Maybe you’re considering releasing equity from your property to utilise the tied-up funds? Or perhaps none of these scenarios fit your situation. Whatever your unique circumstance, you can rely on Mortgage Knight to provide the specialised advice and assistance tailored for you.
Re-Mortgaging in the UK:
Re-mortgaging involves switching your current mortgage to a new deal and is driven by various motives, such as:
Home improvements Debt consolidation Seeking a better rate Equity release Anticipated or actual changes in your financial situation Re-mortgaging has gained popularity in the UK. January 2018 witnessed 49,800 re-mortgages, marking the highest figure in the last decade—an increase of 19.1 percent compared to January 2017. Among these, there were 16,500 buy-to-let re-mortgages, up by 17.9 percent from the previous year.
Comparison Websites and High Street Banks for Re-Mortgages:
The conventional approach of approaching your bank for a re-mortgage has limitations. Your bank’s offers are confined to their specific range, restricting your options. Therefore, an independent mortgage provider, specialising in your unique circumstances, is essential.
While many turn to digital comparison websites, this route isn’t advisable. These platforms overlook the lender’s criteria, policies, and how they treat contractors. Our service covers this groundwork, with a deep understanding of the best financial products tailored for contractors.
Simplifying the Contractor Re-Mortgage Process:
Whether you seek to consolidate debts into your mortgage for manageable monthly outgoings or aim for a better deal, we’re here to help. Our team of expert mortgage brokers has handled numerous re-mortgages, particularly focusing on contractors who’ve faced challenges with High Street banks and standard providers.
We comprehend your payment structure, offering advice precisely tailored to your circumstances. With a pool of over 15,000 mortgage products, we’ll find what suits you best. We provide insights on potential savings and decipher the implications of various financial products. If you’re currently on your lender’s Standard Variable Rate (SVR) or nearing the end of your current interest rate, re-mortgaging could lead to significant savings.
Contact Us for Advice on Re-Mortgaging:
If you seek information on the best re-mortgaging options for your specific circumstances, don’t hesitate to reach out. Our experienced and friendly advisors are ready to answer your queries and guide you through available options, all at no cost and with no obligation to use our service.
Call us today for a comprehensive quote tailored to your contractor position and circumstances. Reach out or call us today to speak with one of our expert mortgage brokers on 02081437777.
Find the Perfect Remortgage Deal with Our Expert Help
Remortgaging Broker
When considering remortgaging, whether to release equity from your property or secure a better deal, Mortgage Knight is here to guide you through the process. Remortgaging often mirrors the steps of obtaining a standard mortgage but can be more straightforward in many cases.
With Mortgage Knight, you will receive tailored advice, ensuring each stage—whether valuing your property or transferring deeds—is handled with expertise and care.
Maximising Your Savings with Remortgaging
Remortgaging in the UK offers a strategic way to reduce your monthly payments, consolidate debt, or unlock equity in your home. By switching your current mortgage to a new deal, you could benefit from more favourable terms, especially as your financial situation evolves. However, timing is key to maximising your savings and avoiding costly fees.
Home Improvements
Access funds for renovations by releasing equity from your property, enhancing your living space or increasing its value.
Debt Consolidation
Simplify your finances by consolidating multiple debts into a single mortgage payment with a potentially lower interest rate.
Seeking a Better Rate
Switch to a mortgage with a more competitive interest rate to reduce your monthly payments and save on overall interest.
Avoiding Standard Variable Rates (SVRs)
Remortgage before your deal ends to avoid reverting to a higher SVR, which could significantly increase your payments.
Can You Remortgage Different Types of Properties?
You can remortgage various types of properties, including shared ownership, Buy-to-Let, and interest-only mortgages. Each property type comes with its own set of criteria and considerations.
For shared ownership properties, only selected lenders offer these mortgages, so it’s important to work with a knowledgeable broker who understands the process. Buy-to-Let properties can also be remortgaged, with lenders assessing factors like current rental income, property value, and your personal circumstances.
