY project, an investment, a family wedding or to cover tuition fees? Or maybe you’d like to consolidate other debts into one payment, or your credit score has improved and you’re hoping for a better interest rate? Whatever your reason, our brokers can help you with this all, ensuring you gain a suitable deal.
With remortgaging, you could end up saving a small fortune on your monthly repayments, or by shortening your current mortgage term, freeing up some money to spend how you wish.
We have an experienced team of advisers, who understand all of the variables involved when remortgaging a property, and can advise on any aspects that you may not have considered – such as the various interest rates available. Backed by superior technology – which includes our remortgage calculator and our client portal – we make the process very easy.
We provide help for applicants in surrounding areas such as Leeds, Huddersfield, Bradford, York and Harrogate, however, we find mortgage products for clients all over the UK – so we are sure to help you too. If you’re interested but would like to learn more, give us a call on 0330 118 0383.
What Is A Remortgage? What Are The Benefits Of Using A Broker When Remortgaging?
A common question our team of advisers get asked here is, ‘’What is a remortgage, and how much will I be able to borrow through your remortgage services?’’ Remortgaging occurs when you change your existing mortgage on your property – either by switching to a new lender, or by switching to a different deal with your current lender.
The amount that you’ll be able to borrow will depend on your own financial situation. Mortgage lenders will need proof of income and will look at expenditures as well as your credit report to get a picture of your finances, and they’ll lend you what they believe you’ll be able to pay back.
Using a mortgage broker isn’t just a good option for those that are first-time buyers and are new to mortgages. Infact, anyone – regardless of long they’ve been a property owner and how many properties they own – can benefit from using the services of a broker. The main benefits of using a broker when looking to remortgage is that you can save time and money. Most people fall into the trap of staying with their existing lender when they remortgage, simply for ease, but by looking around for another deal you can save so much money each year. Better still, the process can still be made easy by our mortgage advisers – we’ll source suitable deals on the market based on your circumstances, so that you don’t have to. One of the other major benefits is that you’ll have access to a whole range of mortgage products on the market, thanks to our connections with leading lenders. You’ll have all this, plus exceptional customer service, when you choose to work with a broker from Avail Mortgages.
How To Remortgage
How remortgaging works is similar to when you took out your existing deal, only this time, you have to leave your current mortgage deal before switching to a new, and better remortgage deal.
Our excellent service comprises a range of deals, and our remortgage brokers will help you find the right mortgage deal for you, even if you want to change lenders for better mortgage rates.
Our brokers and advisers will firstly ask you if you would prefer a repayment mortgage or an interest-only mortgage.
Repayment mortgages involve paying back a small amount of the money you borrowed from your lender each month, as well as interest. Each month, you’re reducing the total amount of your loan, until you come to the end of your term. Usually, a mortgage term lasts 25 years.
Interest Only Mortgages
An interest only mortgage is where you only pay back interest on your mortgage each month and none of the original debt. This will mean that your monthly payments will be lower – but don’t be fooled. Interest-only also involves repaying the total amount of your mortgage in full at the end of your term. Lenders and advisers will check that you will be able to pay back your loan at the end of the term, and you’ll need confidence in your money management skills.
When you’ve decided on either a repayment or an interest-only mortgage, you’ll need to choose a type of interest rate. An interest rate determines how you pay your interest back each month, and the option we’ll suggest here will depend on your financial situation and your attitude toward risk.
Fixed Rate: Fixed-rate mortgages are where the interest rate stays the same during the mortgage term – typically a 2 year term or a 5 year term. In general, the shorter the term is, the lower the interest rate. Our brokers have found that fixed-rate mortgages are a very popular option for our clients, as they provide security, stability, and certainty – especially when it comes to monthly budgeting.
When this term expires however, you may be placed onto your mortgage lender’s default standard variable rate, which may involve higher interest rates that change from month to month. A mortgage adviser may suggest remortgaging once again to find a better deal, so as not to incur additional interest repayments.
Variable Rate: The interest rate you pay fluctuates from month to month. In other words, if interest rates fall, you pay less interest. However, if interest rates rise, it means you’ll end up paying a higher interest rate.
There are three main types of variable rate mortgages – tracker rate, discount and capped rate mortgages. Our advisers can talk you through these options, and help you find a suitable deal.
If you’re looking for remortgage services in Leeds or the surrounding areas including Huddersfield, Bradford, York or Harrogate, then please get in touch with our remortgage brokers today. Our brokers can provide you with remortgage advice, professional service and a range of remortgage deals that will make it easy to choose. We’ll help you find the right option for you.
How Soon Can You Remortgage?
