Remortgaging is taking out a new mortgage on a home that you already live in, to replace your existing mortgage or to borrow money against the value of the property. There are a lot of reasons as to why people choose to remortgage, but one of the most popular ones we encounter is people who remortgage in order to access better interest rates.
A mortgage is an incredibly large financial commitment that should absolutely be planned in advance and thought carefully about. With proper planning and the help of a trusted and experienced mortgage broker in Coventry, you may be able to save yourself money and put yourself in a much better place financially, on the best deal available to you.
The good news is that we will take a look through 1000s of remortgage deals in order to find the most appropriate one for you, with the best interest rates. Our team of expert mortgage advisors in Coventry have a lot of industry knowledge and know where to find the most suitable mortgage deals for their customers.
Oftentimes the remortgage process can have a hurdle or two to overcome, which is why it is always recommended that homeowners look to find expert mortgage advice from a reputable mortgage advisor in Coventry. Let us try our best to save both your time and money, during your remortgage process.
Before you get started on your very own remortgage journey, we would suggest that you take 5 minutes to watch Malcolm’s guide to remortgaging, where he reflects on the remortgage process and explains how a mortgage broker in Coventry can best help with your remortgage in Coventry.
When your current mortgage deal is about to end, remortgaging in Coventry involves taking out a new mortgage on your existing property. Many homeowners prefer fixed-rate mortgages, which provide consistent payments for a specific period and then remortgage in Coventry for a better deal.
However, to be considered a remortgage in Coventry, you must obtain your mortgage from a different lender than before. If you take out a new mortgage with the same lender, it is called a product transfer.
Remortgaging in Coventry is a popular choice for homeowners looking for the best interest rate, as mortgages are a significant financial commitment. Homeowners may also remortgage in Coventry to release equity for home improvements or to consolidate unsecured debts.
However, failing to remortgage in Coventry may result in being charged the standard variable interest rate, which is generally more expensive.
It is possible to remortgage in Coventry to incorporate unsecured debts into your mortgage. However, this may lead to longer mortgage terms and increased monthly payments, potentially putting your home at risk of repossession if you cannot make the necessary repayments.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
Coventrymoneyman offers a free remortgage review with a dedicated remortgage advisor in Coventry who will evaluate your current mortgage deal and explore other remortgage options in Coventry.
Our team will search through 1000s of remortgage deals to find the perfect one for you and will be transparent about any fees involved.
The fees associated with remortgaging in Coventry are similar to those associated with setting up your first mortgage, depending on the mortgage broker in Coventry you previously used. When comparing the savings of a new deal with your current mortgage, a mortgage broker in Coventry will consider these fees and discuss them with you.
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During your free review with Coventrymoneyman, you will have the opportunity to discuss your current situation and objectives with one of our expert remortgage advisors in Coventry.
Our mortgage advisors will assess your affordability and request key information about your income and expenses.
Our team will search through thousands of remortgage products to find the most suitable deal for you.
Before finalising the product, we will consider your personal and financial circumstances.
Once you have accepted the offer, your dedicated remortgage advisor in Coventry will submit your full mortgage application and forward all supporting documents to the lender.
Throughout the process, your dedicated case manager will keep you informed until you receive your formal remortgage offer and complete your purchase.
At Coventrymoneyman, we go above and beyond. Along with securing the best remortgage deal, we will also recommend relevant insurance to protect you and your family.
We will also contact you when your next remortgage in Coventry is due for renewal, ensuring you always have the best deal.
All customers who get in touch will have the benefit of a free remortgage review with an experienced mortgage advisor in Coventry.
We know that life can be quite a busy one, so that is why we make ourselves available 7 days a week, from early on until late, offering mortgage appointments that suit your schedule.
Our open & honest mortgage advisors in Coventry have a great deal of knowledge when it comes to helping homeowners to remortgage their property.
Whether you are looking to release equity or secure a better rate, we are ready and willing to help you find the perfect remortgage deal for your circumstances.
Always remember that as a Mortgage Broker in Coventry, we are here to help in any way that we can. Our team will do their best to answer any questions that you may have during your process.
Book your free remortgage review today and we will see how we are able to help with your remortgage goals.
We want you to feel happy, relaxed and as stress-free as possible during your process. Take a look at our genuine customer reviews and see why many come back to us for additional mortgage advice in Coventry at the point of remortgage.
If your fixed-rate mortgage is heading towards the end of it’s period and you decide that you would rather not remortgage, you will find yourself on your lenders (SRV) Standard Variable Rate.
This could be more costly per month for you. A remortgage advisor in Coventry will be able to look for a better deal with more favourable rates of interest for you, hopefully saving both your time and money.
Most people will take the opportunity to raise capital from their property in order to fund much larger purchases. What you do with that money is entirely up to you, though we find the majority will use it to fund home improvements, such as a new kitchen remodel or a home office.
If you have previously been on a tracker mortgage with the interest rates fluctuating, you may wish to move yourself onto a more consistent option, such as a fixed-rate mortgage. This type of mortgage keeps your payments at a set amount for the desired period, protecting you from any Bank of England base rate increases.
Although in an ideal world everything would go our way, unfortunately this isn’t always the case and relationships do end. When a mortgage is in tow, this can be quite a tricky process. The same applies if you previously owned with a family member or friend and wish to live independently.
An expert mortgage broker in Coventry will do their best to help you navigate these tricky waters and set you on your way to independent home ownership.
We would recommend that all customers book a free remortgage review to speak with a trusted mortgage advisor in Coventry ahead of this, as it can be quite a risky process.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
There are a variety of other issues that may crop up from time to time, such as changes in financial circumstances, being declined by your current lender or having a limited borrowing capacity the second time around. If any of these also apply, get in touch as a member of our mortgage advice team in Coventry may be able to help.
Book your free remortgage review with an experienced mortgage broker in Coventry today and we will see how we can help.
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Coventrymoneyman.com & Coventrymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Coventrymoneyman.com & Coventrymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
