The time in which it takes for the remortgage process to be completed, entirely depends on the case. Your mortgage advisor in Cambridge will always do their best to get you towards the finish line as quick as possible.
There isn’t a set way to guarantee that your process will go quicker, though if you’re hoping to get a deal done as quick as possible you may prefer taking out a product transfer. This is where you take a new deal but with the same mortgage lender, without being subjected to all the extra checks.
Why is timing a remortgage in Cambridge vital?
When you are nearing the end of your current deal, it is important that you give yourself enough time to prepare for your remortgage in Cambridge process in the months prior. This helps you to avoid lapsing onto your mortgage lenders Standard Variable Rate (SVR).
A Standard Variable Rate generally will be seen moving in line with the Bank of England base rate, though it will be set at a rate that is decided by the mortgage lender, usually at a percentage above the base rate.
If you get your timing right ahead of your deal ending, you’ll move onto your new mortgage deal just as your old deal is set to end, avoiding the inevitably more costly Standard Variable Rate.
Why does it take so long to remortgage in Cambridge?
When you decide to remortgage in Cambridge and switch to a new mortgage lender, it is important to understand that this will be treated as a fresh mortgage application.
Your new mortgage lender will request comprehensive financial information from you, including details about your income, expenses, and the property you intend to remortgage in Cambridge.
The application process for a remortgage in Cambridge can be time-consuming since it involves a thorough evaluation and underwriting procedure.
Unlike purchasing a new property, you won’t have to deal with delays caused by a property chain or wait for solicitors to conduct searches. Nevertheless, solicitors will still play a role in facilitating the remortgage process.
Why do I need to remortgage in Cambridge?
When you initially obtained your mortgage, you may have secured a favorable deal. The mortgage market is dynamic, and new offers continuously emerge. Consequently, it’s possible that there are currently better deals available that could result in monthly savings for you.
As market conditions evolve, exploring your options for a potential remortgage in Cambridge could be beneficial in securing a more advantageous financial arrangement.
Why do people remortgage in Cambridge instead of moving home?
Instead of enduring the stresses associated with moving to a larger or recently renovated property, some individuals opt to release equity by remortgaging.
By doing so, they can access capital that can be utilised for home improvements, such as adding an extension or renovating the kitchen, among other upgrades.
This approach offers the advantage of improving the current property instead of going through the process of relocating, particularly if you are content with the local amenities and have established a sense of comfort and familiarity in your current home.
It allows you to enhance your living space and tailor it to your preferences while maintaining the benefits of your existing location.
Book Your Free Remortgage Review
To ensure that your mortgage payment does not transition to your mortgage lender’s Standard Variable Rate (SVR), we advise seeking remortgage advice in Cambridge at an early stage.
It’s worth noting that in certain situations, being on the mortgage lender’s SVR may be a more favorable option, and we can explore this possibility for you.
You can schedule a free remortgage review with our team, where we will dedicate our efforts to streamline and expedite the remortgage process, making it faster and smoother than your initial mortgage experience.
We aim to provide you with the necessary guidance and support to secure the most suitable remortgage solution for your needs.
Date Last Edited: December 6, 2023
