Are you in search of the ideal mortgage advisor to manage your mortgage? Look no further than Look After My Mortgage, this is where we excel.
A remortgage, this is financial process that involves switching your existing mortgage to a new one, typically with a different lender or under different terms. This strategic move allows homeowners to either secure a better interest rate, reduce monthly mortgage payments. During a remortgage you can do so much more, such as release equity from their property, or even consolidate other debts into their mortgage. A remortgage gives you the opportunity to reevaluate your current mortgage arrangement and potentially save money or better align your financial goals with your mortgage.
Book your free consultation with one of our friendly mortgage experts today.
Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.
Remortgage with additional borrowing for home improvements.
A home improvement remortgage is a smart financial strategy for homeowners looking to enhance the value and comfort of their property. This option allows you to refinance your existing mortgage while simultaneously borrowing additional funds to invest in renovating or upgrading your home. By leveraging the equity you’ve built in your property, you can secure a more favorable interest rate or extended loan term, making it easier to manage the costs associated with home improvements. Whether you’re dreaming of a kitchen remodel, a bathroom renovation, or expanding your living space, a home improvement remortgage provides the means to turn your vision into reality. It’s an effective way to unlock the full potential of your home, increase its market value, and create a more appealing living environment without the need for separate, higher interest rate loans.
Make your house the home of your dreams with a home improvement remortgage today.
Remortgage to consolidate debts
In today’s fast-paced world, managing finances can often feel like a juggling act. With various financial obligations, from mortgage payments, loans to credit card debt, it’s easy to become overwhelmed. However, there’s a financial strategy that can help streamline your payments and potentially save you money in the process: remortgage and debt consolidation.
Debt consolidation is a financial strategy that involves taking out a new loan to pay off multiple existing debts. The goal is to combine all your debts into a single, more manageable loan with a lower interest rate. This simplifies your finances and can potentially reduce your monthly payments.
Speak to one of our debt consolidation experts to see if we can help.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
Product Transfer (Stay with your same lender).
Product Transfer (staying with the same lender):
Our first point of call is going back to your existing lender to see what they can offer you. Your mortgage expert will compare what your existing lender is offering you and compare those deals across the marketplace whilst considering your current requirements.
May Not Secure the Best Rates: You might not get the most competitive interest rates or terms available if you stay with your current lender, this because your options are limited to what your current lender provides.
Simplicity and Speed: Product transfers are quicker and involve less paperwork than remortgaging because you are not switching lenders.
Could be costly: You might not be able to reduce your mortgage term, costing you thousands in additional interest payments.
Repay your help to buy equity loan.
Look After My Mortgage was never keen on the help to buy government loan scheme.
The Help to Buy government loan scheme was launched in 2013 to help first-time buyers get on the property ladder. With a 20% government loan, buyers could take out a 75% mortgage and needed only a 5% deposit, making the savings journey much quicker. Unfortunately, not many lenders offer this type of mortgage these days, with the scheme due to expire in March 2023. There are also a number of legal hoops to jump through if you’re looking to re-mortgage.
Property prices on the increase it might be a great idea to redeem your help to buy loan.
We have a team of experts and work with all lenders to help find the most suitable solution for you.
Speak to one our advisors to see if we can give you the right financial advice.
Reviews
Anesh has been the best broker I have ever had the pleasure of meeting. Anesh is timely, efficient, polite and respectful, a professional indeed! I will be coming back to Anesh to resolve all my property related purchases and hopefully this will be a long term business relationship! Couldn’t recommend Anesh enough!
I had 3 days before my mortgage rolled onto the variable standard rates. I called Anesh to help me out. Anesh made time for me out of working hours and helped me secure my mortgage renewal by going through the application and secured a good rate for me. I couldn’t vouch enough for Anesh. A good family man who cares about his client base as well and everything is very honest and upfront.
As things do in life I found Anesh through word of mouth from other happy clients who also happen to know me , Anesh made me feel safe and confident in the whole process right off the back , he took time to explain the process and ease my concerns , he took all the hassle out of the paper work to the point of it being stress free , even after the offer of Morgage he has remained invested in the process and is often at the end of the phone when I need advise or guidance in other steps of the process, Anesh thank you for the amazing work you do
I honestly cannot recommend Anesh enough, he works endlessly around the clock to make sure your every need is met. So quick and good at what he does. Never pushey, always gives you plenty of options and as much information as possible. Not only for your mortgage but for all your financial needs. So positive and has a smile on his face every time. I’m pleased he isn’t just a one off service, he’s an ongoing helper and builds a great relationship!
Anesh has been a great mortgage advisor to us! Nothing seemed too much trouble at all for him. He gave his honest opinion on things and have helped me and my partner become first time buyers. Muchly appreciated all his help. Great communication and service.
