Prior to your fixed term mortgage ending, you might want to look into remortgage. You could consider this if you are wanting to secure a better deal or release some equity from your property. There are many options available which our mortgage advisors in York can look through with you.
If you approached Yorkmoneyman previously to obtain your mortgage, you will then receive a reminder roughly 6 months before your fixed term ends. We want to make sure you have enough time to prepare in advance and explore your options.
As soon as your fixed terms ends, you will be put on the lender’s standard variable rate (SVR) of interest which is the time you will usually see your mortgage payments increase.
An option many people look at around the time of remortgage is to raise capital. This is also known as releasing equity.
Raising capital can be an option people choose as it can help towards funding for large purchases like home improvements or consolidate debts.
Before securing any debts against your home, we always advise seeking professional mortgage advice.
Here at Yorkmoneyman, we always provide open and honest Mortgage Advice in York. Therefore, if we find we can’t get you a better deal and the best option is to stay with your current lender, this is what we will advise.
In order to find you the best deal that fits with your circumstance, we search through 1000’s of remortgage products. If you get in touch with our team, you will receive a free remortgage consultation.
Generally, you may look at the option of remortgaging when your mortgages’ current fixed period is due to end. If not, you will be automatically switched onto your lenders’ standard variable rate of interest (SVR).
If you are on the SVR, then your monthly mortgage payments usually increase because the interest rate is normally higher. This is why it’s generally the time you look at Remortgage Advice in York.
We recommend that you prepare in advance by looking at your options and getting your new mortgage deal completed. Usually, the ideal time to start researching for a new deal is 3-6 months before your fixed rate ending.
Through our experience as a mortgage broker in York, we find many customers look to release equity to fund home improvements. This could be for a home extension, a new kitchen or a conversion to add more loft space.
In the situation where you are looking to release equity in order to fund any new home improvements like an extension, some lenders may request you to provide them with quotations for the work.
Choosing to consolidate unsecured debts into your mortgage might decrease your outgoings into one affordable monthly payment.
The one disadvantage to this is that you will end up paying more further down the line because you will be stretching this debt over your mortgage term. When looking at debt consolidation, there are a lot of factors to consider.
Because of this, speaking to a Mortgage Broker in York before securing any debt against your home is highly recommended.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
In the case where you co-own a property in York, but you want to remove a name then remortgaging is the solution to this. The process is the same whether you stay with your existing lender or not. They will need to be assured that whoever is staying on the mortgage is creditworthy and can meet the mortgage payments.
If you are looking for more information on this, check out our remortgage guides section of the website.
All new/existing customers are offered a free remortgage consultation in York. We understand customer’s day-to-day lives vary, which is why we are available 7 days a week till late to provide you with availability that suits your schedule.
Whether you are looking to remortgage to release equity or find yourself a better deal, one of our knowledgeable mortgage advisors in York will explore your options to find you the most appropriate deal. To provide you the most fitting deal for your circumstances, we search through 1000’s of remortgage products.
Our goal at Yorkmoneyman is to provide a helping hand to customers wanting to achieve remortgage goals. Our team offer open and honest Mortgage Advice in York so please get in touch and feel free to look at your genuine customer reviews.
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James
Fantastic, efficient service from Wayne & Jo. Would highly recommend
Hayley
I find all things mortgage quite daunting yorkmoneyman completely took the worry away. I have taken my first mortgage and remortgaged with them. Lovely team, I highly recommend
Peter
Yorkmoneyman helped us get the right mortgage at the best rate available, Dinah who was our contact was helpful, knowledgable, friendly and made the mortgage procedure simple and quick for us to complete, would definitely recommend 😬
Jack
Charlie outstanding once again, 2nd Mortgage I’ve now got from him and referred everyone I know! Thanks again to you and your team!
Jack
Chris was excellent in guiding us through the process, and very well supported by Stacey. Everyone was always friendly, professional and very quick to respond.
Helen
I couldn't recommend this service highly enough. Dinah, our advisor was so helpful, knowledgeable and patient. She made everything easy and couldn't do enough to make everything happen.
Nicholas
Why do you make me write in this box?
Wei
Both Matt and Debbie are very kind and patient! They are skillful and help me a lot! Appreciate them!
