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How a Debt Management Plan Can Benefit You and Your Mortgage in Essex

Debt Management & Mortgage Advice in Essex

A Debt Management Plan (DMP) acts as a formal agreement between you and your creditors, designed to facilitate the repayment of your debts. Initiation of this plan involves disclosing the extent and duration of your indebtedness, providing creditors with insight into your financial situation.

Upon submission of financial documents detailing your income and expenditures, creditors gain a comprehensive understanding of your spending patterns, aiding in the formulation of a tailored DMP.

Subsequently, you receive a DMP customised to your unique financial circumstances, entailing reduced monthly payments aimed at gradually clearing your debts over time. In this article, we’ll explore how a DMP can positively impact your mortgage in Essex.

Improving your credit

Implementing a DMP can contribute to rebuilding your credit score. Consistent adherence to the revised payment schedule and gradual debt reduction can incrementally enhance your creditworthiness.

By actively managing your debts and meeting recurring payments, you demonstrate financial responsibility, potentially leading to improvements in your credit score.

While an enhanced credit score may broaden your access to better mortgage products, it’s essential to note that being on a DMP could still necessitate a higher deposit, as lenders may perceive you as a higher risk.

Avoiding defaults

Acting swiftly to implement a DMP before defaulting or facing a County Court Judgment (CCJ) could help mitigate adverse consequences. Defaults and CCJs remain on your credit file for six years, regardless of debt repayment status, significantly impacting your credit score.

Default listings can severely impair your creditworthiness, making it challenging to secure lending, including mortgages. Thus, it’s advisable to proactively seek alternatives, such as a DMP, to avoid defaults or CCJs.

Taking up specialist mortgage advice in Essex can offer valuable guidance in setting up a DMP, potentially averting detrimental effects on your creditworthiness.

Reorganise your finances

Engaging in a DMP facilitates financial organisation and fosters a pathway to financial stability. Evaluating your finances before applying for a mortgage allows for strategic adjustments that can significantly enhance your eligibility.

For instance, curtailing discretionary spending, such as excessive gambling, portrays you as a reliable and responsible applicant, bolstering your chances of mortgage approval.

Debt Consolidation Mortgage Advice in Essex

Debt consolidation presents another avenue for managing debts, with some applicants opting to incorporate outstanding debts into their mortgage. While this increases the overall mortgage amount, it converts unsecured debt into debt secured against an asset.

Given the intricacies of debt consolidation, seeking guidance from a mortgage advisor in Essex is advisable to navigate the process effectively.

To embark on your mortgage journey with confidence, schedule your free mortgage appointment online today through our convenient get started process, selecting a date and time that suits your schedule.

How Long Does Mortgage Approval Take in Essex?

Acquiring a property stands as a significant financial commitment, often prompting numerous questions about the mortgage process.

As dedicated mortgage brokers in Essex, we’ve helped diverse buyers, and a common query, especially from first time buyers in Essex, is the duration of the mortgage approval process. Seeking expert mortgage advice is key for navigating these inquiries, considering the complexity involved.

How long will it take for my mortgage to get approved in Essex?

The timeline for mortgage approval varies, typically taking 2-3 weeks for those with unblemished credit. However, this is a generalised estimate; individual circumstances play a pivotal role.

Complications may arise if there are credit issues, necessitating an in-depth examination that can extend the process, sometimes for months. It’s essential to understand that the approval timeframe is contingent on both the lender and the unique financial situation of the applicant.

Why do I have to wait for my mortgage approval in Essex?

Securing mortgage approval today involves a meticulous assessment of an applicant’s personal and financial standing.

Unlike the pre-credit crunch era, lenders now delve deeply into credit, income, and expenditures, gaining a comprehensive understanding of the applicant’s ability to afford the mortgage.

This intricate process acknowledges the individuality of each application but requires time, considering the multitude of applicants.

Where does mortgage approval fit into the mortgage process in Essex?

Our role as mortgage brokers in Essex involves a structured process leading to your mortgage application. This approach aims to simplify your journey, allowing you to focus on finding your dream property while we handle the intricate details of the mortgage side.

Step 1: Free Mortgage Appointment

Initiate your mortgage journey by scheduling a free appointment with our mortgage advisors in Essex. With 7-day availability, you can select a convenient time online or contact our team.

During this appointment, lasting 30-45 minutes, our advisor will gather essential information to understand your goals along the mortgage journey.

Step 2: Finding the Perfect Mortgage Deal

Post your mortgage appointment; you’ll receive a mortgage agreement in principle (AIP), a key document when making an offer on a property. This pre-approval signals to estate agents that you’ve been endorsed by a mortgage lender.

With an accepted offer, we can swiftly progress to finding the perfect mortgage deal from our extensive panel of lenders, presenting it in a detailed mortgage illustration.

Step 3: Mortgage Application

If you choose to proceed with our service, the next step involves preparing your mortgage application. Our support includes helping you compile necessary documents to evidence your affordability. Once ready, we submit your application to the chosen lender.

Step 4: Mortgage Lender Checks

Upon submission, the mortgage lender takes charge, conducting thorough checks. Rest assured, we only recommend products aligned with your eligibility to avoid unnecessary declines. They verify documents, ensuring your affordability and confirming your identity and deposit source.