When can I remortgage? How soon can you remortgage? The brokers at Avail Mortgages will tell you that this depends on your financial circumstances – which may have changed since you took out your original loan. This may impact the interest rates and mortgage rates that you’ll be offered, but our advisers can provide you with mortgage loan advice, which includes:
Improve Your Credit Score: You can improve your credit rating by getting on the electoral roll, checking your credit file from a credit reference agency such as Equifax*, Experian* and TransUnion* – and never making late payments on credit cards. A great way to boost your credit score is to establish a consistent history of repaying loans and credit cards on time while avoiding debt. Lenders will likely conduct a credit check when you submit a remortgage application, so it’s important to improve your score to ensure that you meet their lending criteria.
Reduce Your Outgoings: By reducing your expenditure in the run-up to your mortgage application, you can improve your affordability and get access to more competitive interest rates.
Don’t Apply For Other Loans: Applications, whether successful or not, go on your file. In the run-up to remortgaging, you should avoid additional borrowing or do your best to space your applications out. Applying for various loans and even credit cards over a short period of time never bodes well, and may affect your eligibility criteria.
Use A Trusted Mortgage Adviser: Mortgage advisers, such as Avail Mortgages are here to offer you specialist remortgage services, with honest and transparent advice. Our brokers will help you find the most suitable deal for you, and guide you through the entire remortgage process, for a quick and effective application.
Looking for a reputable broker that you can trust? For a hassle-free approach to remortgage services that will always see you right, please contact Avail Mortgages today. We’ve helped clients all over the UK, so are certain that we can help find a suitable mortgage deal for you too.
Should I Remortgage?
With all this talk of remortgage services, you may be asking yourself whether remortgaging is worth it, and ultimately, ‘’Should I remortgage?’’ There can be great benefits to using our services, and these benefits include:
To Get A Better Deal: Remortgaging is a favoured option for homeowners who have a fixed rate mortgage and their introductory term is about to expire. When it expires, by default you’ll be placed on your lender’s standard variable rate, which can include higher interest rates that may vary from month to month. It may provide a better deal, avoids any unexpected rises in monthly repayments and gives homeowners more control over their payments.
To Borrow More Money: Want to remortgage for home improvements? Need to pay for your child’s university fees? Remortgaging your house allows you to release equity from your house. Because the loan is secured against your home as collateral, you can borrow a sizable amount of money at more competitive rates compared to other types of mortgage loans.
Your Home’s Value Has Changed Significantly: If your property value has risen since you took out your existing mortgage, then your loan-to-value ratio (the size of your mortgage versus the value of your house, expressed as a percentage) will be lower. You’ll therefore be considered lower risk to mortgage lenders and may to find better interest rates.
Your Financial Situation Has Changed: Are you unable to work due to redundancy? Are you not well and therefore not able to keep up with monthly mortgage payments? Remortgaging allows you to get a new deal that is better suited to your financial situation – for example, by suspending your monthly payments without repercussions. If your financial situation has improved, however – maybe you’ve received a pay rise or inheritance – you may want to pay off some of your debt. Remortgaging can give you the level of flexibility you want.
“Thank you so much for all your hard work. We are so happy that this part is finally over, you made it so straightforward for us and stress free!”
I asked Jamie to help sort out a mortgage for my son and his partner as they were looking to move house and upsize.
Jamie had a decision in principle sorted within a day, which allowed them to start looking at houses and making offers. Got one offer accepted, which was one of Luke Gibbert’s houses up for sale!
Took a while to go through but it completed on 14th April and they are now in the house. Matthew then told me he got a nice text informing him of the cash back from the mortgage, which he had forgotten about!
It’s a no brainer for me to refer friends, family and appropriate clients to Jamie, as I know how good and efficient a job he does. No hesitation in referring him in the future.
From the moment Jamie took my call the process was super-fast, efficient and very professional. Within a week Jamie at Avail mortgages had got me a better rate and the relevant work was done on his part to get this sorted. My personal mortgage is now in safe hands and I know that I will be looked after for the foreseeable future.
I would have no concerns in recommending Jamie to friends, family and colleagues when it comes to their mortgage.
I struggled to find a mortgage lender because of my particular circumstances. Broker after broker put the phone down and said that I had no chance especially since all lenders were tightening their purses. Jamie at Avail listened to my requirements and went and found me a lender. I would highly recommend Avail Mortgages to anyone and would be happy to be contacted by anyone who has any questions about my experience. I would give 6 stars if I could.
Can You Remortgage Early?
When you get a mortgage, your bank or building society will offer you a fixed or variable interest rate for a set number of years. This means that you are guaranteed that interest rate for that time period. Remortgaging early means switching to another mortgage before the term of your current deal is up. In doing this, you may have to pay an early repayment charge. This charge will be at its highest in the first year of your mortgage and will decrease as you reach the end of your term.
