Remortgaging
If you already have a mortgage and if your current deal is coming to an end, or you are on your lenders standard variable rate Bluebell Mortgages can help you to locate the most appropriate deal for your requirements.
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Why remortgage?
There are many reasons to remortgage…
- To save money, rising property prices may mean that you will now be in a lower loan to value tier, meaning you own a greater % of your house. This means that lenders will offer you a better rate of interest due to the lower risk involved.
- Reduce your mortgage term, one of the more effective ways to save interest on a mortgage is by reducing its term.
- To carry out home improvements, such as extensions or alterations to the kitchen or bathroom. Remortgaging could be a way to make your renovation dreams a reality.
- Debt consolidation, paying off nagging debts or credit cards that just don’t seem to ever go away. However, caution needs to be employed before entering into any debt consolidation mortgage. At Bluebell Mortgages, we compare the overall cost of your current mortgage and loans/credit cards with the costs of the new deal so that you know the cost implications over the long term. (e.g. extending the term is likely to incur greater interest over the period of the mortgage) Think carefully before securing any other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage.
- Divorce, many people going through a divorce or splitting from a partner are keen to retain their house, particularly where children are involved. They are many options for those wishing to take on a mortgage in their own name and pay off their current partner.
- Buying a car/boat or other luxury item, raising funds to do this via your house could potentially offer you much lower rates than financing the item directly.
- Buying an investment property, many people look to property to bolster their pension pot, and their current main residence can be a good source of funds to buy an investment property outright or supply a deposit. (please see our Buy to let page for further information)
- Buying a student let or property for your child if they are going to university
- Provide children with a deposit for their first house, generally with the rises in property prices over the last few years, parents potentially have the ability to raise a deposit for their children, allowing them to get onto the housing ladder. (If you are an older borrower age 55 plus we offer advice on Lifetime Mortgages please see our page for more information)
Where do I start?
You need to understand your borrowing capacity as well as what your repayments are likely to be.
Check your current position, work out what you owe to your current lender and your current interest rate, monthly payments and if you have any penalties for clearing the loan before a certain date. (known as ERC’s or Early Repayment Charges)
Even If you have early repayment charges we recommend starting the process up to 6 months in advance to allow plenty of time for discussion, collating documents and arranging the switch.
Find out what you can borrow so that you understand your borrowing capacity as well as what your repayments are likely to be.
The amount you can borrow, is not just based on a multiple of your income, lenders have become much more sophisticated in recent years and most now have complex affordability models that take account of your specific circumstances.
We are all different and so are our finances, lenders need to understand your lifestyle so that they can work out the size of loan to give you.
Lenders will ask questions to work this out. They will analyse your income, if you pay your debts back on time and other elements such as your Age and your Commitments will also be taken into account.
Amount of equity
The amount of money you have built up in your property has a bearing on how much a lender will lend you. Generally, the amount your property is worth less the amount outstanding on your current mortgage will be the amount of equity you own. This will effectively become the deposit element of any new mortgage. As part of our mortgage assessment we will carry out an online valuation of your house to gain an idea of your likely equity and how this affects your borrowing capacity and mortgage deal.
Once we have worked out your income, commitments, likely credit score, deposit and how long we are able to borrow the money for we can then work out the the most appropriate mortgage deal and terms for you.
What about my Current Lender?
As well as checking the for the most suitable deals we will also compare this to what your current lender will offer you.
We will advise you of your options by assessing your individual needs and circumstances, if your current lender is the right option we will tell you this and can also complete the product switch for you. Staying with your current lender can have some advantages and if we go down this route we will not charge you a fee.
How can we do this? The lender does not require any further documentation from us such as payslips/bank statements etc and so the process can be much quicker. Saving this time allows us to pass the saving onto you.
Bluebell mortgages will then handle the whole remortgage process for you every step of the way.
We will aim to:
- Complete all the required paperwork on your behalf
- Submit your application to the lender
- Answers any question or queries that may arise.
- Liaise with the lenders and their solicitors until things have completed and you have your money.
- Place you into our review system so that you can forget about your mortgage and let us help to keep things running efficiently for you.
Contact Bluebell Mortgages today to see what your Remortgage options are.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Have questions? Call us on 01473 213312
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