Step 5: Mortgage Valuation Survey

A mortgage valuation survey, distinct from a house survey, determines the property’s true value. Your mortgage advisor in Essex guides you on the appropriate survey type. The lender conducts this to safeguard their interests and ensure the property’s value aligns with your offer.

Step 6: Formal Mortgage Offer

Following checks, successful outcomes lead to formal mortgage approval. Your mortgage advisor in Essex communicates this positive news, marking the transition to solicitors for contract exchange and completion of legal formalities. Once completed, you’re set to collect your keys.

Get Mortgage Ready

Irrespective of your buyer status, whether a first time buyer in Essex, home mover in Essex, or investor, understanding the mortgage process is important. Starting the process early, possibly six months before plans materialise, is advisable.

If you’ve had an offer accepted or are contemplating a property purchase in Essex, now is the opportune moment to commence your mortgage journey. Act promptly by booking your free mortgage appointment online or contacting our team.

The Different Types of Remortgage Available in Essex

Navigating the mortgage landscape, particularly when it comes to remortgaging, can be complex. In Essex, there are 10 different types of remortgages, each crafted to meet specific financial needs and circumstances.

To ensure well-informed decisions tailored to your unique situation, speaking with a trusted mortgage broker in Essex is important. With our expertise, we can guide you through the various remortgage options, helping you in choosing the most suitable path based on your individual financial circumstances.

Remortgage for a Better Deal

As your current fixed-rate deal approaches its conclusion with less than six months remaining, seizing the opportunity to secure a new mortgage deal is advisable.

Our team can thoroughly assess the various options at your disposal, which includes evaluating any product transfer mortgage deals that may be presented to you, ultimately saving you both time and money.

Capital Raising Remortgage  

When opting to release equity via a remortgage in Essex, you gain the flexibility to secure additional funds for various legitimate purposes. This may involve making purchases, providing financial support for family members to enter the property market, acquiring a buy to let property, or consolidating debt.

Our service involves a meticulous comparison of any additional advance mortgage offers presented by your current lender with those available from alternative lenders. Our objective is to pinpoint the most advantageous option tailored to your specific needs.

It’s important to bear in mind that a remortgage involves paying interest over an extended period. Therefore, ensuring that the funds are borrowed for valid and prudent reasons is essential.

Making well-informed decisions regarding the reasons for borrowing is key, considering the long-term impact on your financial well-being.

Remortgage for Home Improvements

Considering home upgrades? Remortgaging for home improvements presents a viable option. Investing in your home can yield substantial returns, with certain enhancements like extensions or loft conversions adding value to your property.

Over time, kitchens and bathrooms may show signs of aging, and remortgaging provides a means to finance both cosmetic upgrades and structural modifications. In cases where the borrowed amount is significant, the lender may request estimates for the planned works.

It’s important to note that you are not obligated to choose the contractor who provided the estimate to carry out the actual renovations. Interestingly, some individuals choose to borrow for home improvements even without expecting an immediate increase in the property’s value.

This is particularly common for those settled in their “forever home.” If your financial capacity allows, there’s no drawback to borrowing for this purpose.

Debt Consolidation Remortgage

Venturing into debt consolidation through remortgaging is a specialised area within mortgage lending. If you’re contemplating consolidating debts, it’s important to promptly engage with our mortgage team.

Attempting a debt consolidation mortgage without the guidance of a reliable mortgage broker could lead to higher interest payments and potential risks to your home.

When merging unsecured debt with your mortgage, there’s a possibility of paying more interest overall. This is attributed to the typically longer term of a mortgage compared to that of a personal loan, although it’s not mandatory.

Another factor to consider is the act of converting unsecured debt into secured debt, using your home as collateral. This aspect may not sit comfortably with everyone, as it entails the risk of repossession if future mortgage affordability becomes challenging.

Understanding the interest rates associated with the debts you intend to roll into your mortgage is key. If you have 0% credit cards, incorporating them into your mortgage may trigger the accrual of interest.

You should consider all options before deciding to remortgage for debt consolidation, such as asking family members for assistance if possible and reducing as much non-essential expenditure as possible.

Once you have considered all of the above and decided a remortgage for debt consolidation could be right for you then it’s vital you speak with a mortgage advisor. The advisor will take responsibility for the recommended remortgage advice and help you with your application.

Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoing. Some customers end up reducing their payments by hundreds of pounds.

Equity Release Remortgage (Age 55+) 

Individuals aged 55 and above often consider remortgaging as a means to release capital from their property. This financial strategy serves diverse purposes, including supplementing pension income, aiding family members, funding significant purchases, and clearing debts.

If you already have an existing equity release plan in place, exploring the option of remortgaging within the world of equity release is plausible. Our adept late life lending team possesses the expertise to assess the feasibility of refinancing and securing the most advantageous deal for your requirements.

The landscape of mortgage lending for older homeowners has witnessed considerable innovation in recent years, resulting in a plethora of appealing products tailored for those seeking to remortgage in Essex.

Determining whether you qualify for a conventional mortgage, a mortgage extending into retirement, or an equity release plan depends on factors such as age, income, and your plans for the property.

