Most people look to re-mortgage because their current fixed rate is ending and want to avoid falling onto a Standard Variable Rate, but there are lots of other reasons you might be looking for a new product; raising capital, changing mortgage type or term or simply to lock down payments for a period of time, typically 2, 3, 5 or more years.
We all shop around for the best energy or insurance deals so as your Brokers we will be shopping around for the best mortgage deal. While we would hope to find you a cheaper deal, the mortgage market has changed significantly in recent months so while your new mortgage might be more expensive than the current one, we will ensure its still the best product available for you at this time.
Some things to consider are whether you would be incurring and Early Replacement Charge on your current mortgage. Remember the lower your LTV (Loan to Value) the more mortgage deals that are normally available to you. You can work out your LTV by dividing your outstanding mortgage balance with your property’s current value.
Re-mortgaging can be tough if you have a less than perfect credit history which is why its important to work with brokers who understand the market and which lenders to place clients with, so don’t panic your in good hands.
Contractors and Self Employed sometimes find it harder to access the right mortgages, but rest assured Breakthrough advisors have the experience to help with these situations.