FAQs
Should I stay with the same lender (Product Transfer) of Remortgage to a new lender?
A remortgage and a product transfer are two distinct options available to homeowners looking to change or renegotiate their current mortgage arrangements. Here’s a comparison of the two:
Remortgage:
Changing Lenders: When you remortgage, you switch your existing mortgage to a new lender. This means you may be able to secure a better interest rate, more favorable terms, or access additional funds.
Opportunity for Savings: Remortgaging can be an opportunity to save money by obtaining a lower interest rate, potentially reducing your monthly mortgage payments.
Release Equity: It allows you to release equity from your property, which can be used for various purposes like home improvements, debt consolidation, or investments.
Reassessing Your Mortgage: A remortgage allows you to reassess your mortgage needs and align them with your current financial situation and goals.
Product Transfer:
Staying with Your Current Lender: A product transfer involves staying with your existing mortgage lender and selecting a new mortgage product or deal that they offer.
Simplicity and Speed: Product transfers are generally quicker and involve less paperwork than remortgaging because you are not switching lenders.
Limited to Existing Lender’s Offerings: You are limited to the mortgage products offered by your current lender, so you may not have access to as wide a range of options as you would with a remortgage.
May Not Secure the Best Rates: You might not get the most competitive interest rates or terms available in the market because your options are limited to what your current lender provides.
In summary, the choice between a remortgage and a product transfer depends on your specific financial goals and circumstances. A remortgage offers more flexibility and potentially greater savings, but it involves switching lenders and can be more time-consuming. A product transfer is simpler and faster but may not provide the best possible terms and options. It’s essential to carefully evaluate your needs and consult with our mortgage experts to determine which option is best for you.
What are the benefits of a first-time home buyer mortgage in Lincoln?
The benefits of a first-time home buyer mortgage in Lincoln include lower down payment requirements, more favourable interest rates, and reduced closing costs.
How do I compare first-time home buyer mortgage rates in Lincoln?
How do I compare first-time home buyer mortgage rates in Lincoln? A: You can compare first-time home buyer mortgage rates in Lincoln by using an online mortgage comparison tool or working with a local mortgage broker. Be sure to compare rates and terms from multiple lenders to find the best deal for your needs.
What mortgage products do you offer?
Fixed-Rate Mortgage: With a fixed-rate mortgage, the interest rate remains constant for a predetermined period, typically 2, 3, 5, or 10 years. This provides stability in monthly repayments, making it easier to budget.
Variable-Rate Mortgage: Also known as a tracker mortgage, the interest rate on this type of mortgage is linked to the Bank of England’s base rate or another benchmark rate. As the benchmark rate changes, your mortgage rate and monthly payments will fluctuate accordingly.
Standard Variable Rate (SVR) Mortgage: SVR mortgages are the lender’s default rates and are usually higher than fixed or tracker rates. Borrowers are placed on the SVR when their initial fixed or tracker rate period ends. While rates can change at the lender’s discretion, they can be more flexible than fixed-rate terms.
Discounted Rate Mortgage: These mortgages offer a discount on the lender’s SVR for a specified period. For example, you might receive a 2% discount on the SVR for the first two years of the mortgage.
Capped Rate Mortgage: Capped rate mortgages have an interest rate that can fluctuate but is capped at a maximum level. This provides some protection against rising interest rates while allowing for potential rate decreases.
Offset Mortgage: An offset mortgage links your savings and current account balances to your mortgage. The amount of interest you pay is calculated based on the mortgage balance minus your savings. This can help reduce the amount of interest paid and shorten the mortgage term.
Interest-Only Mortgage: With an interest-only mortgage, you only pay the interest on the loan each month. The principal balance remains unchanged. These mortgages are often used in conjunction with an investment plan to repay the principal at the end of the term.
Buy-to-Let Mortgage: Designed for those who want to purchase property for rental purposes, buy-to-let mortgages have specific criteria and typically require a larger deposit than standard mortgages.
Help to Buy Mortgage: These government-backed schemes aim to assist first-time buyers by offering low-deposit mortgage options. The Help to Buy Equity Loan and Help to Buy ISA are two common programs.
Self-Build Mortgage: These mortgages are for individuals looking to build their own homes. Funds are released in stages as the construction progresses.
Adverse Credit Mortgage: These mortgages are for individuals with a less-than-perfect credit history. They often come with higher interest rates due to the increased risk to lenders.
Flexible Mortgage: Flexible mortgages offer features like overpayments, underpayments, and payment holidays, allowing borrowers to adapt their repayments to their financial situation.
It’s important to note that mortgage availability and terms can change over time and may vary between lenders. Additionally, eligibility for these mortgage products depends on factors such as your credit score, income, and the amount of deposit you can provide. It’s advisable to consult with a mortgage advisor or broker to find the most suitable mortgage product for your specific circumstances.