Dan Osman, our Head of Later Life Lending, is well-equipped to delve into these diverse mortgage types and guide you through the optimal solution.

Buy to Let Remortgage 

Buy to let remortgages in Essex encompass various objectives, including securing a more favourable deal, raising capital, or extending the mortgage term. When embarking on a buy to let remortgage, factors such as property value and rental income play important roles in the assessment.

As a dedicated buy to let mortgage broker in Essex, our adept team is poised to provide comprehensive guidance throughout the entire process, ensuring a seamless and informed experience.

Remove a Name from a Mortgage 

In the event of a recent separation or divorce, it is possible to remove a name from the mortgage during the remortgage process, provided the individual taking over the mortgage satisfies the lender’s checks and meets the mortgage lending criteria.

The person assuming the mortgage will need to submit documents, such as payslips and bank statements, to validate their income. As a reputable mortgage broker in Essex, our experienced team is here to help in navigating through the intricacies of this type of remortgage.

We will guide you through the necessary steps, including estimating the new monthly repayments. In many cases, clients opting to remove a name from the mortgage may also seek to release equity from the property to settle financial matters with their ex-partner.

Our dedicated mortgage advice team can streamline this process, ensuring a comprehensive and efficient transaction.

Change the Term of your Mortgage 

Our clients commonly opt to adjust their mortgage term for three primary reasons: firstly, to decrease their monthly payments; secondly, to expedite the complete repayment of their mortgage; and thirdly, if their interest-only mortgage is approaching its conclusion.

Navigating the criteria for maximum age set by various mortgage lenders can be intricate, making it advisable to undertake such considerations with the guidance of a mortgage broker like us. In addition, we offer a comprehensive range of later life lending mortgage product types.

It’s important to recognise the associated risks and explore alternative products, underscoring the importance of seeking mortgage advice in Essex to thoroughly assess and understand all available options.

Remortgage a Specialist Finance Product 

You also have the option to restructure other financial products, including a secured loan, a house in multiple occupation (HMO), or a commercial mortgage.

Given that these products fall under the category of specialist finance, it is advisable to consult with a trusted mortgage advisor, such as us, to streamline the process and potentially save you both time and money.

How to know which remortgage type to go for?

Choosing the appropriate remortgage type is a decision that depends on your unique circumstances and goals. Relying solely on your current mortgage lender for a new deal may mean missing out on potentially lower rates available elsewhere, depending on market conditions.

Mortgage lenders often benefit when customers don’t explore other options, leading them to default to higher standard variable rates.

While mortgage lenders streamline the process for securing a new deal through online banking platforms, it’s strongly advised not to proceed without speaking to a mortgage broker in Essex, such as our team.

We have the expertise to search through 1000s of deals and find the options that are right for you. Specialising in various types of remortgages in Essex, we provide comprehensive support and guidance throughout the entire mortgage advice process.

Your well-being is our priority, and we are dedicated to helping you make informed decisions tailored to your specific needs and aspirations.

Do You Need a Deposit to Remortgage in Essex?

When considering remortgaging in Essex, homeowners can sometimes be uncertain about whether a deposit is required, as the concept of a deposit is often linked to buying a new property rather than the process of refinancing an existing mortgage.

Understanding the Basics: What is a Remortgage in Essex?

Before we delve into the deposit aspect, let’s take a moment to define what a remortgage in Essex involves. A remortgage is the process of either transferring your current mortgage to a new lender or renegotiating the terms of your existing mortgage with your current lender.

Homeowners often contemplate remortgaging in Essex for various reasons, including the desire to secure a more favourable interest rate, exploring the option of releasing equity through a remortgage, or adapting their mortgage type to better align with their changing financial circumstances.

The Role of a Deposit in Remortgaging in Essex

Fortunately, in the majority of instances, there’s no requirement for a deposit when undertaking a remortgage in Essex.

In contrast to the home purchase process, where a deposit is commonly needed to secure a mortgage, remortgaging primarily hinges on the equity you’ve accumulated in your existing property.

Leveraging Your Home Equity

When engaging in a remortgage process in Essex, the equity in your home takes centre stage. Equity represents the share of your property’s value that you fully own, and it accumulates as you diligently make mortgage payments.

To illustrate, let’s say your property is currently valued at £300,000, and your outstanding mortgage balance stands at £200,000. In this scenario, you possess £100,000 in equity. This accrued equity serves as a valuable asset that can open doors to various remortgaging opportunities.

The Loan-to-Value Ratio (LTV)

Rather than relying on a deposit, the dynamics of remortgages often hinge on something called the loan-to-value (LTV) ratio. This important ratio evaluates the sum you wish to borrow in relation to your property’s current market value.

For many homeowners, aiming for a lower LTV is a strategic move, as it can pave the way for more attractive remortgage options.

Deposit for Specific Remortgage Situations

While the majority of conventional remortgages in Essex do not necessitate a deposit, there are specific situations where it might become relevant:

Adverse Credit History

If you have a history of credit issues, it’s possible that lenders may request a deposit as a precautionary measure to mitigate their risk.

Releasing Equity

If you’re considering a remortgage in Essex with the intention of releasing a substantial amount of equity, it’s worth noting that certain lenders may ask for a deposit to mitigate their financial risk.

