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 access to a professional network of ‘whole of market’ 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 tax and 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.
Check Your Remortgage Eligibility, Search Your Options & Apply For A Mortgage
Checking your eligibility for a remortgage has never been easier – simply 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 put the appropriate steps in place. If you’d like professional advice and additional information after discovering your eligibility, our team would be happy to help.
To learn more about our remortgage services, please do not hesitate to get in touch with us today. We provide help for applicants in areas such as Leeds, Huddersfield, Bradford, York and Harrogate, however, we find mortgage deals for clients throughout the UK – so we are sure to help you too.
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 – dependent on the Bank of England’s base rate. 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 all three credit reference agencies – 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 the best 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 will be able 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.
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. Not only did he find me a lender he found me a lender that was also willing to lend 100% LTV. 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 .
Jamie made things so simple and easy! What was a daunting task especially in the current climate, it was a doddle. He even humoured my 7 year old daughter which made her feel fab! Great service! Thank you. Will continue to use Jamie as my Mortgage Broker going forward and won’t hesitate to recommend him to friends and family!
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.