Are you getting close to the end of your fixed mortgage period and thinking about taking out a remortgage in Leicester?
If so, then it may be time to start checking out your options to get a better deal or release some cash from your property.
Don’t stress though! Our friendly and knowledgeable team of mortgage advisors in Leicesterhave got your back.
We know our stuff when it comes to mortgages in Leicester, and we’ll help you make the right decisions without any stress or hassle.
A remortgage in Leicester involves transferring your existing mortgage to a new mortgage lender, with the primary goal of securing a better deal or releasing equity from your property.
The process essentially replaces your current mortgage with a new one, often with different terms and conditions.
There are several reasons why someone might consider remortgaging in Leicester, such as when their initial fixed period is ending.
This period usually lasts between 2-5 years, during which time the interest rate remains fixed.
That said, once the fixed period ends, the mortgage payments may increase, often resulting in a more significant monthly outlay.
Remortgaging can offer a chance to secure a better interest rate or switch to a more suitable mortgage product, resulting in lower monthly payments.
Another reason people might choose to remortgage in Leicester, is to release equity from their property.
This can be a useful option for those looking to raise funds for home improvements or for something else.
Overall, remortgaging in Leicester can be a useful tool for homeowners looking to save money or access funds.
It’s important to consider the associated costs, such as fees and charges, and to seek mortgage advice in Leicester from a mortgage advisor in Leicester to ensure it’s the right option for your individual circumstances.
If you are on your lenders SVR (Standard Variable Rate of Interest), you may increase your chances of saving money. Your dedicated mortgage broker in Leicester will compare the new products available against your current mortgage deal to work out these savings for you. If you have any existing equity in your property, a remortgage in Leicester would also allow you to release some of this money. We often see a Remortgage to Release Equity as a means to fund home improvements.
You can Remortgage and increase the size of your mortgage to pay off any unsecured debts that you may have. Please do not rush into this though as there are some downsides. You should always seek mortgage advice in Leicester before consolidating any debts you have!
The duration of your free remortgage consultation in Leicester will be about 30 mins. Your advisor will compare a new deal vs your current product and recommend the most suitable one for you. You can then decide whether you wish to go ahead or not.
The fees required for your remortgage will be similar to the fees you faced when taking out your current mortgage. That being said, your dedicated Mortgage Advisor in Leicester will still run through all of the fees with you and take them into consideration when comparing the savings of the new deal vs your current mortgage.
As your Mortgage Broker in Leicester, we will carry out a Fact Find to determine your needs prior to recommending a mortgage that is the most appropriate. A credit check is then required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.
You may possibly be able to get a second mortgage on your home for debt consolidation or Home Improvements. The usage of a second mortgages extends to using it for yourself, a family member, a holiday home or a Buy to Let in Leicester.
If you have had problems with your credit, you can still get a mortgage, however, you may need to put down a higher deposit than usual, often 15% of the purchase price.
To prove your income amount, it’s usually the latest three payslips for an employee and the latest 2 years’ accounts for self-employed. On top of this, you will need to produce proof of ID, address and 3 months’ bank statements
Looking for a good mortgage deal in Leicester? Our team of mortgage advisors in Leicester can help! They’ll sift through thousands of deals to find the best one for your situation.
If you decide to go ahead with the deal they find, they’ll guide you through the mortgage process and help you with your remortgage in Leicester.
We’re all about open and honest mortgage advice in Leicester. So if you need help with your mortgage or remortgage in Leicester, get in touch with us today.
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Bhaven
Very very good thank you
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Zubair
Charlie was very easy to talk too and made things easy and simple to understand and explained our options in detail which really helped us through the process as first time buyers.
2 months ago
James
Jason and his colleagues at UK Moneyman have been amazing from the start. When we began the process of house buying and finding a mortgage we knew very little, but Jason explained much to us in a telephone consultation and outlined all our options....
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2 weeks ago
Shelline
Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
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Nafesa
I have been dealing with Wendy and Malcolm in regards to my house purchase and I could not recommend these enough. A true credit to the company. Very efficient with communication and solving any issues that needed to be addressed. Would highly...
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Anonymous
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5 months ago
Nazeef
Fantastic experience. Charlie helped me race through to secure the best mortgage offer, best plan for life and critical illness insurance. Very approachable and responsive even with any queries I had after everything was completed.
6 months ago
Andrea
The service was really good and want to say a big thank you to Leo and Wendy for all there help and guidance 😊
10 months ago
Ryan
Leo who help deal with all of our mortgage was brilliant, professional always there to guide us and explain every step, fully recommend him, We also spoke with Wendy and once again she was very friendly polite and there to help with anything...
11 months ago
Mohit
Really good service by Malcolm and the team. Fast and made sure to understand my needs regarding the mortgage I wanted and to meet them. Would recommend
11 months ago
Tyler
Had great help from both Joe and Chris and Chloe who were all friendly and always happy to help
10 months ago
Rosie
Made everything very easy, we are first time buyers and they couldn't have been more helpful or informative. They didn't make us feel like we were stupid for not know anything about buying a house and talked us through the entire process. They even...
10 months ago
Sophie
Tom and Meghan were brilliant throughout the entire process! Both were friendly and knowledgeable and explained everything to us clearly and answered our countless questions and gave us clarification where we needed it. Both were easy to contact and...