This additional deposit acts as a way for lenders to limit their exposure when you’re unlocking a significant portion of your property’s equity.

Additional Considerations

It’s important to bear in mind that the process of remortgaging comes with a range of associated costs, such as arrangement fees, valuation charges, and legal expenses. These expenses are an important consideration as you weigh the pros and cons of remortgaging.

Speaking with a Mortgage Advisor in Essex

Navigating the complexities of remortgages in Essex can be quite intricate, and the wisest step to take is to seek guidance from a qualified mortgage advisor in Essex.

These professionals can meticulously evaluate your unique circumstances, help you in pinpointing the most appropriate remortgage solution, and provide guidance throughout the entire process.

In summary, the majority of remortgages in Essex do not necessitate a deposit. Instead, the key factors in the process are your existing equity and the loan-to-value ratio.

Nevertheless, it’s of paramount importance to engage the services of adept mortgage advisors in Essex who can offer expert remortgage advice in Essex tailored to your specific requirements.

They will conduct a thorough assessment of your financial situation, explore various options, and endeavour to secure the most advantageous remortgage deal for you.

Do Gambling Transactions Look Bad on My Bank Statements?

Why does the lender need my bank statements?

Regardless of the specific mortgage path you choose, whether you’re a first time buyer in Essex, moving home, or seeking to remortgage, your mortgage lender will invariably require a copy of your bank statements. In actuality, they will solicit various forms of documentation to establish your financial capability for obtaining a mortgage.

Lenders analyse bank statements for a multitude of purposes. These encompass assessing your mortgage affordability, evaluating your financial stability, and gauging your responsible management of monetary matters.

The preparatory phase of your mortgage journey holds the utmost significance. As a mortgage intermediary situated in Essex, we strongly recommend that you deliberate on your bank statements and contemplate the information you wish to portray within them during the months preceding your mortgage application.

Moreover, in terms of the elements that capture a lender’s attention on your bank statements, substantial emphasis is placed on transactions related to gambling activities.

What has it got to do with the lender whether l gamble or not?

While gambling itself is not illegal, it’s evident that lenders tend to view mortgage applications less favourably if they see significant gambling transactions on your bank statements.

There’s a notable distinction between gambling during events like the Grand National and consistently wagering substantial sums every weekend. This underlines the importance of practising responsible gambling, particularly in the lead-up to your mortgage application and throughout the process.

As a mortgage broker in Essex, like us, and also for lenders, our role isn’t to dictate how you live your life, but we do emphasise the need for caution. Lenders have an obligation to ensure responsible lending practices.

Lenders are obligated to demonstrate to regulatory bodies that they’re lending to applicants with financial responsibility. Consequently, they will not lend to individuals who display an inability to manage their financial affairs. Would you lend a large amount of money to an individual who consistently engages in gambling compared to an applicant with minimal gambling activity?

Will gambling affect my chances of getting a mortgage in Essex?

Infrequent gambling transactions should not significantly impact your eligibility for a mortgage in Essex. Moreover, lenders scrutinise how these activities influence your overall account balance. Do they lead to overdraft usage? Are you borrowing funds to gamble, or wagering money you don’t own?

If your financial behaviour in the period leading up to your mortgage application reflects irresponsibility, lenders will be put off by your mortgage application and may turn you away.

What will lenders be looking for on my bank statements? 

Lenders in Essex consider more than just gambling transactions; they will also look at various aspects of your bank statements:

Their aim is to ensure that you align with the type of applicant they seek to lend to. By observing your account activity and posing inquiries about your transactions, lenders aim to establish a level of trust in your financial reliability.

However, occasional use of your overdraft should not significantly hinder your mortgage application. The real concern arises when constant overdraft reliance becomes apparent, indicating financial difficulties.

What can I do to show the lender I am reliable? 

Demonstrating reliability and being sensible with gambling is precisely what lenders seek. Take proactive steps, demonstrating your commitment to the mortgage process and your intention to present yourself in the best possible light.

Typically, lenders request your most recent three months’ worth of bank statements. Keeping this timeframe in mind, ensure that you manage your finances responsibly and sensibly during this period.

If you engage in regular gambling, it might be worth considering a temporary hiatus. Many betting apps offer features for setting betting limits, which could be a valuable option. Not only could this positively impact your mortgage application, but it could also have benefits for your mental well-being.

Get in touch with a mortgage broker in Essex

As a mortgage broker in Essex, our role is to guide you through the entirety of your mortgage journey, right from the very first steps. We’ll carefully review your supporting documents alongside you, ensuring that you present yourself optimally given your circumstances.

Our team of mortgage advisors in Essex will provide continuous assistance throughout your application process. We have availability seven days a week, please don’t hesitate to reach out for specialist mortgage advice in Essex at a time that suits you best.

My Interest Only Mortgage in Essex is Ending Soon – What Are My Options?

The approaching end of the interest only period can create uncertainty for many homeowners. As your term concludes, your lender will require you to repay the loan amount in a lump sum, which can be challenging if you don’t have the necessary funds readily available.

It’s important to note that there are multiple options available to navigate this situation. This article aims to offer guidance and reassurance, providing you with a clear understanding of the alternatives at your disposal.

