Remortgage adviser in essex
A remortgage is when you switch from one lender to another in order to secure a new deal on your mortgage product. Evergreen Mortgages can help you to make sure you are always on the best deal for you and your family.
Contact us today for a review on your current mortgage! We can make sure that your mortgage is helping you work towards your future plans.
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Are you needing to secure a new better rate for your mortgage?
START BY Watching my remortgage video
Are you needing to secure a new better rate for your mortgage?
Are you at the end of your current mortgage product? Is now the right time to remortgage?
Sooner is better than later when it comes to looking into options for your new mortgage deal and you might be surprised when you review your documents to see the date your deal is due does not always tie into when you completed on your previous mortgage.
Remortgaging isn't just about new rates; it's about reimagining what your home can do for you. Whether you're dreaming of a sun soaked kitchen extension, yearning for lower monthly payments, or seeking to consolidate debt, a remortgage could be the key to unlocking these possibilities.
As your personal mortgage adviser I will help you to get access to the best rates and lenders for your circumstances. We will discuss the type and term of mortgage that best suits your situation, and make the process simple and straightforward for you. With your permission and account details we can view your current details with your existing lender helping to make things straightforward for you.
You can continue with your day to day life, whilst I act on your behalf completing all the paperwork, discussing your remortgage with the lender, keeping you updated on how things are progressing and giving you the support you need to answer your questions all the way through the process.
With my industry knowledge and experience, and the wide range of lenders I can access through my network mortgage intelligence, I can find the right solution for you.
This is a personal journey we will go on together to get to know your situation and provide tailored advice that relates to your specific circumstances. Together we will put together a mortgage package that works to make sure you are getting the most from your mortgage and takes into account your future plans so you can keep moving forwards, making the most of your investment and your home.
Our testimonials and google reviews show many delighted clients and I would be happy to help you to be in the very same position.
Tips For Remortgaging
Step 1 - Check the expiry date on your current deal
You can check this online by looking through your original paperwork or by contacting your lender directly. Some products will be for exactly 5 or 2 years, whereas some have a specific expiry date.
Step 2 - Check your remaining term on your current mortgage
This is the full length of your mortgage deal and not simply the product. Remortgaging is a good time to assess if you would like to keep this number of years the same, extend it or shorten it depending on your budget and requirements. If you do extend the time you’ll be paying your mortgage longer and could end up paying more interest.
Step 3 - Check online for sold house prices in your area
This will help you work out the current equity in your home. It is important at the prices that you look at all the sold prices and not the for sale prices, as these are a more reliable indication of how much your property is worth. It is also important to only look at ‘like for like’ properties. For example, a detached three bed is not the same comparison as a three bed semi or terraced, ultimately the lender will request a valuation on the property to check this but it helps to have an idea at the beginning.
Step 4 - Decide if you need any additional money raised, or if you have savings that you would like to pay into your mortgage to reduce it
Contact us for help with your remortgage and specific circumstances and we can go through all of these points with you step by step and how they affect you individually and personally.
Is it a good idea?
If you have come to the end of your product or fixed rate, or if your fixed rate or product is ending in the next six months, then now is the right time to be looking at a remortgage. After your initial product, your lender will automatically move your mortgage to the managed or standard variable rate, depending on your original mortgage contract. This new rate is often variable, so can go up or down. Just like an automatic renewal on your car insurance, the standard variable rate is often higher than deals that are available at the current time, even with your current lender. It’s important to look at all your options and not to stay on the standard variable rate.
Why would you get a remortgage?
Do I need a solicitor?
In most cases, yes. Your mortgage lender registers a charge against your property on the land registry and the deeds of your home. When you change lender, you need a solicitor to do this part of the process for you. Many solicitors offer a very cost-effective remortgage service. Some remortgages come with a free solicitor service or cashback to help cover the costs of your remortgage. If you need a competitive remortgage quote from a solicitor contact us and we can get some figures across to you.
remortgage case studies
Mr and Mrs S
There had been a lot of changes for these clients over the previous 5 years of their mortgage and they had taken on care of a relative which meant needing to make various upgrades and amendments to their home on top of the usual home maintenance.
Using personal loans and credit cards to complete this had impacted their credit score and now their current lender wasn’t prepared to help them to consolidate some of those necessary expenditures to make the family finances more comfortable. We were able to place them with the right lender at a competitive rate, reliving the pressure on the family and allowing them to enjoy their home once more.
Mr and Mrs T
Mr and Mrs T were unsure about what rate to choose, they had some exciting changes on the horizon which meant they might be able to pay down some of their mortgage and they also wanted to stay flexible with the hope that rates might reduce in future.
With room in their budget, a fixed payment wasn’t as important as flexibility, and we were able to secure them a competitive tracker rate with no early repayment charges so they could make the most of their success and have the flexibility to overpay and reduce the long term interest on the mortgage as well as reducing the term.
Mr and Mrs B
Mr and Mrs B were hoping to sell and move to a new home, in fact they had their home on the market but their mortgage was due for renewal very soon, and they were concerned about the impact of paying the standard variable rate with their lender whilst they waited for the right buyer to come along and for the sale to go through.
We found them the right rate that gave them flexibility and security of a rate that was within their budget.
