As you come towards the end of your fixed mortgage term, you may want to start looking at your options going forward. If you are looking into Remortgaging in Cambridge, our team are here to help!
Through our 20 years as a reputable mortgage broker in Cambridge, we have helped lots of customers find a remortage product that is suitable for their situation with the help of our rich knowledge and extensive experience.
If you approached Cambridgemoneyman to obtain your mortgage, you will get sent a reminder around 6 months prior to your fixed term ending, The reason for the early reminder is to give you a chance to explore your options before the term ends. As soon as your fixed term ends, you will automatically be put onto the lender’s standard variable rate (SVR) of interest, which can involve your mortgage payments to increase.
Our team can search through 1000’s of Remortgage deals for you. Once they have found an appropriate deal for your personal and financial needs and you are happy with the deal, we can begin the process of getting your Remortgage application submitted.
When finding the best deal for you, your dedicated mortgage advisor in Cambridge would always encourage you to choose the most suitable option. With this in mind, if the most appropriate option is to stick with your current product, our Mortgage Advisors in Cambridge will tell you so.
All our customers are offered a free Remortgage consultation. Within the free mortgage review, you will see if you are able to access a better mortgage rate which could mean you are saving money in the future. Our team are available 7 days a week, early until late so contact us if you are looking for an expert Mortgage Broker in Cambridge.
A remortgage is when a homeowner decides to switch their current mortgage to a new lender, often with the aim of getting a better deal in terms of interest rates, loan terms, or accessing equity in their property. It's a way to potentially save money on monthly mortgage payments and overall interest payments over the life of the loan.
The process involves reapplying for a mortgage and going through the same steps as when you first obtained your mortgage, including a property valuation and a credit check. If approved, the new mortgage will pay off the existing mortgage and the homeowner will then make payments to the new lender. If the new mortgage is with the same lender, this is known as a product transfer.
Remortgaging is a popular option among homeowners seeking to secure a better interest rate on their mortgage, a significant financial commitment. People remortgage for various reasons such as releasing equity for home improvements or consolidating debt.
Remortgaging can result in significant savings compared to staying on your mortgage lender's standard variable rate (SVR), which is often more expensive. Improving overall financial situation by reducing the cost of the mortgage or changing the mortgage to better suit the homeowner's current financial situation.
Consolidating debts into your mortgage is possible by taking out a remortgage. The new mortgage would be used to pay off your outstanding debts, and the debt repayment would be included in your mortgage payments.
This can simplify your debt repayment process and potentially reduce the total interest you pay, as mortgage interest rates are usually lower than those for other forms of credit.
However, it's important to consider that this would increase the overall amount you owe on your mortgage and the repayment period. It's advisable to seek professional financial advice before making a decision.
During a free remortgage review with one of our dedicated mortgage advisors in Cambridge, we'll thoroughly evaluate your current mortgage deal to determine if a better interest rate and other mortgage options are available to you. The review typically lasts 30 minutes to 1 hour.
Our mortgage advice in Cambridge is fully transparent and our team will search for 1000's of remortgage deals to find the best option for you, should they determine that a better rate is possible. Your satisfaction is our top priority.
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Very responsive even in late evenings! Answered all of the questions that I had, explained the whole process through out and made the house buying process so much easier!
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Great service, very efficient.
9 months ago
Helen was lovely to chat with, she booked me in for an appointment with a broker within minutes of me sending an email enquiry on a Sunday and explained everything about the process really well.
8 months ago
Great service. Would definitely recommend to people struggling to get a mortgage. Cambridgemoneyman, a huge thank you from us
2 years ago
Spoke to several Mortgage Brokers about my situation and having talked to Malcolm, he fully understood my views and gave me his honest opinion. A very professional, friendly, and efficient service that enabled us to the best mortgage on the market.
2 years ago
Massive thank you to Malcolm and the team at Cambridgemoneyman. We were very impressed with the level of service we received. As first time buyers, we were thrilled with the mortgage rate that got recommended for our circumstances, and we will...
2 years ago
During your 30-minute remortgage review with one of our expert mortgage advisors in Cambridge, you'll have the opportunity to discuss your current situation and desired outcomes with the advisor.
With information about your income and expenses, our advisors in Cambridge will evaluate your mortgage affordability and provide you with guidance to help you make informed decisions about your mortgage options.
Our expert mortgage advisors in Cambridge will meticulously review thousands of remortgage deals to find the best option that meets your specific personal and financial needs.
They will consider your unique circumstances to ensure that you get the best possible deal. Trust us to help you secure the right mortgage for you.
Once your offer is accepted, your remortgage advisor in Cambridge will submit a comprehensive mortgage application and necessary documentation to the lender.
You will be assigned a designated case manager who will keep you informed at every step of the process, from submission to receiving the formal offer, and finally, completing the purchase. Rest assured, we will ensure a smooth and seamless experience for you.
Our goal is to exceed your expectations. In addition to finding the best remortgage deal, we also recommend appropriate insurance to protect you and your family.
As a commitment to your long-term financial success, we will also contact you before your next remortgage renewal to ensure that you are always on the most favorable deal. Trust us to be your trusted partner in securing your financial future.
We strive in achieving customers’ Remortgage goals by providing fast & friendly Mortgage Advice in Cambridge. Check out our customer reviews to see first-hand how we helped them on their remortgage journey.
Our team can search through 1000’s of Remortgage deals to find the one that is appropriate for your situation.
One of our expert Mortgage Advisors in Cambridge will look at your options in order to find you the most appropriate deal if you are looking to remortgage to release equity via a Remortgage or find yourself a better deal.
All our customers are offered a free Remortgage consultation in Cambridge. We are here 7 days a week, working early in the morning to late at night in order to provide availability that is best for your schedule.
As mentioned, when your initial fixed mortgage period is coming to an end, you might look to remortgage so you aren’t automatically placed on the lenders’ standard variable rate of interest (SVR).
In many cases, the interest rate usually increases from your initial fixed period so will mean your monthly mortgage payments will increase. This is the main reason why people look for Remortgage Advice in Cambridge.
It’s important that give yourself some time to explore your options prior to your fixed-rate ending. This should be done typically 3-6 months before your fixed-rate ending to give you the time to get your new mortgage deal processed.
Through our experience, we have helped many customers release equity from their homes as a way to fund home improvements. This could go towards modifications to your home such as an extension, a new kitchen or a conversion to add more loft space.
In the case where you are looking into releasing equity to fund any new home improvements like an extension, you may find a number of lenders will want you to provide quotations for the work.
This option can be a potential way that you could merge all your outgoings into a manageable and more consistent monthly payment.
One thing you need to be aware of is that this option will mean your debt will be extended over the time of your mortgage term and will mean you are paying more overall. There is a lot you need to think about prior to going into debt consolidation.
Furthermore, we highly recommend that you speak to a mortage broker in Cambridge before securing any debt against your main asset, which is your home in this situation.
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 are a co-owner of a property in Cambridge and are looking to remove name off the mortgage, you will need to look at getting a Remortgage in order do this.
Regardless of if you decide to stay with your current lender or not, you will still undergo a similar process. The lender will need to know the remaining individual on the mortgage is creditworthy and can still afford the mortgage on their own.
If you are looking for more information about common Remortgage scenarios, check out our Remortgage guides section or contact us with one of our Mortgage Advisors in Cambridge.