By seeking excellent mortgage advice in Essex, specifically from our team, we can facilitate a seamless transition into the next phase of your mortgage or retirement. We will work closely with you to explore the best solutions that align with your financial goals and ensure a smooth and secure path forward.

Remortgage in Essex to a Capital Repayment Mortgage

We will thoroughly explore the possibility of transitioning your mortgage in Essex to a regular repayment product. This involves obtaining a new mortgage with a typical duration of 10 to 20 years, allowing you to repay both the outstanding capital to your current mortgage lender and the accrued interest.

The feasibility of moving to a repayment mortgage in Essex will depend on various factors, such as the amount you owe, the value of your property, your age, and your income.

It’s worth noting that older borrowers aged 50 and above may encounter challenges in this regard, and alternative options may be more suitable in their specific circumstances.

Selling Up or Downsize to a Smaller Property in Essex

If you have a significant amount of equity in your property, you may want to explore the option of selling your current property and either moving in with a family member or downsizing to a smaller property.

By selling your property, you can use the proceeds to purchase a smaller property outright, without the need for a mortgage in Essex.

Once the sale of your property is finalised, you will have the means to pay off your existing interest only mortgage in Essex and achieve a mortgage-free status, providing you with financial freedom and peace of mind.

A New Specialist Mortgage in Essex Designed for The Over 50’s

As a result of the increasing number of interest only mortgage deals reaching their maturity in recent years and positive regulatory changes, mortgage lenders have taken proactive measures to introduce new products specifically tailored to help older clients aged 50+ in maintaining homeownership.

These innovative mortgage products are designed to support clients as they transition into retirement and provide long-term stability. Some of the key features of these products include:

Term Interest Only (TIO) Mortgages in Essex (age 50+)

A TIO (Term Interest Only) mortgage is a specialised mortgage product in Essex specifically designed to cater to clients over the age of 50.

This unique product offers clients the opportunity to secure a new interest only mortgage in Essex with a term of 5 years or more, tailored to align with their individual needs and circumstances.

Retirement Interest Only (RIO) Mortgages in Essex (age 55+)

A RIO (Retirement Interest Only) mortgage is an innovative mortgage product designed specifically for clients aged 55 and above. Similar to a conventional mortgage, a RIO mortgage is secured against your home, and you will make monthly interest payments.

With a RIO mortgage, as long as you meet all the interest payments, the principal loan amount will remain unchanged.

Your new mortgage lender will use the funds from the RIO mortgage in Essex to repay your existing interest only mortgage in Essex, providing you with a flexible and sustainable solution for your retirement years.

Equity Release (age 55+)

An equity release mortgage in Essex is a viable option for homeowners aged 55 or above, allowing them to unlock tax-free funds from their homes.

If we determine that this option is suitable for your specific situation, the released funds will be used to fully repay your existing interest only mortgage in Essex.

There are two primary types of equity release plans available. The first is a lifetime mortgage in Essex, which grants you full ownership of your property and is recommended in approximately 99% of cases. With a lifetime mortgage, you retain the right to live in your home for the rest of your life.

The second option is a home reversion scheme, where you choose to sell a portion of your property while retaining the right to reside in it until your passing or until you enter long-term care. This scheme is suitable for a very small number of clients with specific individual circumstances.

A Combination of The Above

In order to provide the most cost-effective and suitable solution for our clients, we understand that a single product may not always be the optimal choice.

Instead, we take a comprehensive approach, considering the entire spectrum of mortgage options that align with your current lifestyle and cater to your short-term and long-term needs, ensuring financial stability from age 50 to retirement and beyond.

We often encounter clients who have sought advice from restricted and limited mortgage advisors in Essex who lack independence and access to a diverse range of products.

It’s important to note that equity release in Essex should be considered as a last resort, exploring alternative options before making such a decision.

Getting Suitable Mortgage Advice in Essex

If you’re eager to progress and explore your options further, we are here to help you. You can get in touch with us by phone or book an appointment online for a complimentary and obligation-free consultation, during which we can delve into your mortgage choices.

During the consultation, we will address all your inquiries and provide recommendations tailored to your circumstances.

Rest assured, the call will only require your ages and address; no additional information is needed. Involving your family members in these discussions is always encouraged as their input can be valuable.

To accommodate your busy schedule, we offer evening calls to ensure flexibility around your work or children’s commitments.

Interest Only Mortgage in Essex Ending Soon, Leave Yourself Enough Time!

As your mortgage term approaches its conclusion, you can expect regular correspondence from your current interest only mortgage lender, reminding you to repay the capital.

To ensure a seamless transition, we advise allowing a window of approximately 6 to 12 months before your current product expires to arrange a new one.

We are excited to discuss your options with you in the near future. Rest assured, our consultation is free of charge and carries no obligation. We look forward to assisting you in finding the best solution for your needs.

To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.

How Many Times Can You Remortgage in Essex?

When your fixed-rate mortgage heads towards it’s end stages, the vast majority of homeowners will be thinking about taking out a remortgage in Essex. The good news here is that you are able to remortgage in Essex as many times as you want to, though this isn’t always necessarily appropriate.

Why do you want to remortgage in Essex?