Sandra
We asked Yorkmoneyman for assistance with obtaining our new mortgage, and would absolutely recommend! Their knowledge and expertise was second to none, and nothing was too much trouble. Many thanks to Wayne and Stacey for all they have done for us.
Daniel
Jason has been a massive help since i first went to him, is very quick with getting back to any problems we may have! Would recommend
Anonymous
I am genuinely delighted to share my exceptional experience with Dinah at Yorkmoneyman - Mortgage Brokers. From our initial conversation to securing an incredible mortgage rate, Dinah's professionalism, knowledge, and dedication truly stood...
Jamie
Working with Dinah has been an absolute delight. She has supported the application process at every step and has made the whole process as stress-free as possible. I highly recommend her services.
Liam
Great service - quick, efficient and honest. Will be using again.
Craig
Provided an excellent service. Really impressed with the knowledge of the current mortgage market and provide good advice. Weren’t pushy and gave plenty of options based on what we required, wouldn’t have been an issue if we just walked away as...
Carol
The team were brilliant from first contact, talking through our options. And really listened to what we wanted. They were exceptionally thorough checking all the documentation ensuring everything was in place prior to putting the mortgage...
David
York moneyman was very helpful with both finding us the best rate for our initial mortgage and then again when it was time to remortgage. The remortgaging advice was particularly welcome in these challenging times as it was free and helped us get...
Louise
From start to finish, helpful and informative all the way. Sound advice and quick responses. Would absolutely recommend York moneyman to anyone and would use again definitely.
Valentina
I used Yorkmoneyman service second time to remortgage my house and they were brilliant, happy with customer service, quick response, great communication and I would highly recommend.
Anonymous
5* service throughout the process. Look no further, can 100% recommend.
Paul
Easy to deal with, sound advice following a review of your needs. Would highly recommend to anyone
Typically speaking, your initial free remortgage consultation in York will last around 60 minutes. We will then compare a new deal vs your current product and recommend the most appropriate one, which you are not obligated to accept. You can then decide whether you want to proceed with the deal, or step back; it’s completely up to you!
Depending on your credit history and your current financial situation, you may be able to remortgage to consolidate your debts in York. Doing this will increase your mortgage size but will incorporate our debts into your mortgage.
There both ups and downsides to this though, so as a Mortgage Broker in york, we recommend not to rush into it.
When you finish your fixed mortgage term, you will move straight onto your lender’s standard variable rate of interest (SVR). Your lender’s SVR is likely to be of a higher rate of interest than your current mortgage deal, so you will want to Remortgage in York to avoid these extra monthly costs.
The key to remortgaging is to shop around for deals. As a Remortgage Broker in York, we can help you with this and try to find you a perfect deal that is not only more competitive than your last product but is more suited to your personal and financial situation!
As your Mortgage Broker in York, we will start with a Fact Find. During this stage of the process, we will get a better view of your personal and financial situation which will help us when selecting a mortgage deal.
You will then have a credit check performed on you, this step is essential in order to obtain an Agreement in Principle. Once you’ve handed us all of the relevent documentation and a valutation of the property has been completed, a formal mortgage offer can be offered.
When you take out a Remortgage in York, there will be some extra fees that you’ll need to consider. These fees will be similar to the ones you received when you took out your current mortgage. As an open and honest Mortgage Broker in York, we will break down these fees for you so that you know exactly what you’re paying for.
We will also try and save money in areas that you’d think you wouldn’t be able to. We take all fees into consideration and compare the savings of your new deal vs your current one.
Yes, you can obtain a second mortgage in some cases. Whether it’s for home improvements, debt consolidation, for a Buy to Let or a holiday home, you should know that our Mortgage Advisors in York can help you with this.
You may find it slighter harder to get accepted for a mortgage with previous credit problems, however, it’s not impossible! The difference is that you may be asked to put down a higher deposit than usual, perhaps 10-15% of the property purchase price.
Here are all of the documents that you’ll need to support your mortgage application in York
An initial telephone call where we take some details and look at your Remortgage plan.
A discussion about your personal requirements. You already own the property this time around, you can avoid the property chain!
We will search and compare 1000s of products to find you the most appropriate deal.
Application stage - We'll ensure everything goes smoothly with the lender. You'll have our support from your initial contact right through to when your remortgage process has completed.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
