If you choose to Remortgage and come off your lenders SVR (Standard Variable Rate of Interest), you increase your chance of saving money. A member of our dedicated mortgage advice team will compare the new products available against your current mortgage deal, in order to help work out these savings for you. If you have equity in your property, a remortgage also gives you the opportunity to release some of this money if required. Usually we find that people use this for things like home improvements.
You may be able to Remortgage and increase the size of your mortgage, in order to pay off any potential unsecured debts you may have gathered over time. You must not rush into this though as there can be negatives to this. We recommend that customers always seek Mortgage Advice in Essex before consolidating any of their debts!
Your free initial remortgage consultation in Essex will last roughly one hour. A trusted mortgage advisor will then compare a new deal against your existing product and recommend the most ideal one for your circumstances. You have no obligation to proceed, so it’s up to you to decide whether you wish to go ahead with the mortgage, or take a step back.
The fees will be similar to those you had when you started your current mortgage, though your dedicated Mortgage Advisor in Essex will run through all of the fees with you, so you’re in the loop and know what you’re dealing with. Your mortgage advisor will take these into consideration when comparing the savings of the new deal versus your current mortgage.
As your mortgage broker in Essex, we will need to carry out a Fact Find to establish what your needs are, prior to us recommending the most suitable mortgage for you and your circumstances. A credit check will be required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you will be able to receive a formal mortgage offer.
If you’re thinking about the future of your property, whether you’re looking at debt consolidation or home improvements, you may eligible for a second mortgage. This may also be a possible option if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.
If you have had previous credit problems, the good news is you can still get a mortgage, though you may possibly have to put down a higher deposit than those with good credit, often around 15% of the property purchase price.
For an employee to prove their income, they’re usually required to provide three payslips, whilst for self-employed applicants they’ll need the latest 2 years’ accounts. You will also need to present the lender with proof of ID, address and the latest 3 months’ bank statements.