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.

Date Last Edited: April 10, 2024