10 months ago
Esme
Super helpful, made the whole process really easy and explained everything as we went along. Pretty good at keeping in contact, keeping us up to date and explaining the choices we had and then giving us the time to discuss and make those decisions.
11 months ago
Anonymous
Buying a home can be a confusing process, especially if you are a first time buyer. Lyndsey and Ryan made the whole process really easy for us, helping us every step of the way ensuring that we were clear at all times. We now have a mortgage...
1 year ago
Sheikh
I must say I am very pleased with the service I recieved from Moneyman, they set up regular calls and kept us updated throughout the checking progress. Fairly priced fees and very knowledgeable! I would highly recommend their services
1 year ago
Abdassami
Second time with this broker and it's been an amazing experience. Would definitely recommend. Anna and Matt were brilliant.
1 year ago
Matthew
Just want to thank Charlie and Molly for being so helpful, they really helped and reassured us a lot through our mortgage process! They always had time for a chat to us and help me and my partner! Great service!
1 year ago
Nicholas
We couldn't be happier with the service provided. Matt has been professional, helpful and extremely supportive throughout our process. We will certainly be recommending you to friends. Communication was 5* and Matt was available at any point...
1 year ago
An initial telephone call where we take some details and look at your Remortgage plan.
A discussion about your personal requirements. You already own the property this time around, you can avoid the property chain!
We will search and compare 1000s of products to find you the most appropriate deal.
Regardless of the circumstances are you at the moment, our mortgage advisors in Leicester are always on hand to discuss your mortgage options with you.
Application stage - We'll ensure everything goes smoothly with the lender. You'll have our support from your initial contact right through to when your remortgage process has completed.
We will also contact you when your next remortgage in Leicester is due for renewal, ensuring you are on the most suitable deal and discuss any insurance plans if you haven't got one already.
Our team of trusted and strong-willed mortgage advisors in Leicester will be on hand to offer all of our customers a free Remortgage review in Leicester.
Perhaps you are wondering what your options are for releasing equity from your property via a Remortgage? On the other hand it may just be that you are looking to find a better deal? Regardless of the circumstances are you at the moment, our mortgage advisors in Leicester are always on hand to discuss your mortgage options with you.
We have the ability to analyse 1000s of specialist and unique mortgage products in order to ascertain which mortgage deal is going to be the best for your personal situation.
Here at Leicestermoneyman, we are proud of the fact we can provide a fast and friendly Mortgage Advice in Leicester. We absolutely adore our job, doing everything within our power to help customers achieve their mortgage goals.
To learn more about our mortgage advice service and how happy our customers have been with the service they have received, please take a look at our genuine reviews. They are a fantastic reflection of the service we aim to provide.
Members of our determined and approachable team are available 7 days a week, from morning until late on a night, with appointments slots ready to be booked around times that best suit your personal and work life.
Get yourself booked in for a free Remortgage appointment today. Our trusted Mortgage Advisors are always ready to get your Remortgage process started and answer any question that you may have.
Once you head closer towards the end point of your fixed period for the mortgage you first took out in Leicester, you’ll need to start taking a look at what path you want to take next.
For the most part we tend to find that people will start looking at their options for taking out a Remortgage, as once you have gotten to this point, you’ll probably be automatically placed onto your lenders Standard Variable Rate. This situation isn’t always ideal for homeowners.
The reason that many homeowners don’t like the SVR is because the interest rates involved will generally be a lot more than they would be for your initial fixed period, which means your monthly mortgage repayments will be more than they were previously.
It’s because of this that looking for Remortgage Advice in Leicester tends to be the desired route for many homeowners.
We put a lot of effort into supporting all the different and unique customers that get in touch with us, especially when it comes to those looking to releasing equity from their homes to fund any potential home improvements.
People will usually do this when they’re getting ready to start the work on some planned larger improvements, with common examples being maybe a home extension, a new remodelled kitchen, or a loft conversion.
If you are looking at the different ways that you might be able to release a large amount of equity to put towards the funding of any new home developments, such as an extension, there are a lot of mortgage lenders out there who might wish to see any quotations that you have been given for how much the work is going to cost you.
There are some homeowners out there who may look to consolidate any unsecured debts they have accrued into their mortgage, as doing this sort of thing will allow you to merge all your outgoings into a more manageable monthly payment that will keep consistent for the duration of your mortgage term.
You should always remember that this kind of process will extend your debt over the course of your mortgage term and once that reaches the end, you’ll have technically paid back a lot more overall. There is a lot for you to give plenty of consideration ahead of going into debt consolidation.
With this in mind, you should absolutely make sure that you speak to a Mortgage Broker in Leicester before you consolidate any debts into your home.
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.
If you are co-owning a home and are looking to remove the other party from the mortgage, this may be possible to do by taking out a Remortgage in Leicester.
Even if you are quite content to stay with the lender you’re currently taking out the mortgage with, you’ll find that you have to go through a process much like you would with a normal mortgage. This is because you need to prove to the lender that your credit is good and that you can absolutely keep up with the monthly mortgage repayments.
For a better look at how the above scenarios work or to gain a better insight into Remortgages, please feel free to scout our remortgage guides section or get in touch with a mortgage advisor in Leicester.
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Leicestermoneyman.com & Leicestermoneyman 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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Leicestermoneyman.com & Leicestermoneyman 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
