Remortgaging is a very effective way of assuring your future by switching out of a costly mortgage deal to a more beneficial one. But the benefits of remortgaging are only enjoyed if you go about switching between mortgage lenders the right way.
We can help you with a variety of remortgage deals. If you’d prefer a new mortgage deal with a fixed rate, it can be facilitated on your behalf or we can arrange for a variable rate mortgage deal with a capped rate.
What problems can a homeowner face when seeking a remortgage?
A homeowner that possesses insufficient information can find his/herself switching from a disadvantageous mortgage deal to an even worse one. At Remortgage Fast, we ensure our Hampshire clients never end up in such a situation by providing them all the information and necessary guidance they need.
Some of the remortgaging pitfalls we commonly shield Hampshire homeowners against include;
Fees on a new deal. When a homeowner undergoes a remortgage, the goal is usually to save money. There are a few mortgage lenders that actually offer fee free remortgage, but such lenders are rare. Commonly, lenders require some fee or the other to process a remortgaging. As a homeowner, you need to be clear on these fees in order to avoid undergoing a costly remortgage where you’ve gained nothing and not saved any money. Fees usually associated with a remortgage include valuation and legal fees, and the higher these fees are, the higher the cost of a remortgaging can be.
Fees on the existing mortgage deal. Mortgage deals that possess special terms like fixed rates or discount usually specify that the mortgage borrower will be liable to pay penalties in the event of a premature cancellation of a mortgage agreement. Said penalties can cost thousands of pounds leading to a significant increase in the cost of a remortgage and might negate the benefits of going through with one.
No increased value to home. If the property of a homeowner has not increased in value since entering the current mortgage deal, it might be difficult getting a remortgage. This is especially so if the current mortgage lender has enforced restrictions concerning maximum loan-to-value. This can lead to a home that has lost value being stuck in its current agreement and not qualifying for a remortgage.
Mortgage debt is small. If what’s left of a loan drops below a certain amount, it might be difficult finding a remortgage lender that will take you on. Some lenders don’t pick up mortgages that are less than £25,000.
Changed circumstances. It might happen that a homeowner was qualified for a mortgage when he/she took the current one. But a change in circumstances can lead to a mortgage borrower suddenly being unqualified for a mortgage and thus unable to remortgage. For example, a homeowner in Gosport that was previously employed but currently doesn’t have a clear source of income might find it difficult to qualify for a mortgage since lenders MUST see evidence of income. Another change in circumstance that might make a homeowner unattractive for a remortgage is acquiring credit problems since taking on the current mortgage.
Our expert remortgage brokers can help you navigate such problems and reach a satisfying conclusion. If your home is in Aldershot, Southampton, Farnborough, or any other part of Hampshire, contact us via our online form or call us today on 02380-970-879 to receive expert guidance concerning avoiding or overcoming problems associated with remortgaging.
How we facilitate remortgaging for Hampshire homeowners
At Remortgage Fast, we specialise in helping clients solve problems with remortgaging. If you’ve been refused by lenders, we can take a look into your circumstances and recommend ways forward towards accomplishing your mortgage switching goals.
Regardless if your intention is to use a remortgage to clear debts, finance purchase of a new home or remodel your current one, or some other purpose, we should be able to help.
Some of the ways we help you avoid the pitfalls of a remortgage and facilitate the process for you include;
Assessing your current mortgage. Before we begin helping you look for an ideal lender for a remortgage, we will first look into the terms of your current mortgage. By doing this, we will be able to discover if there are any restrictive terms in the agreement that might lead to an increase in cost of switching between mortgage lenders. Also, our scrutiny of the current mortgage agreement will also help us in finding an ideal remortgage lender that offers better terms.
Some of the specifics we will pay close attention to include if your current agreement provides for a fixed interest rate or a variable one.
Comparison of lenders. By matching and weighing your current lender against other available options, we will be able to discover which has the most to offer at the best value. A re-mortgaging should help save money, so the more you have to gain both long term and short term, the better.
Arrange a new mortgage. With Remortgage Fast facilitating your remortgaging, the process is bound to be smoother and quicker. Our expertise can guide you away from complications and towards the best options. Our expert brokers can stand by you from start to finish and ensure you end up with best results.
Get assistance from an expert mortgage broker in Hampshire
Regardless if you are remortgaging your home or a first time buyer or buying to let, our experienced remortgage advisers can provide all the necessary guidance you need as well as help you secure the possible best mortgage deal on a property. We are available in Hampshire to stand by you all through the remortgage process and we guarantee that our services are transparent with zero hidden costs and no surprises.
If you are in Fleet or Petersfield or anywhere in or about Hampshire, use our online form to get a free quote or place a call to us on 02380-970-879 for expert mortgage broker service and honest mortgage advice.