Before you decide to re-mortgage it is essential that you factor in the many associated costs and fees to work out if it is worth your while to proceed. These will include:
Once you have decided to proceed with a re-mortgage, you will need to find a new deal. There are a number of packages available on the market, so you are best advised to shop around in order to find the best rates and most favourable terms. Many experts recommend that you start to look at least three to four months before you wish to complete, although it is also a good idea to approach your current lender to see if they will match terms on a chosen deal as this could potentially save you time, money and hassle. Aside from questions of affordability, you will need to consider whether you want a fixed rate, tracker, discount or offset and current account mortgage.
Any of these options will offer both pros and cons (according to circumstances), so you should consider speaking to an independent mortgage adviser like Charles Louis to help make your decision. Once you have found a new deal, you will then need to complete an application form. This will be subjected to a credit check and will usually require documented evidence of earnings. As before, an adviser would be a useful ally to have at this stage. Once the application is approved by the lender it will issue a formal mortgage offer and hand all required paperwork, including the terms and conditions, to your solicitor.
“Our experience of Charles Louis, from start to finish, was fantastic. Zoe seemed to know everything you could possibly need to know about the house (including all the neighbours!) when we first viewed it with her and was very accommodating when we asked for a second viewing the very next day! Our experience up until that point was that we often felt rushed when viewing a property or told to ‘call the office’ if we had a question.
Once we had our offer accepted, I found James to be very responsive and I was never left waiting if I emailed or text across a quick query throughout the process. Having a named person who I could just ring whenever was a massive win and removed much of the stress – I never once had to explain who I was or why I was ringing – it felt like a very personalised service. Having just moved to Ramsbottom we have already recommended them to a few people!”Robert Cregeen
Whole Market Access