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Newark
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01636 674455
info@bbmortgages.co.uk

Should You Re-mortgage?

If you are thinking about re-mortgaging or you are unsure whether you can, or maybe you are looking to save some money we have created a guide to help you decide whether a re-mortgage could be an option for you. Reasons to Re-Mortgage Your current mortgage deal is coming to an end – Many of the best mortgage deals only last for a relatively short period of time, usually, around 2-5 years and these tend to be on fixed rate or tracker mortgages. When your existing deal comes to an end, if you haven’t agreed a new deal with your existing lender or put in the steps to move to a new lender you will move to a standard variable rate mortgage. With this type of mortgage, the interest rate is likely to be higher than the interest rate you were previously paying. If you are looking to re-mortgage it is best to start speaking to an independent mortgage advisor between 3 and 6 months before your existing deal is due to end. You’re looking for a better rate – if you are tied in to an existing deal and you are looking to move before it ends you may have to pay an early repayment charge alongside an early exit fee. However, you could still save money by moving to a new mortgage deal before the end date, so if you want to save money overall and reduce your monthly payments, it is definitely worth getting in touch with an advisor to look at all of the options available to you. Your home has increased significantly in value – If the value of your home has risen significantly since you started your mortgage it may that you now have a lower loan to value percentage which means you may be entitled to a lower interest rate which will save you money not only monthly but across the life of the mortgage. If you feel that this may be the case for you get in touch on the form below and we will assess all of the options available to you.

You want more flexibility- Some mortgages can be quite rigid and restrict you from making overpayments to pay your mortgage off more quickly. If you are in a position to make regular overpayments or you have recently come into some money that you would like to use to reduce your mortgage but are restricted by your current deal and lender, it may be worth investigating what options are available to you. You want to increase your borrowing- if you are looking to increase your mortgage and you would like to know what the best options are for you, it is best to seek expert advice. Lenders will want to know what the additional lending is for and we can help you to speak with your current lender and to see what other options are available to you. As part of our service we will look at all of your options and give you a clear breakdown, so you can see everything in a no nonsense easy to understand format. There are circumstances where re-mortgaging may not be the best option for you. If you have a very small mortgage, your circumstances have changed since taking out the mortgage your current deal may be the best for you at this time. If you are unsure what you should do, or what may be the best deal for your circumstances, contact us and we will be happy to help.

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Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.


Miss Knight

2016-03-22T17:24:36+01:00

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.

Mr L

Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

2016-09-13T12:38:09+01:00
Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

Miss G

Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

2016-09-13T12:43:22+01:00
Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

Mr W

Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

2016-09-13T12:48:10+01:00
Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

Mr C

Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.

2016-09-13T12:49:06+01:00
Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.

✨ 5 Quick Money Saving Tips ✨

Whether you're saving for a deposit or your next holiday, these quick tips will help you to get there faster!

1) Use energy efficient light bulbs
🏠
2) Take a packed lunch to work
🏠
3) Switch off plug sockets when they're not in use
🏠
4) Speak to you bank about using a 'Save the Change Scheme'
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5) Compare supermarket prices using www.mysupermarket.co.uk/

NOW IT'S YOUR TURN!
What tips can you add to this list? 👇
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