Firstly, we will get you to fill out our Fact Find to learn a little more about your mortgage situation. Then we will get you booked in for your free mortgage consultation to learn even more about your mortgage needs. After your consultation, we will arrange a mortgage Agreement in Principle for you within 24-hours.
Then it’s over to you to find your dream home and make an offer. Once you’re ready to proceed and you’re happy to take up the mortgage product that we’ve recommended, we can get your mortgage application prepared!
You will need to provide a variety of documents to support your mortgage application. You’ll be asked to hand in your photographic ID, bank statements, latest P60 and a couple more things.
If you’re Self Employed, you may need to provide 2 years of accounts’.
If you’ve suffered from bad credit in the past, you may be required to put down a higher deposit than usual. This could be somewhere between 10%-15% of the property’s purchase price.
The fees involved with Remortgaging are similar to the ones involved when you started your current mortgage. There will be various different fees that you’ll need to consider when remortgaging, your Remortgage Advisor in Durham will run through these with you.
There a various reasons why someone may want a second mortgage. People may want to consolidate their debts into their mortgage, want to improve their home or journey into the world of Buy to Lets. Whatever your reason is for wanting a second a mortgage, you should get in touch with a Mortgage Broker in Durham like us.
Your free Remortgage consultation will roughly last an hour. During which, you’ll speak to a Remortgage Advisor in Durham and get a bigger picture of the remortgage process. They will ask you some questions to find out your remortgage needs and what your personal and financial situation is like.
After your consultation, they will search for the perfect remortgage deal for you. If they cannot find a better product, they will be open and honest with you and suggest that you stick to the same rate.
You can remortgage to consolidate debts into your mortgage if you have accumulated unsecured debts. However, this can increase your total mortgage amount as well as your mortgage payments each month, so you will have to make sure that you can afford to choose this option.
Consolidating debts into your mortgage can be an extremely specialist subject that could require help from an expert like ourselves. Get in touch for a free mortgage consultation.
Once you complete your fixed-mortgage term, you will fall straight onto your lender’s standard variable rate of interest (SVR). This rate is likely to come with a higher rate of interest than your current product, this is because lenders track the Bank of Englands rate plus their own percentage.
To avoid ending up on their SVR, you should think about remortgaging. Remortgaging could allow you to access a much better mortgage product with a competitive rate. We will consider your current product before recommending you a new remortgage deal.