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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 Advisors 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.
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.
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.
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.
Our team can search through 1000’s of Remortgage deals to find the one that is appropriate for your situation.
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.
The fees involved in Remortgaging will be similar to those involved at the start of your existing mortgage. Your Mortgage Advisor in Cambridge will be able to run through all of the fees with you before making any decisions when comparing the savings of the new deal against the current mortgage you are on.
Your initial free remortgage consultation with one of our Mortgage Advisors in Cambridge will last approximately an hour. Proceeding with the consultation will help compare a potential new deal against your current product, recommending the most appropriate one for your needs, with no obligation to proceed if you decide not to proceed.
Although we don’t recommend this subject without seeking expert Mortgage Advice in Cambridge before consolidating any debts, they may have. You may be able to remortgage and increase your mortgage’s size to pay off any unsecured debts you may have accrued over time.
Firstly, you need to fill out our Fact Find to get an idea of your current personal and financial situation. Next, our team will pass over this information to your dedicated Mortgage Advisor in Cambridge, and they will keep in touch to schedule your free mortgage consultation. You will get asked a series of questions to help build up a profile; this will help them pick out a mortgage deal tailored to you.
Secondly, once the consultation is over, a credit check will carry out, and this will help you obtain an Agreement in Principle. Granted, if you are okay with everything and happy to proceed, we will then ask for some documentation to help strengthen your application.
Lastly, with your Agreement in Principle, submitted evidential documentation and a comprehensive mortgage offer that you’re happy to continue with, you can move onto the last stage – mortgage application submission!
You sure can! If you are wondering why someone might want a second mortgage, here are some popular situations:
???? Debt Consolidation
???? Home Improvements
???? Buy to Let
???? For a second home/holiday home
If you are looking for a second mortgage, contact our mortgage team in Cambridge today, and see how they can help you.
It may be harder for you to obtain a mortgage with past credit problems, but not impossible depending on circumstances. You may get asked to put down a larger deposit, which will vary depending on your lender.
If you are suffering from bad credit, give us a call, and our advisors will be more than happy to try and help. We have a wide variety of specialist mortgage lenders who may have the perfect mortgage deal for your financial situation.
Whether you’re applying for a mortgage or looking to remortgage, there are a few documents lenders will always want to see during the process. You will get asked to provide some evidential documents to back up your mortgage application. For example, you’ll need things like ID, bank statements, payslips.
Don’t worry if you forget any of these documents listed; your assigned Mortgage Advisor in Cambridge will run through all of this with you, so nothing gets missed.
Remortgaging is excellent if you are on your lenders SVR (Standard Variable Rate of Interest). You may find yourself in a better position to save money. Our expert Mortgage Advisors in Cambridge can compare the new products available against your current mortgage deal to figure out these savings, saving you time and money.
If you have equity in your property, a remortgage would also give you the option of releasing some of this money if you need it. We tend to find people who choose to Remortgage for Home Improvements for things like:
???? Home Extension – Perhaps your home could use a brand new porch or conservatory.
???? Home Office – Working from home and working from the kitchen table isn’t for you? Maybe a Home Office is what you need.
???? New Kitchen – Maybe your kitchen can be more practical and in need of a serious makeover.
???? Loft Conversion – Turn that old attic full of clutter into an extra living space.
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.
5.00 Rating2 Reviews
Steven
Great service. Would definitely recommend to people struggling to get a mortgage. Cambridgemoneyman, a huge thank you from us
Bailey
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...
