It is possible that your monthly payment would reduce if you went onto a lenders Standard Variable Rate (SVR), though it is also equally possible that your monthly payments could increase. Your dedicated mortgage advisor will compare the new products available against your current mortgage deal, in order to work out these savings for you. If you have equity in your property, a remortgage would also provide you with an opportunity to release some of this money if necessary for any reason. We often see this is used for things like home improvements or modifications.
You may have the ability to remortgage and increase the size of your mortgage to pay off any unsecured debts you have accrued over time. Please do not rush into this and make any hasty decisions though, as there can be some negative consequences. We would highly recommend that customers always seek Mortgage Advice in Harrogate before consolidating any of their debts!
When you speak with a mortgage advisor in your initial free remortgage consultation, the appointment will last roughly around 1 hour. Your advisor will then compare a new deal versus your current product and recommend the most appropriate one for your circumstances, with no obligation to proceed if you would rather not for any reason.
The fees involved with remortgaging your current home will be similar to the ones involved when you started the mortgage you are currently on. That being said, your dedicated Mortgage Advisor in Harrogate will run through all of these fees with you anyway, in order to give clarity on your process. They will take these into consideration when comparing the savings of the new deal against your current mortgage.
As a part of our service as a fast and friendly Mortgage Broker in Harrogate, we carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you and your personal circumstances. A credit check will then required ahead of obtaining an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been taken out, a formal mortgage offer can then be issued to you.
If you are looking to do something like debt consolidation or any potential home improvements, you may have the option of taking out a second mortgage in Harrogate. It may also be possible to take out a mortgage on a second property for other uses, such as for yourself, a family member, a holiday home or a Buy to Let.
If you have had any kind of credit problems previously, there is a chance you can still get a mortgage. Unfortunately for this, you may possibly be required to put down a higher deposit than usual, typically 15% of the property purchase price.
An employee will generally be required to submit at least three payslips for an employee to prove income and the latest 2 years’ accounts if they are Self Employed. You will also need to provide your mortgage lender with proof of ID, address and the last 3 months’ bank statements.