Having a conversation with an expert mortgage advisor in Essex about your remortgage options, could possibly save you hundreds of pounds in the future, especially if we can find you a better deal!

One option we come across regularly, is a remortgage to release equity, which can be used for things like making home improvements or debt consolidation. Whilst this will mean your owed balance is likely to increase, these can be great choices for homeowners.

Can I remortgage in Essex early?

Though you will find there are likely to be no restrictions, if you choose to take out a remortgage in Essex before your fixed rate period is due to conclude, you may find yourself with quite a hefty early repayment charge (ERC) that you owe the mortgage lender.

In some instances, remortgaging early may be appropriate, though it is important to discuss this with a mortgage advisor in Essex ahead of time, as the positives of doing so might outweigh the early repayment charges you could be faced with.

If you have a fixed-rate mortgage, then we recommend you remortgage in Essex once your deal is set to end, as otherwise, you’ll find yourself moving onto your lender’s standard variable rate (SVR) of interest, which is likely to be a much more costly option for you.

Are there any benefits to remortgaging in Essex early?

This will ultimately come down to the reason that you want to remortgage in Essex early, as some do it to save money, whilst others will look to release equity for something like making necessary home repairs or improvements.

Your mortgage lender may very well have set an early repayment charge that you would have to pay if you were to exit your contract. You can get in touch with them to gain more clarity on this. It will likely be at a percentage of the remaining mortgage amount. Additionally, there may be exit fees.

We find that people may look to do this ahead of possible changes to the cost of living, as you can lock in to the current interest rates with a fixed rate, which could see you riding the wave of fluctuating interest rates with a consistent deal and lower payments, though this is very much a case by case basis.

Can I remortgage in Essex with bad credit?

As long as you are able to showcase a mortgage lender that you are able to maintain your monthly mortgage payments, it could be possible to remortgage in Essex with bad credit.

Smaller issues such as mobile phone disputes could even be ignored by some mortgage lenders. Having something like a CCJ or default could prove more challenging, however. The further away your credit issues were, the better your chances of achieving remortgage success.

As is the case with any remortgage in Essex, the interest rate payable will be dependant on your credit score, as well as the amount of equity you have in your home.

When is the best time to remortgage in Essex?

We would definitely suggest that you make a start on evaluating the remortgage options you might have available to you, around the 6 month mark prior to your fixed or introductory period coming to its end.

This will give you more than enough time for you to enquire for remortgage advice in Essex with an expert in the field, who will look to finalise and ready your new deal to take over as the previous mortgage deal you had comes to its end.

Speak to a Remortgage Advisor in Essex

Generally speaking, there will be no limit on the number of times you can are able to take out a remortgage in Essex on your home, though most people will look to achieve this when their fixed-rate mortgage period is set to end.

No matter what your situation is, we would always recommend seeking remortgage advice in Essex as soon as you can, to make sure that your mortgage payments do not end up moving onto your mortgage lender’s standard variable rate of interest.

To have a discussion with a trusted mortgage advisor in Essex about your potential remortgage options, book a free remortgage review today and talk with an open & honest member of our expert remortgage advice team.

What Does a Mortgage Broker in Essex Do?

By its own definition, a broker is a business that can arrange or negotiate for something in particular, on behalf of their client. A mortgage broker in Essex is a business that functions in that same way, for a homeowner, home buyer or landlord who is looking to take out a mortgage on their property.

A mortgage is a loan that you have secured against your property, which as a property owner, you will pay back over a particular length in time, through monthly mortgage payments.

Jobs of a Mortgage Broker in Essex

Although a homeowner, home buyer or landlord are able to search for and apply for their own mortgage, you much more frequently find that they will look to utilise the services of a mortgage broker in Essex, because of the different services they can offer their customers.

Probably one of the most important jobs a mortgage broker in Essex can do, is that they are able to cross-reference your information against 1000s of unique products, across many different mortgage lenders. If you went directly to a bank, you will only be limited to deals from that company.

This isn’t completely a negative, as the best deal with that mortgage lender could still be the best one for you, but this can’t always be guaranteed. A mortgage broker in Essex is able to compare on your behalf, usually coming along with exclusive deals only available with that mortgage broker.

The job of a mortgage broker in Essex is more than this though, as there are lots of jobs that a mortgage broker in Essex can do, before and during your mortgage application and after your mortgage offer. They will also vary between companies; Not every mortgage broker works the same way!

For example, an area that we stand out in, is we are able to recommend suitable insurance options for our customers. Whilst it is an additional, optional cost (you don’t have to do it!), our mortgage and protection advisors have a duty of care to make sure you don’t lose your property, no matter the situation.

Before Your Application

When your mortgage process begins, you will most likely be speaking with the appointment booking team of a mortgage broker in Essex. Their role will be to take some general information from you & help you to find a suitable time slot for you to speak with a mortgage advisor in Essex.

As an alternative to this, you are usually able these days, to bypass the need to call up first, as many mortgage brokers in Essex (much like ourselves) have a user-friendly and simplified appointment booking system online, where you can typically choose what type of appointment you would like.

Once you have gotten booked in, the next step will be to attend your mortgage appointment with your mortgage advisor in Essex. Generally you will provide them with some further information to help them better understand what you are looking to do, so that they can help you progress.

