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Before your fixed term mortgage is coming to an end, an option can be to consider looking to Remortgage, whether you are looking to secure a better deal or release some equity from your property. Our Mortgage Advisors in Lincoln will take a look at what options are available.
Customers who previously went through us to obtain their mortgage will get sent a reminder around 6 months before your fixed term ends. We chose 6 months because we felt it’s best to prepare in advance and look at your options. When your fixed term ends, you will be put onto your lender’s standard variable rate (SVR) of interest, where you will usually see your mortgage payments increase.
At this point, many people consider to raise capital at the time of Remortgage. This can also be referred to as releasing equity. Some people will look to raise capital to fund large purchases such as home improvements or consolidate unsecured debts.
We always recommend seeking professional mortgage advice before securing any debts against your home.
We are entirely open and honest when it comes to Mortgage Advice in Lincoln. For example, if we cannot find you a better deal and the best solution is to stay with your current lender, then that’s what we will advise.
We can search through thousands of Remortgage products to find you the most suitable deal for your circumstances. All our customers who get in touch will receive a free Remortgage consultation.
Usually, when your mortgage’s initial fixed period is due to end, your option can be to look at Remortgaging. Otherwise, you will be automatically switched onto your lenders’ standard variable rate of interest (SVR).
The interest rate is usually higher than your initial fixed period, so, your monthly mortgage payments will increase. Hence this is why it’s a popular time to look at Remortgage Advice in Lincoln.
Its always best to give yourself plenty of time to go through your options and get your new mortgage deal processed. Typically, this is 3-6 months prior to your fixed rate ending.
We have worked with many customers to release equity from their homes in order to fund home improvements. These improvements can vary from a home extension, a new kitchen, or a conversion to add more loft space.
If you would like to look at your options to release an amount of equity to fund any new home developments, such as an extension. Some lenders may ask you to provide them with quotations for the work.
Consolidating unsecured debts into your mortgage might decrease your outgoings into one affordable monthly payment.
However, you will be extending this debt over your mortgage term and will end up paying more further down the line. There are many factors to take into account when considering debt consolidation.
Therefore, we highly recommend that you speak to a Mortgage Broker in Lincoln before securing any debt against your home.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
Suppose you co-own a property in Lincoln. If you want to remove a name, you will need to remortgage for this to work.
Even if you are remaining with your existing lender, the process is the same. The lender needs to know that whoever stays on the mortgage is creditworthy and can afford the mortgage payments.
For more information, please visit our Remortgage guides section of the website to learn more about this topic.
We offer a free Remortgage consultation in Lincoln for all new/existing customers. Our team are available 7 days a week, working around the clock, ensuring that we have availability at a time that suits your schedule.
If you want to release equity via a Remortgage or find yourself a better deal, one of our dedicated mortgage advisors in Lincoln will look at your options to find you the most suitable deal.
We can search through 1000’s of Remortgage products to find you the best deal for your circumstances.
Helping customers achieve their Remortgage goals is the heart of this company. Here at Lincolnmoneyman, we offer open and honest Mortgage Advice in Lincoln. Please feel free to read our genuine customer reviews.
4.99 Rating91 Reviews
Andrew
Very helpful and efficient
Michael
Had the good fortune of having Louise H handling our mortgage/sale and she was fantastic throughout. Often filling gaps in communication from our solicitor and regularly engaged from start to finish.
Gordon
I used Lincolnmoneyman when the Nationwide seriously let me down with their offer of a mortgage. Dan Osman was immediately helpful and explained the system and facilitated the set up of our equity release mortgage. With the help of his assistant...
Jordan
‘Great service as usual’
Justin
Daniel was so helpful, he gave us several options despite the worst time to change mortgages! We highly recommend them.
Gareth
Chris and Debbie provided an excellent customer service and their knowledge and expertise in the Specialist lending market was second to none. Both have an easy, friendly manner and they went more than the extra mile to ensure our dream home became...
