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.
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.
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.
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.
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.
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.
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.
Last edited 08/02/2023