18-03-2020

With changing circumstance come changing mortgage needs – A remortgage generally takes around 4 weeks.

With the majority of the population now working from home and children being home schooled you may find you think about your property a bit more and subsequently the finance which pays for it. 

Looking at a remortgage may help in a variety of ways. People can be very proactive about negotiating their energy contracts and car insurance but making sure you regularly review your mortgage will ensure that your largest household expense is always the most cost effective for you. 

A remortgage is not a complex process.

We will speak with you and ascertain what is most important to you going forward.  We then research the market for you and come back to you with options. If you like an option we collect supporting paperwork, provide you with a formal recommendation and if you are happy to proceed we submit everything for you. 

Fox Davidson are able to work remotely.  We have a secure client portal which paperwork can be uploaded to. We work via phone and email and liaise with the lender in the same manner. Therefore from enquiry to completion there is no reason to leave your home. 

Remortgages are a great way to review your objectives and make changes to your mortgage which could benefit you going forward. These may include:

Borrowing more money.

  • Maybe you would like to build a home office, redecorate, buy a car, take a holiday, consolidate some debt, purchase a second property. All this is fine. Lenders can lend for most reasons.  

Changing the repayment type.

  • It is still possible to get an interest only mortgage as long as you earn over £50,000 per year and have more than £250,000 equity in your property. This is higher risk lending and we may see lenders retract their criteria when it comes to interest only however at present interest only is an option for some homeowners. 

Changing the mortgage term

  • Lengthening or shortening your mortgage term can have a noticeable effect on monthly repayments. Lenders can typically lend up to age 70, some may go to age 75 and we even have some lenders who can look at age 80+.

Making a capital lump sum repayment into your mortgage.

  • With savings rates at record lows it may be more sensible to clear part of your mortgage. We can even remortgage you onto an offset product which allows you to pay savings into an offset account and have access to them in the future if needed.

A remortgage generally takes around 4 weeks to process from application to completion. It is also a legal process so a solicitor is involved. Generally we can source products which have a cashback element to cover the legal costs for this work.  

As we are all now going to be at home a lot more for the foreseeable future now could be the perfect time to make sure the finance on your home is working for you and as competitive as it can be. 

For a free no obligation chat contact the team at Fox Davidson.