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How confident are you that your existing mortgage is the best for you?
Do you want to reduce your mortgage payments?
Or raise additional finance?
Would you ideally like to do both?
Whatever your answers to these questions, our financial adviser is qualified to make a comprehensive assessment of your personal circumstances, in order to try and come up with a cheaper or more suitable arrangement for you.
- Arrange a further advance with your current lender which in some cases is the most suitable option.
- Help you take stock of your overall needs which can prove even more efficient for you.
As with moving house, it is important to be aware of any costs that might be incurred in re-mortgaging and our adviser will confirm these.
We will keep you updated on the progress of your mortgage application, right up to the day you move.
It is vital that you are made aware of all the potential costs involved in either moving home or re-mortgaging. Once you have moved into your new home, the last thing you want is an unexpected bill.
If you plan to borrow more than 75% of the value of your property, your lender might elect to take additional security known as a Higher Lending Charge. This is an insurance that some lenders will take for their own benefit, which will protect it from serious loss should you default. Lenders will tend to only make this charge to you should you borrow more than 90% of the value of your property and will pay it on your behalf below this. They may also allow you to add it to the mortgage should you not be able to pay it up front.
Some lenders will require a minimum level of deposit to be put down on the house you are buying, typically 5%.
Stamp Duty Land Tax (not applicable on re-mortgages)
This is a tax levied on all property purchases of more than £175,000 and is tiered as follows:
|Property Value Charge|
|£175,001 - £250,000||1%|
|£250,001 - £500,000||3%|
These fees are charged for overseeing the sale and/or purchase of your property, as well as in some cases, re-mortgages. It is worth noting that for re-mortgages, our adviser could find a special product where there are no additional solicitors' fees to pay. Contact us for a quote for conveyancing fees.
There are essentially three different levels of survey available:
- Basic valuation
- Homebuyers report
- Structural survey
Every lender will require a basic valuation on the property. In addition, for your own information and peace of mind, you can elect to have either of the other two reports. Often the cost of doing so can be negotiated with the lender or find you a special product where the cost of the survey is included.
With some mortgages, there are application and/or booking fees. These are usually charged where there is a special fixed or capped rate to be booked and you need to be aware that not every lender will refund the fee should your transaction fall through.
Again, should you be moving house, there will be a cost for hiring a removal company.
We will provide competitive quotes on your home insurance, we have a wide range of policies to suit your needs.