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Remortgage

Is your current mortgage deal coming to an end?
 

A mortgage is most likely to be the one biggest expense on your household income and you want to make sure you have the best possible deal. At Advance Mortgages  we take time and care in assessing and comparing the comprehensive range of products in the current market against the rates available with your current lender. This will enable us to find the most suitable deal for your circumstances; which may be a product transfer or a re-mortgage with another lender.

Mortgage Product Transfer

This is when borrowers do not want to move to another lender and agree a deal with their current lender and stay with them for another 2, 3, or 5 years.

If you are not thinking of changing any features on the scheme and not looking to release capital from the current property, Mortgage Product Transfer would be a way forward to switch to a better deal with the same lender.

Do speak to us at Advance Mortgages to see if product transfer is the cost-effective option for you.

Re-mortgage

 Very often, at the end of these deals the mortgage reverts to the standard variable rate where if you don’t re-mortgage you could find yourself paying significantly more. Your circumstances may have also changed since your last mortgage deal and so you may want to try to reduce your monthly payment or even perhaps increase it to pay your mortgage off faster if you are earning more or have more disposable income.

If you are considering of releasing capital re-mortgaging would be one of the options going forward. There are a lot of reasons to why you may want to re-mortgage – Some are listed below:

  • Re-mortgaging to a better deal
  • To fund deposit for another property (BTL/ Second Home)
  • Capital raising for Home-Improvement
  • Capital-raising for Debt Consolidation
  • Want to go on the holiday of a lifetime

Every lender has different criteria on the reasons for capital raising therefore it is highly recommended to get advice from us at Advance Mortgages where we help you move towards the right direction.

You may have to pay an early repayment charge to your existing lender if you remortgage. 

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up with repayments on your mortgage or on any other secured loans.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% of the amount borrowed, but a typical fee is £495.