Typically, you can remortgage to a new deal six months after taking out your current mortgage. However, if you wait until after this, you will have a better choice of remortgage* with variable or fixed rate deals and equity options, as well as lower early repayment charges.
If you are looking to remortgage early, it is definitely worth speaking with a mortgage broker who can view the whole market and find attractive remortgage rates suitable for your circumstances from lenders who are willing to offer you a remortgage sooner.
How Long Does A Remortgage Take?
Typically, from application to completion, a remortgage can take between 4 and 8 weeks. This, of course, is dependent on many factors. For example:
- Job or income changes – A remortgage is essentially a new mortgage, so your lender will want to know that the monthly mortgage payments will be made on time. To ensure this, lenders likely want to see evidence of your income, such as payslips, over the past few months; therefore, if there have been any changes, this will take longer to check through.
- Property worth – Just as when you applied for a mortgage the first time around, your new lender will need to know how much your house is worth. In most cases, this is a quick job that can be done online; however, if your house is deemed to be worth less than the amount you have borrowed, you may not receive the full amount you have applied for, or it may be harder for you to remortgage with a new lender.
There is of course some legal work that will need completing when you apply to remortgage your house. However, compared to getting a mortgage the first time around, it’s much more simple and shouldn’t take too long to complete.
Do I Need A Solicitor To Remortgage?
If you’re simply starting a new rate or deal with your current lender (otherwise known as a ‘product transfer’), you shouldn’t need a solicitor as, typically, all the legal work will go through the lender’s in-house solicitors. However, if you are looking to remortgage with a new lender, there will be more legal work required, which is why we always recommend you hire a solicitor to ensure everything runs smoothly. They’ll be responsible for the legal and administrative work involved in transferring property ownership (otherwise known as conveyancing).
A solicitor will read through the fine print and ensure all the necessary paperwork and checks are in place, including your current leasehold agreement, your property valuation, homeowner background and credit checks and any planning permission issues that may occur. A solicitor will also be instrumental in the transfer of funds. Once the remortgage has been finalised and the associated funds are accessible, your solicitor will ensure that the previous balance is cleared, with you receiving any remaining excess. At Avail, we will help to communicate with your solicitors, so the whole process is as simple and straightforward for you as possible.
How To Remortgage To Release Equity?
One of the most popular reasons why people look to remortgage is to lower their interest rates and reduce their monthly repayments. However, many people remortgage their house to release some equity that they have built up in their property. This can then be put toward anything from home improvements to paying bills.
Remortgaging to release equity works by taking out a mortgage that allows you to borrow money against the value of your home. The term equity refers to how much of the property you own outright*. For example, if you have paid off 20% of your mortgage plus your initial 10% deposit, then you would own 30% equity in the property. The amount of equity you own will increase the more payments you make, or if the value of your house increases over time. However, it’s important to note that there’s a number of fees to consider when remortgaging. Some mortgage lenders may charge large exit fees if you choose to move from your current mortgage to a new lender before your current deal comes to an end. You may also have to pay any legal fees involved with remortgaging.
We have an experienced team of advisers, who are experts in remortgaging a property and can advise on any aspects that you may not have considered, such as the various interest rates available. Get in touch with us today and we can talk you through the mortgage rates available.
Can I Remortgage With Bad Credit?
In short, yes, you can. Although as expected it isn’t as simple as the process would be with good credit history. Here at Avail, we don’t believe bad credit should stop you from being able to remortgage, we have an extensive panel of lenders who specialise in adverse credit remortgages who will take your individual case into consideration.
There are a number of things to consider when remortgaging if you have poor credit. Can you afford the repayments? Will you be getting a better deal? Are there any legal fees or application fees? When remortgaging with bad credit, you are more likely to be offered higher interest rates. It’s vital that you don’t take on more than you can afford to pay as not paying on time could result in your home being repossessed.
Thankfully, there are many steps that you can take to improve your credit score* and improve your eligibility. At Avail, we make checking your eligibility for a remortgage simple! Just complete your mortgage report here. Learning more about your eligibility can help you to plan ahead – if you’re eligible, you know that you can get looking for the right product on the market. However, if you need to improve your eligibility, you can begin to make plans to do so. If you’d like professional advice, our team are more than happy to help.
Get In Touch
What is a remortgage? How does remortgaging work? What is the cost of remortgaging? If you’re looking for a mortgage broker who can provide further details and answer all of your questions, while also providing you with a loan, then you’ve come to the right place. Our brokers provide help for those seeking a quality service – you’ll have a qualified expert to help you navigate the remortgaging process and the options out there. We offer this service in the areas surrounding our offices, such as Leeds, York, Bradford, Harrogate, Sheffield and Huddersfield. We’re committed to providing excellent customer service, and will always make the process a good one. We look forward to speaking with you.