Re Mortgages

Safe Advice is Best Advice

There are many reasons to think about remortgaging

You may be looking to save on your monthly payments or raise capital, alternatively you may want to pay your mortgage off in a faster more efficient manner by reducing the term. Whatever the reason, we are here to assist in making that decision simple and easy for you.

If it’s better for you to stay where you are with your current lender, we’ll be the first to tell you. There’s no harm in shopping around to see what your options are.

Throughout your mortgage term (average 25years) a lot can happen, which often means your circumstances are unlikely to remain the same; major life changes like getting married or even starting a family can impact your financial outgoings, consequentially your product or scheme may no longer be fit for purpose. Just like your life can change, products, rates and flexible options too have the ability to fluctuate, if you’ve not reviewed for some time you may not be aware of the options available to you.

The process of it all is always easier the second time round. We’ve broken in down into 5 easy steps!

Step 1: Financial Review & Comparisons

As we’ve already identified things never stay the same. What you envisaged for your financial planning could have changed drastically, so we’ll assess where you are and where you want to be. By booking an appointment with our remortgage experts we’ll be able to establish what type of mortgage planning you’ll need.

We’ll then demonstrate all the available options for you to compare. Our experts will take into account your objectives and circumstances along with details of your current mortgage and then explain the next steps if remortgaging is right for you.

Our mortgage experts can search thousands of mortgage deals to find the best deal for you and compare the monthly fees with what you currently pay alongside any fees you might need to pay upfront to move to see if it’s all worthwhile.

Step 2 – Making an Application

We’ll carry out all the relevant research and crunch the numbers. If we believe you are going to be in a better position by remortgaging, we’ll make a recommendation for you. If not, our recommendation will be that you stay with your current lender until a more suitable time. We believe Safe advice is best advice for all our clients.

Once you are happy to remortgage, you can sit back as our advisers will complete all the relevant paperwork, sign off your relevant identity verifications and make the application for you. We’ll even complete all your conveyancing needs should you want us to. Allowing your remortgage to go through seamlessly with minimal effort from you. We like to keep it simple.

Step 3 – Approval Process

The approval process will differ from lender to lender and the product you are applying for. The initial stage will involve the lender’s mortgage underwriters assessing your application, carrying out credit checks and in some cases undertaking a credit score. We’ll work with the lender to satisfy all their requirements to get your application approved and like you’d expect from our expert service, we’ll keep you informed every step of the way.

Step 4 – Mortgage Property Valuation

When the application has first stage approval, the lender will arrange for your property to be valued to ensure it is suitable security for your mortgage. Once your valuation comes back, the product can be agreed and the solicitors need to be informed. Your adviser will communicate with all the relevant parties involved and of course ensure you are kept fully informed.

Step 5 – Mortgage offer and completion

On passing the valuation stage, a formal offer will be issued in writing to you, your broker and your designated solicitors. Your adviser will then aim to arrange a completion date with your legal team for the transition. You will be issued title deeds for your approval and signature. On return of these your adviser will then await the completion from your legal team and hand over your new mortgage plan. To ensure you are not paying two mortgage payments in any given month, your adviser will work with you and your legal team to ensure a smooth handover date preventing an overlapping. Allowing one mortgage to be redeemed and your new one started.

Your financial expert’s job does not finish there; the adviser will endeavour to keep in regular contact to ensure the mortgage is still fit for purpose and of course to ensure you are not missing out on headline rates. Our help and advice is there for your ever-changing needs. We will keep you posted on the housing market and mortgage news until your next financial review is due.