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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 at Leicestermoneyman have 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.
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.
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.
Our team of trusted and strong-willed mortgage advisors in Leicester will be on hand to offer all of our customers a free Remortgage appointment in Leicester.
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.
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.
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.
5.00 Rating18 Reviews
Andrea
The service was really good and want to say a big thank you to Leo and Wendy for all there help and guidance 😊
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...
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
Nicole
Could not recommend Matt and Megan enough! Being a first time buyer, I did not know what the buying process would entail. Thankfully, Matt and Megan explained everything as we went along. Matt went above and beyond to answer my calls when we...
Liam
Really good service and friendly too
Angela
Very pleased with the the service. Dan was very helpful and explained everything as the process went along in a clear way. All options were looked to see which would be the best option for myself. This made doing the product transfer hassle free.
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...
Darren
Anna was brilliant from first contact to the end of the process was just a few days and I didn’t have any stress at all Will definitely recommend
Chris
Brilliant service from start to finish, we had no idea on the process and every little question has been answered along the way no matter how trivial. We can’t thank Malcolm, Joe and Lyndsey enough for their help throughout this process and...
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!
Oliver
Wayne and Meghan were great and everything was sorted without issue or effort. Great advice and got the product I needed. Great service.
James
I first used UK Moneyman when buying my house in 2017. I returned in 2021 for my remortgage. In both instances I found Malcolm and his team to offer excellent service, making the process clear and simple. He talked me through every step, and...
Gemma
Very helpful and professional
Laura
Very helpful. Reply to emails quickly and clearly. Would definitely recommend
bethany
Very much recommend! BMM are great to work with - efficient, dependable and knowledgeable.
Anonymous
Me and my partner have recently got a mortgage with UK Moneyman and the process was so easy and helpful. I cannot thank Joe and Anna enough for all of their hard work on our case. An excellent experience I will be recommending to anyone I know....
Amanda
I would fully recommend Leicester Moneyman to anyone who is looking for a mortgage. They are a very professional company, they handled my recent re-mortgage very efficiently and promptly. When I am ready to change my mortgage again they will be my...
Anonymous
Great customer service and friendly team
Anonymous
Efficient and informative, great experience so far.
Amreen
Excellent service provided by this team, especially kerry and Tom, they are an asset to the team. Thank you so much for everything.
If you are on your lenders SVR (Standard Variable Rate of Interest), you may increase your chances of saving money. Your dedicated mortgage advisor 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.
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.
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.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
