Mortgage review advice in Essex

If you haven’t checked on your mortgage payments and rates in a while, perhaps it’s time for a change. We are regularly approached by customers who are checking to see whether they can access a better mortgage rate or not, and the majority of the time… they can!

In fact, most applicants show that they’ve been able to access a better deal for much longer than expected; this is why you should get your mortgage reviewed, especially when it’s for free.

What is a mortgage review?

Firstly, a mortgage review is a simple look over your current mortgage situation and personal and financial circumstances to see whether you can access a better mortgage rate or not.

A mortgage review is carried out by your lender, building society or mortgage broker in Essex. The process will work similarly to the way your original mortgage process did, starting with your enquiry through to completion.

During the process, you will also have to supply evidential documents such as Identification, bank statements, payslips and proof of address. This will allow your mortgage situation to be evaluated effectively as you have documents to back up factors like your income and how you are managing your current mortgage payments.

If you go through the mortgage review process and it turns out that you can’t access a better rate or you’re already on the best rate, you should know that you won’t be charged at this point if you use our services. So, you should take advantage of our free mortgage review, just to get an idea of what your current mortgage situation is.

Why is a mortgage review important?

A mortgage review is always worth it if you end up being on a better rate from it. Even though you’ve already been through the process before, doing it again could save you lots of money, further down the line.

Getting a mortgage review from time to time (usually every time your fixed mortgage term ends), may prevent you from slipping onto your lender’s standard variable rate on interest (SVR). Their SVR can usually be quite high. It’s likely to be higher than your current rate, meaning that you may see your monthly mortgage payments go up by quite a bit.

Remortgage and product transfer

If your mortgage review concludes that you can access a better rate, it’s now time to remortgage or transfer products. If your remortgage advisor in Essex can see that there are deals out there that you match the criteria to, they will try and pick one out that perfect for you through a remortgage or product transfer.

A remortgage is when you take out a new mortgage product with another lender and a product transfer is when you take out a new mortgage product with your existing lender. Either route will help you obtain a new mortgage deal at a new rate (hopefully more competitive!).

Taking out a new mortgage product and avoiding your lender’s SVR could save you a lot of money further down the line, and that’s why a mortgage review can be so important.

Taking out equity

During your mortgage review, you may get the option to take out a new mortgage product and take equity out too. You can release equity from your property to remortgage for home improvements, to pay off debt or to even go on holiday, it’s completely up to you what you do with the money.

Releasing equity is a specialist subject remember, so if you are looking for a new mortgage deal and wanting to release equity too, we would recommend that you speak to a mortgage broker in Essex, like ourselves.

Free mortgage review

For a free mortgage review in Essex, get in touch with our team today. We have helped thousands of customers in the past achieve a better mortgage rate, even when they thought that they couldn’t!

For expert mortgage advice in Essex, contact Essexmoneyman today; open 7 days a week.

Date Last Edited: September 30, 2024