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, at Avail Mortgages, our mortgage brokers can help you with all this and more, ensuring you gain the best deal.
With remortgaging, you could end up saving a small fortune on your monthly mortgage repayments, or by shortening your current mortgage term, freeing up some money to spend how you wish.
At Avail Mortgages, we have access to a professional network of ‘whole of market’ mortgage 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 mortgage technology – which includes our remortgage calculator and our client portal – we make the mortgage process very easy. 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, so are sure we can help you too.
What Is A Remortgage?
A common question our mortgage brokers 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 mortgages to a new mortgage lender, or by moving mortgages to a different mortgage deal with your existing mortgage lender.
The amount that you’ll be able to borrow will depend on your own financial situation. Mortgage lenders will look at your income and 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.
How Does Remortgaging Work?
How remortgaging works is similar to when you took out your existing mortgage deal, only this time, you have to leave your current mortgage deal before switching to a new, and better mortgage deal.
Our services comprise a range of mortgage deals, and our remortgage brokers will help you find the right mortgage deal for you, even if you want to change mortgage lenders for better mortgage rates.
Our remortgage 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 mortgage lender each month, as well as interest. Each month, you’re reducing the total amount of your mortgage, until you come to the end of your mortgage 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 mortgage debt. This will mean that your monthly remortgage payments will be lower – but don’t be fooled. Interest only mortgages also involve repaying the total amount of your mortgage in full at the end of your mortgage term. Mortgage lenders and mortgage advisers will check that you will be able to pay back your mortgage at the end of the mortgage term, and you’ll need confidence in your money management skills.
When you’ve decided on either a repayment mortgage or an interest only mortgage, you’ll need to choose a type of mortgage interest rate. A mortgage interest rate determines how you pay your mortgage interest back each month, and the option we’ll suggest here at Avail Mortgages will depend on your financial situation and your attitude toward risk.
Fixed Rate Mortgages: 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 mortgage term is, the lower the interest rate. Our mortgage brokers have found that fixed rate mortgages are a very popular option for our clients, as fixed rate mortgages provide security, stability and certainty – especially when it comes to monthly budgeting.
When this mortgage 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 Mortgages: 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, and these include tracker mortgages, discount mortgages and capped rate mortgages. Here at Avail Mortgages, our mortgage advisers can talk you through these options, and help you find the best mortgage deal for you.
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 mortgage advice, a professional service and a range of mortgage deals that will make it easy to choose. We’ll help you find the right mortgage deal for you.
How Soon Can You Remortgage?
When can I remortgage? How soon can you remortgage? Mortgage brokers at Avail Mortgages will tell you that this depends on your financial circumstances – which may have changed since you took out your existing mortgage loan. This may impact the mortgage interest rates and mortgage rates that you’ll be offered, but our mortgage brokers and mortgage advisers can provide you with mortgage loan advice, which includes:
Improve Your Credit Score: You can improve your credit score by getting on the electoral roll, checking your credit file from all three credit reference agencies – Equifax, Experian and TransUnion – and by 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.
Reduce Your Outgoings: By reducing your expenditure in the run up to your mortgage application, you can improve your mortgage 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 other applications or do your best to space them out. Applying for various loans and even credit cards over a short period of time never bodes well.
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 best deal for you, and guide you through the entire remortgage process, for a quick and effective application.
Looking for a reputable remortgage 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 Leeds and the surrounding areas of Huddersfield, Bradford, York and Harrogate, 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 and mortgage brokers, 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 Mortgage 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 mortgage deal, avoids any unexpected rises in monthly repayments and gives homeowners more control over their mortgage 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 mortgage. Remortgaging can give you the level of flexibility you want.
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!
Very efficient service, would definitely recommend and use again.
Really friendly, engaging and considerate. Made me instantly feel at ease and are really helpful and informative.
Get In Touch
What is a remortgage? How does remortgaging work? If you’re looking for a mortgage broker who can help answer all of your questions and more, while also providing you with a loan, then you’ve come to the right place. Our mortgage brokers provide help for those seeking remortgage services across Leeds and the surrounding areas including York, Bradford, Harrogate and Huddersfield and will always make the process a good one. We look forward to speaking with you.