If you are considering remortgaging an interest-only mortgage, be aware that this is viewed as higher-risk lending, requiring you to meet specific criteria, such as having a good income and significant equity.
Whatever your situation, Mortgage Knight is here to guide you through the remortgaging process, ensuring you get the best deal possible.
How to Get the Right Mortgage Deals?
Securing the best mortgage deal could save you thousands over the course of your loan, so it’s crucial to find a deal that suits your long-term needs. Here are a few tips to help you access the most advantageous offers:
Have a Thorough Knowledge of the Market
Research both mainstream lenders and your current lender to benchmark available rates. Don’t forget to include potential early repayment costs and explore specialist lenders through brokers.
Check Your Credit Score
Review your credit rating before applying. Address any negative issues on your record to improve your chances of securing competitive deals.
Provide a Large Deposit
A substantial deposit or significant property equity can greatly improve your access to the best mortgage deals.
How Do You Calculate Remortgage?
When you’re thinking about switching loans, getting a rough idea of whether it’s worth it is a smart move. The easiest way to start is by asking a broker who works with multiple lenders or using an online calculator. These tools let you see if a change might be beneficial, comparing your current deal with others, and checking how a lower interest rate could impact your monthly payments.
While online calculators are a good starting point, nothing beats expert, no-obligation advice from our team at Mortgage Knight.
How to Choose the Right Remortgage Broker
Choosing the right remortgage broker can make all the difference in securing a deal that truly benefits you. By working with a broker, especially an independent one, you gain access to a wide range of mortgage products, expert advice, and a streamlined application process. Here’s why Mortgage Knight is the right choice for your remortgaging needs:
Whole-of-Market Access
We explore remortgages from a vast array of lenders, including niche and specialist options not found on comparison websites.
Expert Recommendations
Our experienced team tailors advice to your circumstances, ensuring you get the best product for your needs.
Fast Applications
With our deep industry knowledge, we handle your application efficiently, making the process quicker and hassle-free.
Higher Acceptance Rates
We understand lender criteria, increasing the likelihood of your remortgage application being accepted.
Impartial and Transparent Advice
As an FCA-regulated firm, our advice is honest and clear, giving you confidence in your decisions.
Frequently Asked Questions
1. What are the best remortgage fixed rates?
The best fixed-rate deals vary depending on your needs and the details of the mortgage. Lower rates often come with higher fees or shorter terms, so it’s important to consider the full picture, including arrangement fees and potential early repayment charges. Carefully compare deals to find the one that offers the best overall value for your situation.
2. Can I get a fee-free remortgage?
Fee-free remortgages are available. These deals often include mortgage valuation and legal fees, and may even offer cashback to cover any costs with your current lender. Our brokers can help you find the best fee-free options that suit your circumstances.
3. Who are the best remortgage lenders?
The best lender depends on your individual needs and circumstances. With many lenders and new options entering the market, what’s best for you may differ from others. We can help you find the most suitable lender and scheme for your situation
4. What is a product transfer?
A product transfer involves switching to a new rate with your current lender at the end of your existing deal. It’s a straightforward process if you’re staying with the same lender but may not always offer the best deal. Consulting with a mortgage broker can help you explore all options and ensure you get the best rate.
The best fixed-rate deals vary depending on your needs and the details of the mortgage. Lower rates often come with higher fees or shorter terms, so it’s important to consider the full picture, including arrangement fees and potential early repayment charges. Carefully compare deals to find the one that offers the best overall value for your situation.
Fee-free remortgages are available. These deals often include mortgage valuation and legal fees, and may even offer cashback to cover any costs with your current lender. Our brokers can help you find the best fee-free options that suit your circumstances.
The best lender depends on your individual needs and circumstances. With many lenders and new options entering the market, what’s best for you may differ from others. We can help you find the most suitable lender and scheme for your situation
A product transfer involves switching to a new rate with your current lender at the end of your existing deal. It’s a straightforward process if you’re staying with the same lender but may not always offer the best deal. Consulting with a mortgage broker can help you explore all options and ensure you get the best rate.