From that point, they’ll start looking at a variety of mortgage deals, to help you find the most suitable one for what it is you wish to do. Some mortgage brokers in Essex offer their customers a limited supply of obscure mortgage lenders, others offer more, with some offering a whole of market service.

Whilst we can’t say we are a whole of market company, we can confidently say that we have a greatly sized panel of mortgage lenders, with mortgage products that range from standard mortgage enquiries, to specialist, and everything else you’ll find in-between.

Your mortgage advisor in Essex will provide you with a recommendation on the deal they believe is right for you. If you like that deal, they will look to obtain an agreement in principle (AIP) for you. Our mortgage advisors in Essex are usually able to get this within 24 hours of your appointment.

Estate agents will want you to provide them with this when you make an offer on a property and it will also show the person that is selling the property that you are committed to the offer you have made and are in a position to go forward with the sale.

Also, when you are at this point, you will need to go ahead and submit your documents to the mortgage broker in Essex you are working alongside. The documents that are required can usually vary between each mortgage lender and what you wish to achieve in your mortgage process.

Standard document requests will include proof of ID, proof of your income and deposit, last 3 months’ bank statements and payslips, as well as proof of VISA or right to work in the UK, if you happen to be a foreign national (this is usually done with a share code if you have migrated from the EU).

Documents that are typically requested in more niche situations, include a P60 (not all mortgage lenders will need this), business bank statements and tax calculations/year overviews if you are a self-employed applicant, and possibly also an employment contract depending on what your job is.

During Your Application

After you have achieved all of the latter steps, a mortgage broker in Essex will then work to verify your documents and provide you with their mortgage illustration, which will detail the agreed deal before they move on to submission.

Following on with this, they will progress on to your mortgage application submission, to the mortgage lender. From there, it’s a bit of a waiting game until they get back in touch with your mortgage broker in Essex to confirm if you have been approved or not.

The work won’t be stopping there, as mortgage advisors in Essex still have further steps to complete. They will send copies of your documents to your mortgage lender, as well as liaise with solicitors. During this time, our mortgage advice team can recommend property surveys to you.

You will generally come across 3 different types of property survey. Basic valuation, which will work out the value and resale value of the property, home buyers valuation, which will goes a little more in-depth and a full structural survey, which alerts you to any areas that perhaps you need to look at.

Much as they had done when it came to your mortgage deal in your initial mortgage appointment, your mortgage advisor in Essex will be able to best recommend which property survey is right for you to have taken out.

As you wait for the conclusion of your mortgage application process, you may also have queries or concerns, about what is actually going on. Mortgage advice teams with good reputations will make sure you are informed regularly, often via email, so you are always in the loop with your mortgage progress.

After Your Mortgage Offer

Eventually, the mortgage lender will come back to us with an outcome on your mortgage application, hopefully a positive one! If your mortgage application is successful, you will then receive a formal mortgage offer from the mortgage lender.

From here, the job mostly goes on over to your solicitors to complete your mortgage deal, so that you can eventually be comfortable in your home. There is still more that a mortgage broker in Essex can do for you though.

Here at Essexmoneyman, when you reach about the 6 month mark, before your mortgage deal is due to end, if you had previously took out your mortgage with one of our mortgage advisors, we will be back in touch to offer you remortgage advice in Essex and help you take the next mortgage step.

The Positives of Using a Mortgage Broker in Essex

As is clear, there is much a mortgage broker in Essex can do for you, such as saving you time and money on your mortgage process, whilst they work to reduce your stress levels and bring you one-step closer to completing your mortgage.

We are proud to say that here at Essexmoneyman, we really do care about our brilliant customers. After all, there is no Essexmoneyman, without you! We always put your best interests first, doing whatever we are able to do, to put you in the best position financially for your property goals.

To give you an example of this, if you wanted to take out a remortgage and got in touch with us for remortgage advice in Essex, but your mortgage advisor in Essex felt like you would benefit from taking out a product transfer, they will say so, as it is always about your best interests.

Furthermore, a mortgage broker in Essex may be able to get a mortgage lender to waive some of your mortgage fees, or maybe even look at incorporating them into your overall mortgage balance.

When you are in an appointment with one of our mortgage advice team, they will take a look through all of the costs and fees involved with your mortgage process, during your free mortgage appointment with a mortgage advisor in Essex.

Why use a mortgage broker in Essex?

Really, this is all down to you. If you would like to save time and money, stress and worries, then it may be beneficial to let an expert professional such as a mortgage broker in Essex, take on the bulk of the work for you.

We often find ourselves providing customers with expert mortgage advice in Essex, whether they be looking at first time buyer mortgages in Essex, to those looking for a buy to let mortgage in Essex and even more than that.

Book online today and speak with a member of our mortgage advice team, using our handy online booking feature, to benefit from a free mortgage appointment or remortgage review with a dedicated mortgage advisor in Essex today.

Can I Remortgage in Essex for a Home Office?

Home Office Remortgage Advice in Essex

In 2020, the global coronavirus pandemic forced business models to be revamped and in some cases, changed completely. There was also a huge increase of self employed workers.

Due to business changes and constant shifts in rules and regulations, a lot of individuals had to work from home. At the time, no one knew how long this was going to be, therefore the thought of investing in a home office didn’t seem like such a bad idea.

