To secure the very best deal on a mortgage, whether it’s your first mortgage or you are considering remortgaging, the surefire way to success is to use an expert mortgage broker.
With any lending arrangement, however, you must find an advisor that can accommodate your specific needs and requirements.
In this comprehensive guide, we’ll talk you through the refinancing process and explain how Loan Corp can assist, including how we can secure the best deals and rates for your remortgage.
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What Does It Mean To Refinance A House?
But first, let’s briefly talk about what refinancing a property means. Refinancing refers to taking out a new mortgage loan, which will pay off the debt you still owe on your existing mortgage.
You can do this through your existing lender (known as a product transfer or switch) or with a new provider.
Reasons to remortgage
Although people decide to remortgage mainly to save money, there are many other reasons why it should be considered.
These often include:
- Wanting to pay off a sizable portion of your mortgage: If, for example, you have had a large bonus at work or inherited money, injecting this amount into a mortgage, you can borrow less and receive a better mortgage rate.
- Wanting to borrow money: If you want to purchase a new car or carry out some long overdue extensions, remortgaging can often be a cheaper way to borrow money.
- Your home has increased in value: When your home’s value has grown since you took out your free mortgage, there is often a home for a lower interest rate.
- You’ve had a separation: If you have gone through a separation and divorce, you may decide to stay on the property. In this case, one possible option is to buy them out by remortgaging.
How Can Mortgage Brokers Help You?
Below is a quick look at just some of the ways mortgage brokers can help with their services:
- They have a comprehensive understanding and working knowledge of the current mortgage market and market trends.
- Brokers understand and have access to a wide range of appropriate mortgage lenders.
- They can thoroughly analyse your entire financial situation and advise their clients accordingly regarding a mortgage application.
- They can lower many clients’ risk of rejection.
- They can help you explore deals that aren’t available to the general public.
- Mortgage brokers have direct and longstanding relationships with lenders on both a local and national level.
- They also have specialist resources to help those with a bad credit rating.
The Benefits Of Using A Broker When It Comes To Remortgaging
There are lots of benefits to using an independent mortgage adviser. Here are five reasons why you should consider a specialist broker, such as Loan Corp:
Save you money
First and foremost, a broker could save you more serious money on your remortgaging. That’s because they have access to many deals not openly advertised for the public and have built relationships with numerous lenders over the years. Therefore, they know exactly where to look to get you the best deals.
Save you time
The best mortgage brokers will consider all your circumstances, so you have the advantage of being chosen by the suitable lenders.
Wider access to more mortgages
When you go direct to a lender, you’ll only be privy to their range of products. When you come to a mortgage adviser, however, they’ll show you lots of options from various lenders so that you won’t be short of choices.
You get the right advice
Mortgage advisers, by law, must be fully qualified to deliver the best advice on mortgages and are answerable to the Financial Ombudsman Service if a customer is unhappy. They have a duty of care to provide high-quality advice rather than advice that will gain their commission.
The paperwork is taken care of
There’s a lot of paperwork and market jargon when it comes to finding the best mortgage or remortgage deal. Using a mortgage broker means you are free from the worry and stress of organising and completing it. Mortgage brokers do all this leg work to make the process as smooth and seamless as possible.
Remortgaging And Bad Credit
Bad credit happens to many people for a variety of reasons. And it shouldn’t have to stop you from remortgaging.
If you have a less-than-ideal credit score, don’t fret. The best mortgage brokers will still be able to show you other options and introduce you to lenders who can provide you with the right mortgage deal, regardless of a negative credit score.
How Loan Corp Can Help You Through The Refinancing Process
As one of the country’s leading mortgage brokers, Loan Corp is the mortgage broker that can find you a host of reduced rates and fees. This is because we have access to mortgage options that aren’t always available on the high street, giving you the best chance of securing a deal that will allow you to potentially save lots of money in the long run.
And with a Cost of Living Crisis, who couldn’t do with a few more pennies in their back pocket?
We work as the middleman to negotiate the best deals for you based on your circumstances and financial position, thanks to our expert knowledge and comprehensive understanding of the mortgage application process, including remortgaging.
Contact Loan Corp today to learn more about how we can help you.
What’s the first step to remortgaging?
There’s a lot to deal with when it comes to remortgaging. From market jargon, new terms and conditions, rates and a whole variety of options available, it can be confusing if you don’t fully understand the mortgage process.
That’s why it’s worth speaking to a reputable mortgage broker such as Loan Corp, who have the experience and know-how to help you dissect the jargon and you secure the very best remortgage deal.
What paperwork will I need to remortgage?
When availing of a new mortgage deal and switching your lender, you’ll need to provide evidence of your personal details, employment, income and any savings you might have. Have 3 of your most recent wage slips and bank statements, alongside your P60 and proof of ID. Often, you’ll also have to be on the electoral register, too.
How long does the process of remortgaging take?
If your current mortgage term is coming to an end, you’ll need to leave plenty of time to remortgage.
While the process usually takes no more than four weeks, it can take as long as two months. You must leave your broker a lot of time to research and shop around to find the perfect deal.
Can I stay with the same lender?
Yes, you can, but it’s not always considered the best choice.
Deciding to stay with the same lender with whom you took out your original mortgage will mean that you may not be subject to a credit check as you have always proved to them that you can keep up with repayments.
It can also save time as your current lender will already have all your details to hand and know you. Therefore, sticking with them is generally more straightforward. But, you likely won’t get the best deal for you as plenty of competitive remortgage products are available.
Remortgaging can be a tense and stressful time for many individuals, but it needn’t be.
Having an expert mortgage broker on your side allows for peace of mind, knowing you are in the capable hands of a mortgage broker like Loan Corp, who will see you through the process and match you with the perfect lender.
Contact us now at Loan Corp as we are expert remortage brokers who can get you the best deals and rates.