Kirsty
Myself and my fiance would absolutely recommend this company to anyone! Charlie and Lyndsey have been amazing from day one. Understand how nervous we were as first time buyers and have communicated with us every step of the way. We genuinely...
Shona
Fantastic and professional all the way through helpful when needing questions answered and gave great advice will definitely use again and recommend to everyone
Francesca
Matt and Debbie were both great. Matt was my advisor and was extremely thorough and rapid, particularly given the challenging climate of rising interest rates. Debbie was my case manager, she was friendly and approachable and helped me with my many...
Rosie
This is the second time we have used money man mortgage brokers. We never have any issues with them, keep you up to date with all issues, assist in any way they can and have friendly staff who are always there if needed. We will definitely use...
Charlotte
Great! Really friendly and very knowledgeable!
Caitlin
As first time buyers, my partner and I were completely clueless on what we needed to do however after talking to Tom, we have felt fully supported throughout the whole process and couldn’t be more grateful for his help with all our questions and...
Louise
Excellent service from Charlie at Lincolnmoneyman, thorough and prompt in collecting all information to look at deals, and coming back with recommendations for remortgage. Great Communication, and supported by a great processing team, our...
Mark
Both Kayleigh and Malcolm were extremely helpful. They made the mortgage application process stress free, kept us up to date throughout, and got us a better mortgage rate than we could have got ourselves.
Helen
Dan has been fantastic! Knowledgeable, personable and reliable! I have really valued his help. He made the process nice and easy. Thanks
Anonymous
We have found the service provided excellent. We have been communicated with all the way through the process and in a timely manner. Thank you again for all your assistance.
Alexander
Lincolnmoneyman have done a fantastic job of helping us to find and secure a suitable mortgage for us to buy our first home. Always on hand to give professional advice and quick to get back to you with any answers to our queries. Would recommend...
Arber
Great service
Dale
Really pleased with the service provided. Two main contacts were brilliant and kept me informed every step of the way.
Mark
Brilliant service from start to finish, easy to deal with, very helpful. Highly recommended. Thank you.
You may increase your chances of saving money if you are on your lenders Standard Variable Rate of Interest (SVR). We will compare these new products available against your existing deal, in order to work out what your savings may actually be. If you have equity in your property, a remortgage would also give you the chance to release some of this money if you need to use it for something. Usually, we see homeowners use this for things like home improvements.
You may have the option remortgage and increase the size of your mortgage in order to pay off any unsecured debts you may have gathered over time. Please do not rush into this though as there are some negatives to doing this. We recommend that customers should always seek Mortgage Advice in Lincoln before looking at consolidating debts!
Your initial free remortgage consultation in Lincoln will last approximately 60 minutes. We will then compare a new deal vs your current product and recommend the most appropriate one for your personal and financial circumstances, with no obligation to proceed if it is not for you.
The fees involved with remortgaging will be similar to when you started your current mortgage. Even still, your dedicated Mortgage Advisor in Lincoln will run through all of these fees with you. They will take these into consideration when comparing the savings of the new deal vs your existing mortgage.
As a dedicated and experienced mortgage broker in Lincoln, we work on your behalf. We will carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for your circumstances. A credit check will then be required for you to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued to you by the lender.
It may be possible to get a second mortgage on your home if you’re looking to do Debt Consolidation or Home Improvements. You may also find that it’s possible to take out a mortgage on a second property if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.
If you have had any type of credit problems in the past, you can still get a mortgage but you may possibly be required to put down a higher deposit than expected, perhaps 15% of the properties purchase price.
It’s usually three payslips that a lender will need to see for an employee to prove income and the latest 2 years’ accounts for Self Employed. You will also need to produce proof of ID, address and the last 3 months’ bank statements.
An initial telephone call where we take some details and look at your Remortgage plan.
A discussion about your personal requirements. You already own the property this time around, you can avoid the property chain!
We will search and compare 1000s of products to find you the most appropriate deal.
Application stage - We'll ensure everything goes smoothly with the lender. You'll have our support from your initial contact right through to when your remortgage process has completed.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