Even now, investing in a home office seems like a great idea. Who knows what could happen in the future!

You don’t need to purchase your home office outright, there are alternative methods such as remortgaging and incorporating the costs into your mortgage. This is what we’re going to look at in this article – Remortgaging for a Home Office.

What is remortgaging in Essex?

A remortgage is when renew your current mortgage deal or switch over to another deal to replace your current one.

There are lots of different reasons why someone may want to remortgage. You might want to find a better rate, remortgage for home improvements, consolidate debts or just avoid falling onto your lender’s standard variable rate of interest.

When it’s time to remortgage in Essex, if you need help getting the ball rolling, feel free to get in touch with Essexmoneyman and book your free remortgage appointment.

Remortgaging for Home Improvements

When remortgaging for this reason, you will be incorporating the costs for the home improvements into your mortgage. Although this means that your payments will go up, you won’t have to pay an upfront fee for your new home office.

Home improvements costs can vary as it depends on what you’re wanting to improve! A remortgage for a home office is on the lower end of the spectrum if you compare it to a whole new kitchen.

If you take an example of a home office costing £5,000 – £10,000, your monthly remortgage payments may only go up by an extra £20 – £60 per month. Depending on what remortgage product that you take out, your term may also increase.

Remortgaging for home improvements could save you money further down the line as it can value your home.

Reasons to Remortgage for a Home Office

Having an office at home can be beneficial in many ways, here are some reasons that we’ve come up with:

Remortgaging advice in Essex

As a mortgage broker in Essex, we can say that the costs of moving home in Essex will be much more expensive than remortgaging for home improvements. If you want to create more living space, for ease and to save costs, remortgaging could be the better option.

If you are thinking of remortgaging to create a home office, you should get in touch with our remortgage advisors in Essex. We can offer you a free remortgage appointment with an advisor, so get in touch and book yours today.

Fixed-Rate Mortgage Advice in Essex

What is a fixed-rate mortgage

A fixed-rate mortgage is a mortgage that has been fixed for a particular set length of time, with the interest rates remaining the same for the entire duration.

Generally speaking, people within the mortgage world believe that the longer you fix your mortgage for, the higher that interest rate is probably going to be. With that in mind, if you are looking for the lowest rate possible, you should really look at taking out a short term fixed-rate mortgage.

The downside to a short-fixed term, is that you will be reaching the end of your term a lot quicker, meaning you will need to renew a lot sooner than you might have wanted. When the time comes to take out a remortgage in Essex, your monthly mortgage payments might be a lot more than they were before your term finished.

What is a Fixed-Rate Mortgage | MoneymanTV

Medium & Long Term Fixed Mortgages

If you would rather not be searching for new fixed-rate deals every two years, but also have a preference to not reach the point where interest rates go too high, you might be better suited for a medium-term fixed rate mortgage.

Five-year fixed rates are some of the more popular choices that we come across when speaking to first time buyers in Essex, as they will provide you with the security of consistent monthly payments for the rest of your term. The downside with this one, is that if interest rates drop whilst you’re locked into that fixed deal, you will end up paying more overall than you otherwise would have had if you had gone with a shorter term.

The flip side to that, is if interest rates go up during your term, you’ll be sat comfortably at that lower rate for the duration. It’s because of this, that lenders may increase the interest rates on shorter terms, to future proof themselves, just in case. Usually, the longer your term, the more expensive it is going to be.

There are only a select number of 7 to 10-year fixed rates available to home buyers on the property market. These have always been the least popular of the choices, due to how long they are overall. Many feel that having a decade-long term is too long to be fixed in for a mortgage.

What other fees are involved?

On top of interest rates, you will also need to consider the booking and arrangement fees that are involved.

A booking fee is payable upfront, whereas an arrangement fee is only payable on completion of the mortgage. You might know people who have added fees to the total of their mortgage amounts, but this of course increases the total amount you’d be paying off at the end.

Sometimes you might also find that your financial circumstances can suddenly change and you might need to repay your mortgage balance a lot earlier than had initially been planned for. When this happens, you will likely end up being charged for it.

Early Repayment Charge (ERC)

This charge is known as an Early Repayment Charge (ERC for short). The ERC is calculated as a percentage of the amount that remains on the mortgage balance. If we say as an example, the mortgage amount you have remaining is £200,000 and you are able to pay that off earlier on into your term, with a percentage that is 2%, you would end up having to pay back £4,000 to cover the broken fixed contract.

Many homeowners aren’t aware of the Early Repayment Charge and think it’s as simple as paying off their fixed mortgage early. You are tied into a contracted deal and you can’t just jump out of it and pay it off early, unless you are quite content having additional large charges added to your account.

People who know about the charge may opt to just pay it off early anyway, in order to get a better deal that is currently on the market, especially if it is a limited offer that may not be available a few months down the line.

As an experienced mortgage broker in Essex, we would highly recommend that you avoid chasing after “headline” deals. Always make sure you remember that the lowest rates tend to come with the highest setup fees. Please get in touch today for any further fixed-rate mortgage advice in Essex.

Fixed-Rate Mortgages in Essex & Essexmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

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