Your current mortgage deal won’t last forever. When it ends, most lenders quietly transfer you to their standard variable rate (SVR), and for many it equals a significant increase in their monthly repayments, without their realising until the bill arrives in their mailbox. The happy news is that you don’t have to accept it: when you remortgage, you can revisit your payments and your mortgage needs at this time, and see if there’s a better option out there. We’re here to help you!
Book a remortgage review. · Call 0333 5775 999
Each of the homeowner’s situations is unique.
We have some people turn to us when their fixed rate is coming to an end. Others are looking to take out a little extra for a new kitchen or a loft conversion. Some are splitting up and require a mortgage in one name. Many just feel that they are paying too much.
The first step is listening; whatever is bringing you here, we listen. First we’ll ask you questions about your income, what you are planning for the next few years, and your attitude to risk, and then we’ll use the information to calculate what the product really suits you. It isn’t about implementing the lowest headline rate. It’s about the right deal after all the costs are totalled.
There are reasons why mortgage reviews are worth the effort prior to the end of your deal.
You may think that as long as you’re loyal to your current lender, you can’t go wrong. But you might be surprised. They may charge you a rate that you are okay with, or they may charge you a rate that’s higher than what you would find elsewhere. When you don’t compare things, you can’t know.
Many times, you can obtain a new rate a few months before your present rate term expires, as far as six months in advance, depending on who your lender is. Earlier will allow you to secure a rate, monitor the market and not be caught in the last-minute rush. Before you switch, if rates start to fall, we can examine whether you should switch to the better rate.
There are several factors that give us reason to believe that our clients remortgage.
There is usually more than one reason. These are some of the most common ones that we help with:
Your fixed or tracker mortgage is soon ending.
This is one of the biggies. Breaking out of the standard variable rate with the right switch may save you a lot of money on your monthly payments.
You would like to tap into the equity for home improvement.
If your home has increased in value, then you may have the opportunity to borrow against that value to help fund an addition, renovation or other home improvement to increase the value of your home.
You’d like to consolidate other debts.
Either having a credit card or a loan added to your home mortgage will reduce your monthly payment but may also increase your total payment on the mortgage since the debt is stretched out over a longer period of time. We will discuss both aspects truthfully before you make a decision.
There has been a change in circumstances.
When a person gets a new job, a new pay increase, gets married, has children, divorces someone, or moves in or out of the home, it’s a good time to look at what you have.
You prefer to be more mobile.
Maybe you want to pay more than the required interest, reduce the term of your loan or switch to a repayment rather than interest-only. That’s what a new product can offer you.
Which is the better option: to remortgage or to product transfer?
At the end of your deal, you typically have two ways forward. A product transfer is a transfer where you stay with the same lender and move to one of their new rates. Remortgaging involves changing to a new lender.
A product transfer can be more streamlined and less paper-intensive. Your lender may not have the best rate or features on offer, and a remortgage may provide better options. It is not always the best option, though, and it is for this reason that we have both of them and present them to you side by side.
When should you start your remortgage?
Begin at least 6 months before the end of your current contract. It’s quite common to get a better rate up front, and if interest rates drop during the process, we can consider it once again.
Starting early means:
- You don’t pay any time on your lender’s standard variable rate.
- There’s time to collect all the documents without rushing.
- A product transfer can be compared head to head with a full remortgage.
If you have already finished with your deal, talk to us today. It is never too late, and each month at an increased rate will cost you.
Knowing the cost of the vehicle is crucial.
Just because the interest rate is low does not necessarily mean the mortgage price is low. Before we make any recommendations, we will discuss all the costs with you, such as:
Arrangement or product fees, valuation fees, legal or conveyancing fees, early repayment fees (if you break out of your existing lender’s deal), and exit or administration fees (if you exit the deal with your existing lender early).
For remortgages, some lenders will provide you with free valuations or free legal work, which will save you a good few quid. We will give you the actual price of each option for the term of the deal as opposed to just the lowest rate.
We will help you remortgage in the following ways:
- Initial friendly conversation. We find out where you are now, what you want to achieve and when your current deal ends. No pressure and no jargon.
- We do the research on the market. We shop around for the best lenders for you and your needs, so you can find one that meets your objectives and budget.
- Clear recommendations. We will explain our recommendations, including all costs, so you can make an informed decision.
- We do the application. We keep things moving from paperwork to pursuing the lender and liaising with solicitors, keeping you updated.
- New deal begins. Or when it is time to conclude again, we’ll be in touch well in advance to keep you from getting caught off guard.
Getting a mortgage refinance with more complex issues
When it’s less obvious, the high street banks will be rigorous. If you are self-employed, a contractor, or a company director, we work with mainstream and specialist lenders and can often provide assistance.
- Self-employed/Employed as a contractor/Company Director
- Having a missed payment, default or CCJ in their history
- Near retirement or wish to have a term after state pension age
- Remortgaging house with unstandardised construction work
- Living on a contingency basis, by bonus, overtime or commission
Develop a relationship with local advisers, so they can get to know you by name.
We do not have a face-to-face call centre. We are a team of advisers based in the following towns: Redditch, Bromsgrove, Stourbridge, Longbridge and Shirley, and have retained many clients for years who return as their deal comes to an end. You’ll speak with a real person who knows what’s going on and answers the phone when you call.
Alternatively, we can talk on the phone or by video if that is easier for you, at a time that fits around your working day.
Frequently Asked Questions
What is the right time to consider a remortgage?
This process is best done about a month or six months ahead of time of your current agreement. This will allow you to take time and compare rates and not rush into anything.
Does remortgaging affect my credit score?
When you apply for a new mortgage, then it will appear on your credit file. We try to send out lenders that you have a high chance of being accepted by, which will minimise the number of applications you make for lenders that you are not likely to be accepted by.
Is it possible to remortgage while on a fixed rate?
Yes, but you may have to pay an early repayment charge. That charge will be taken into account, and we’ll see if it is still worth switching.
How long does it take to remortgage?
Each lender will have a different time frame, ranging from four to eight weeks from application to completion.
Will there be more money available for me to borrow when I remortgage?
Usually yes, if you have a low income, your outgoings and the amount of equity in your home. We will let you know what is possible.
So why should you select Wiser Mortgage Advice?
Whole of market. There are no ties, and we can shop around for you.
Award-winning advisers. Kayleigh Ritchie (Longbridge) has won Gold, and Clark Baker (Bromsgrove) has won Bronze for Mortgage Broker in the Midlands. ESTAS announcement
Verified reviews. Our Redditch branch has a 99% customer service rating based on 84 verified ESTAS reviews, and our Bromsgrove branch has a 99.5% customer service rating based on 51 verified ESTAS reviews.
Get ready to answer the following questions:
Contact us if you’re nearing the end of your deal or simply want to check out if there’s anything better on the market. There’s more to be gained from a quick conversation than you might think.
Book a remortgage review. · Call 0333 5775 999
Interested in the in-depth answer? Read the guide: How Remortgaging Works and How to Save Money.
Your home could be REPOSSESSED if you cannot keep up with your mortgage repayments. Be sure to carefully consider taking on other loans. Debt consolidation can make it so that you are paying off more and for more time.