Remortgage advice for homeowners
Looking for a new mortgage deal when your current rate is going to end?
There are many reasons to remortgage which we could go over but the main reason is that your current mortgage is ending soon. Generally, a remortgage can take anywhere from two to four months from start to finish so it’s good to get started early to save rushing around at the last minute.
What questions do you have for us?
You could be asking yourself any of these questions, but don't worry, I'm here to help you get the answers, and all at zero cost to you.
You’ll notice one question missing though and that’s how will you cope with higher mortgage repayments? The current financial climate isn't helping people who need a mortgage, so I want you to be as prepared as possible when it comes time to remortgaging.
That's why I would advise you start the conversation about your remortgage at least six to seven months, if not 12 months before your current deal ends. This way you can get plenty of advice and have plenty of time to prepare for your future mortgage, and secure the right deal as soon as we find it.
How can you speed up your remortgage?
As with any mortgage there are some things you can prepare in advance to make the process go as smoothly as possible.
- Proof of ID – passport or driving licence
- Proof of address – utility bill dated within 3 months of the application
- Proof of income – payslips or proof of self-employed earnings
- Bank statements, making sure that they show your correct home address
- Credit card statements, again making sure that they are registered the correct address.
You can check your credit report – From somewhere like Checkmyfile*
As part of our service to our clients we review your mortgage on an annual basis and then start the remortgage conversation at least seven months in advance of the rate finishing. This may seem excessive, but it really does allow you time for consideration, and if you want to make any changes to how much you have borrowed or for how long.
As you already own the property the process is generally a little less stressful as we don’t have to worry about a chain or other buyers and estate agents.
However, you may want to make changes to the mortgage term, and might fall into one of these categories:
- Borrowing more money for a variety of reasons like home improvements, debt consolidation or to buy a second or third property
- Add or remove someone from the mortgage
- Changing the terms of the mortgage – borrowing over a longer period to help reduce the monthly costs. Although in doing this you will ultimately end up paying back more money.
If you have decided to borrow more money we will also look at your options available during our fee-free review process.
This is where our no fee approach can make a huge difference to our clients as we now take time to understand your needs for the remortgage and design a solution that suits your needs.
*By clicking the link, you will need to register your details with Checkmyfile and enter into a free 30-day trial period. This will allow enough time for you to register your information and download your report. You are free to cancel this trial period at any time during the 30-day free trial period without penalty. Should you fail or choose not to do so, Checkmyfile will charge you a subscription fee of £14.99 per month thereafter. To get the best from this service, please ensure you register all of your primary and/or associated addresses within the last 6 years. MK Mortgages will receive a payment of £12 per free trial entered into via the link to Checkmyfile’s website. This is payable whether you cancel the trial period or not.
It should be noted that lenders will not be assessing the report produced from Checkmyfile and will undertake their own research and assessment. Neither MK Mortgages nor Quilter Financial Planning are responsible for the accuracy of the information contained within their site. Details of how to unsubscribe or cancel this service, is available directly from the Checkmyfile website under their T&C’s which states “If you wish to cancel your subscription, please log in and send us a Secure Message at any time, email us, or call us on our Freephone telephone number 0800 086 9360 during normal office hours. In all cases we will provide you with a cancellation reference code in confirmation.”
! THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
What we do
I pride myself on being up to date with regulation, legislation and the economic market. I work to understand your needs, match that to the requirements of lenders, and protect you and your dependants once you have bought your property.
This way, I can help you save time and money in the new world of mortgage advice.
Contact MK Mortgages
Please use the contact form to get in touch. The earlier you start the process the better.
Marc Kavanagh is a non-fee charging, whole of market mortgage adviser, providing advice purely for your benefit.
I cannot recommend Marc and his team highly enough. They helped and supported me throughout the whole process of buying my first home and were always kind and professional.
Marc and Sooz made everything as simple as possible and went above and beyond to help. They were always there for guidance and to answer any questions, which was amazing as I was embarking on a process I had very limited knowledge about. I’m not sure I would have been able to do it without them!
E Brooks
Fantastic experience – Marc and Sooz have been outstanding from start to finish in helping guide me through the complex process of finding a suitable mortgage for a first-time buyer. Marc even helped guide me on what best/worst attributes to look out for when house hunting, and what kind of offers should be pitched to the vendors in the current market.
Other additional services such as mortgage cover were offered, but never pushed – which I appreciated.
Very easy to deal with and get in contact with when needed, professional at all times – Highly recommend MK Mortgages.
C Richards
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