Remortgage expert in Bristol
Remortgage Service Details
Is your current mortgage due for renewal in the next 6 months?
Has it been a while since you last reviewed your mortgage and you are sitting on a standard variable rate?
Is your family growing and you need to borrow extra funds for that loft conversion?
Or maybe you need to borrow additional funds to clear debt?
Whatever your reason The Mortgage Depot will advise and recommend the right remortgage deal for you.
With UK interest rates rising in recent months, the impact on mortgage rates is already being felt across the country as short term and fixed rates increase. If you are looking for the most suitable deal on the market, call Bristol based Mortgage Depot now. I will research all options applicable to your needs and circumstances to make sure you are in the best position to weather the current economic uncertainty.
“How to remortgage my house?”
The remortgage process involves obtaining a new mortgage to pay off the existing mortgage on the same property.
Clients remortgage for various reasons, including:
- Obtain a better rate from a different mortgage lender
- Change the mortgage term or loan amount.
- Raising capital for:
- Home Improvements
- Deposit for another property
- Debt consolidation
- Divorce settlement
- Business Purposes
Remortgages are determined by the value of a property and the loan amount required; this gives a Loan to Value (LTV); mortgage lenders, in turn, offer specific product deals based on Loan to Values. Generally, mortgage lenders offer incentives for remortgage applicants, e.g. free basic surveys or free legal, based on specific Loan to Values. I will research the mortgage help market to find the right mortgage deal based on your circumstances. The Mortgage Depot is always on hand to provide you with the needed help.
We are proud to offer mortgage adviser services in Bristol, Newport, Gloucester, Bath, Weston-Super-Mare, and Bridgwater.
How to prepare for further interest rate rises.
The Bank of England base rate has been steadily increasing this year, with a possibility that this may increase further in the coming months.
Interest rates can have an impact on a wide range of areas including mortgages, borrowing, pensions and savings. The Bank of England is increasing the base rate to try and tackle rising inflation (cost of living) which has been attributed to increasing energy costs, higher prices of goods coming from abroad, a buoyant job market and businesses charging more for their products. It is likely that the Bank of England could increase the base rate further to try and meet their inflation target of 2%.
Some steps you can take to help to manage further interest rate rises on your mortgage
We’d suggest putting yourself in the most suitable position and ensuring that you are prepared for future rate rises by acting now, which could potentially help soften the impact. Every person has different circumstances, so we strongly recommend you look at the terms of your mortgage and contact us to discuss your individual needs and circumstances before taking any further action, to help and see what could be the most suitable option for you.
Find out what type of mortgage you have
How you’ll be affected by an interest rate rise depends on what mortgage you’re on and when your deal comes to an end. If you don’t know, check your paperwork or get in touch with The Mortgage Depot to discuss your existing mortgage arrangement.
The good news is that if your mortgage is on a fixed rate, your monthly repayments are unaffected. Those with fixed rate mortgages are likely to be affected once they reach the end of their current deal. An interest rate rise could make remortgaging more expensive.
If you have a variable rate tracker mortgage that is linked to the Bank of England base rate, you are likely to see an immediate impact on the amount you repay. Those on a standard variable rate (SVR) could see an increase which is decided by the lender. If you are unsure, it is worth checking your mortgage terms and conditions in your mortgage offer document.
If you are on your lender’s SVR, please ensure that you get in touch with me as you could be paying more than you need to be.
For those readers who are still on a variable rate or are coming to the end of their fixed rate period, now is a good time to seek professional mortgage advice and let me talk you through the options available to suit your circumstances.
Put yourself in the right position
Once you understand the type of mortgage you have, the next step is to work out what you can afford and a good way to do this is to create a budget which can help highlight any areas where you may need to cut your expenditure and identify savings opportunities. Tactics such as building your credit score could help you get a better deal when it comes to securing your next mortgage.
Take remortgage Advice
Depending on your circumstances, there can be measures you can take. One of your options could include switching to a fixed-rate mortgage.Or if the term of your fixed rate is due to end shortly, you could consider fixing your mortgage rate for a longer period of time.
If you fix your mortgage for a longer time period, for example 5 or 10 years, then this could give protection for potential interest rate rises over a longer period of time.
However it is worth noting that fixing the rate for a longer term, may mean that you’re not able to benefit in any rate decreases in the future.
Whether this is right for you will depend on your circumstances, bear in mind that other deals may come on to the market in the next couple of years and you may not be able to switch to them without incurring hefty early repayment charges.
Other considerations when choosing the best type of deal for your needs and circumstances is to compare remortgage deals with no fees against those that incur a product fee.
If you’re looking to remortgage within the next six months, it could be a good idea to start looking now. Lots of lenders’ offers are valid for six months. So, it might be a good option to lock one in now, if this is right for you and your circumstances.
If you are on your lender’s standard variable rate (SVR), don’t hesitate to get in touch with us as soon as possible. Depending on your circumstances, it could be that you are paying more than you need to be.
Free remortgage consultation
As an impartial mortgage advisor, my advice is to act now to help avoid an unwelcome surprise. If you need any further advice or support, then please don’t hesitate to speak to me for guidance.
I will help to assess your current circumstances and search across thousands of products for the most suitable deals that are most applicable to your individual needs.
You may have to pay an early repayment charge to your existing lender if you re-mortgage. The Mortgage Depot will ensure all costs are considered so that you can make an informed choice
Think carefully before securing other debts against your home. Your home maybe repossessed if you do not keep up repayments on your mortgage
What people think
I had an old CCJ for a small amount on my record which I was worried would prevent me from getting a mortgage. Jon invested time in researching the best options, explained the difference in impact of the CCJ on monthly payments, and ultimately led to our deciding not to wait another year for it to be expunged.
I would highly recommend him to anyone looking to weigh up their options in the early stages. And once you see how accessable, friendly, and professional he is, you will likely (without any pressure) continue with him for your mortgage application, as we did.
During a tricky time, interest-wise, he has provided us with insightful, honest information. And has been incredibly easy to contact throughout the whole process. I would fully recommend using Jon if you’re looking for a mortgage!
We were upsizing so needed assistance with finding the right product which would consider incomes from several different sources.
From the point of first contact, through to completion of the purchase, Jon was extremely professional, knowledgable and efficient.
Jon arranged an Agreement in Principle for us, and we were able to borrow more than initially expected. Jon then reviewed products to find us the best one before making his recommendation. We were pleasantly surprised with the results that Jon had come up with considering the current climate with mortgage rates etc.
We informed Jon what product we wanted to proceed with and he submitted the application for us. Within a couple of days we had our mortgage offer! We were so surprised by how easily and efficient Jon made the whole process.
We had asked Jon to find us a life insurance policy, and he produced some great results again, and completed the application for us.
In the months leading up to completion, Jon had made contact with us twice to inform that he had been monitoring the interest rates for the product we had applied for, and he delivered us great news on both occasions to inform us that the rates had dropped and he had secured the new lower rate for us. By the time we reached completion, Jon saved us just shy of £100 per month in mortgage payments!
Jon was so knowledgable and was able to answer all our questions. Whats even better is that Jon doesn’t charge for his services as he receives commission from the lenders.
We really can’t recommend Jon enough, and we will definitely be using him in the future for our renewals.
Give him a try, you won’t regret it!
Would definitely use again!
Jason & Vanessa
Newport
He knows the industry inside out and you can be sure he will find you the best possible deal for you.