Ms T
Ms T was unsure when her mortgage was due for a change and how to start to get the finances in order. We were able to get the correct information together and completed a full review with her, updating not only her mortgage at the appropriate time but also reviewing her insurances too, so she now has everything in one place and a full understanding of her situation, finances and safety net.
Frequently asked questions
What is a product transfer?
Sometimes the best deal for a new product could be with your current lender. We can check the product transfer rates available with your current lender, and compare them against a wide range of lenders. This will ensure you are accessing the best deals available to you.
Another reason why a product transfer could be more suitable for you is that product transfers are able to complete in a much shorter timeframe.
Can I get a product transfer and stay with the same lender?
In many cases yes. However, there are a couple of reasons why your current lender may not offer you a product transfer. Some lenders just don’t offer product transfers, particularly if you originally needed a specialist lender – this facility may not be available to you. We can help you check this.
Another reason a product transfer may not be available to you is if you are in current mortgage arrears, have missed payments, or have opted to go into some form of arrangement or payment holiday with the lender. These things may not always preclude you from a product transfer, but if there are no options available for you, we can find out the reason for this. This will give you a clear understanding of what you need to do to be able to access a product transfer moving forwards.
How long does it take to remortgage?
Generally a remortgage takes 4 to 8 weeks from start to finish, but this can vary depending on the lender and their service levels at the current time. Remortgages normally have a mortgage offer expiry of 3 to 6 months as lenders feel this is generally ample time for you to complete on your refinance or remortgage. You will also need a solicitor to remortgage. Your choice of solicitor can impact the length of time it takes for your remortgage to complete. We can help you with a recommended solicitor.
What are the disadvantages?
There can be fees associated with remortgaging. It’s important that you speak to a mortgage advisor to ensure that you are aware of all fees and are taking these into account when deciding on your new product.
Should I remortgage now or wait?
If you are within six months of your current mortgage product ending, then you should contact us now to run through the figures and see what’s available to you. If you secure a rate with a lender now, in most cases, you can still switch to a lower product if the rates were to go down between now, and the time that you complete on your remortgage. However, if rates increase and you have not secured a product, you cannot backdate your application or access those rates after they have been removed (or ‘pulled’ as lenders call it). It is important to check that you have the flexibility to change to a cheaper deal. Not all lenders offer this, but we will check that for you. We will also keep a check on lenders rates moving, so that we can compare the rates against what we have secured for you.
Can I still sell if I remortgage my property?
Yes, you can still sell if you remortgage. However if you are planning to sell, you must let your mortgage advisor know. This is because a new product will likely mean new early repayment charges, so they should always be considered and taken into account. Early repayment charges vary from lender to lender and product to product, so we can help you secure a remortgage onto a product with no or minimal ERC’s (or early repayment charges) to make sure you get the best monthly payments now, but it doesn’t hinder your future plans. Some mortgages allow you to ‘port’ your mortgage or move it, to a new property with no early repayment charges. This could be another option for you allowing you to secure a new deal now without waiting for your plans to be finalised.
How much can I get on a remortgage?
The amount that you can borrow is subject to lenders affordability calculations at the current time. Your income and outgoings will be assessed as well as your credit score. Contact us for an indication of how much you could borrow and the likely monthly payments. We can give you a tailored estimation for your specific situation.
Can I be declined a remortgage?
Yes. When remortgaging to a new lender, a full application and affordability checks are required so it’s important to choose the right lender for your situation. We can help you with this. Contact us to make sure you’re accessing the best available options for yourself.
Do I fix for two or five years on my remortgage?
A remortgage, just like your first mortgage, is a time for you to ask yourselves some questions on your future plans. Your future plans will dictate what type of product you can choose. There are many different types of products available to you not just a two or five year fixed. Make sure when you speak with us, to discuss all those plans so we can guide you in the right direction. Contact us now to guide you through your choices.
What happens after my fixed rate ends?
You should be able to check your original mortgage offer to see exactly what will happen after your fixed rate ends. Generally you will automatically move onto a standard variable rate with the lender. At this point, any early repayment charge is generally finished, and you are free to move the mortgage to a new lender or to choose a new product depending on your current provider’s options.
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MORTGAGE ADVISeR in essex
Evergeen Mortgages is based in Upminster, Essex and provides mortgage advice.
We provide expert mortgage advice across Essex, including Brentwood, Shenfield, Billericay, Basildon, Chelmsford, Canvey Island, Colchester, Dagenham, Epping, Hornchurch, Ilford, Ingatestone, Maldon, Romford, Southend, Upminster and Wickford.
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Evergreen Mortgages, 9 Stanley Road, Bulphan, Upminster, Essex, RM14 3RX
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LEGAL INFORMATION
Typically, a fee no greater than £995 is charged for mortgage advice on receipt of a mortgage offer or on successful completion. This would be confirmed in writing once a brief outline of your borrowing requirements have been established. Many of our competitors charge upfront fees for advising and processing applications, regardless of the outcome, whereas our fee is only ever payable on receipt of a mortgage offer or on completion.
Evergreen Mortgages is a trading name of AGA Mortgages who is an appointed representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 respect of mortgage, insurance and consumer credit mediation activities only.
We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service.
Please note that most buy to let and commercial loans are not regulated by the FCA and neither is some bridging finance. We shall advise if your specific finance requirement is classed as a regulated activity and therefore covered by the FCA.