Bristol, Bath and Exeter Mortgages Online offering fantastic remortgage deals
- By Caz Blake-Symes
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- 20 Jan, 2018
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Coming to the end of your mortgage deal? Come and talk to one of our Advisers
Although thinking about organising a remortgage can feel like a hassle, the good news is that mortgage rates are still at incredibly competitive levels. By switching to a better deal, you could find your monthly repayments come down significantly – particularly if you've built up a decent amount of equity in your home. So, if you are soon to remortgage, let us help you through the whole process from the initial quotation through to completion.
When should I apply for a new mortgage?
You should think about applying for a new mortgage two to three months before your existing deal comes to an end. It can take anything up to a month to get an offer from a mortgage lender (though this can sometimes be much quicker) and an offer will typically be valid for three to six months or until a specific completion deadline.
Due to the fact that we are wholly independent, we will examine the entire mortgage market for you. We deal with many lenders over and above High Street lenders and those found on comparison sites. Many exceptionally competitive and flexible lenders only deal with reputable Mortgage Brokers, like ourselves, so our clients gain from our expertise.
Once we have discussed all the options available to meet your specific needs and you have chosen the most appealing option, we will arrange an Agreement in Principle from the lender, we will then help you to the can complete your application. Clients frequently return to us time and time again, due to our fantastic administration and progressing support, which we think is second-to-none.
How easy is it to remortgage?
If you're not moving home, switching to another mortgage will be more straightforward. We will help you to assess how much you can borrow, and this will depend on how much equity you have in your home, what your income and outgoings are, and your credit rating.
When you apply for a new mortgage, it can be tempting to bump up the term again, perhaps back to 25 years to keep repayments down. But Instead, if you can afford to, reduce the term of your mortgage to say 20 years. That way you'll save yourself five years' worth of interest.
Our Advisers will be able to provide you with all options and configurations for you to be able to make an informed decision.
What will it cost to remortgage?
Some lenders will charge a booking or processing fee to secure a mortgage, typically around £100 - £150. Many mortgages also come with product fees which can cost anywhere from £500 to £2,500. Bear in mind it may be work out cheaper to opt for a mortgage with a higher interest rate but lower fee than one with a lower interest rate and higher fee. Our Advisers will give you a full illustration to show you all the benefits and pitfalls of every option.
Your new lender may charge a valuation fee for commissioning a valuation of your property (typically £300-£400). You'll have to pay legal fees to your solicitor, though you may find your lender covers some of this. Fees will vary depending on the solicitor, but expect to pay around £500.
Telegraphic transfer fees will also be charged for transferring money to your solicitor when you complete and cost around £25 to £50.
We do not charge you for your free consultation, nor to get you an Agreement in Principle. Our typical fees for UK residential and buy to let mortgage advice is £490. Initially £195 will be payable on submission of your application to the lender and the balance of £295 will be due within 14 days of you receiving the mortgage offer. If the mortgage completes, we will also receive any commission payable from the lender. Fees for Expat Remortgages will vary.
If you've decided to get out of your current mortgage deal early, you may have to pay an early repayment charge (ERC). Again, we will give you an illustration of whether it is financially beneficial to settle your existing mortgage so that you can decide what is best for you.
What happens if I don't do anything?
If you don't apply for another mortgage before your existing deal ends, you'll be moved onto your lender's Standard Variable Rate (SVR). The SVR varies between lenders but is typically pegged a few percentage points above the Bank of England base rate. Because the SVR is variable, it can change at any time.
SVRs are also not always competitive, so you could pay out far more than necessary if you stay on your lender's SVR. The good news though is you can move off your lender's SVR at any time.
What are the best mortgages?
To get details of all costings and an exact quote for the monthly repayments, please call us to book your FREE consultation, we also do not charge for getting you an Agreement or Decision in Principle.
For more expert information or to book your free consultation please visit one of our websites or contact us
www.bristolmortgagesonline.com 0117 325 1511 email info@swmortgages.com
www.bathmortgagesonline.com 01225 584 888 email info@swmortgages.com
www.exetermortgagesonline.com 01392 690 888 email info@swmortgages.com
