Our team can take all the hassle out of remortgaging and we pride ourselves on finding you a better deal. In fact, we recommend that everyone should review their current arrangements from time to time to ensure they are still on the best possible mortgage deal.
If your current mortgage deal is about to come to an end, it’s important to start shopping around for a new offer before you get transferred onto your lender’s standard variable rate (SVR) – this could be higher than your current rate and end up costing you more than you need to pay.
“I NEVER KNEW RE-MORTGAGING COULD BE SO EASY AND QUICK, AN ABSOLUTE PLEASURE.”
REDUCING YOUR MONTHLY MORTGAGE PAYMENTS
Most of our customers consider changing their lender at the end of their fixed/discounted mortgage term to take advantage of a better deal. Some lenders even offer to contribute to the costs and you may save more over time with a lower interest rate. It’s important to check if early repayment charges are applicable with your current lender before moving your mortgage, although sometimes it can be worth switching to save money over the long term. When you take out a mortgage with us, we will be in touch 3-4 months before your current mortgage expires to arrange a review and advise you on all your mortgage options.
Extending or improving your home can be a very cost effective option instead of moving house or upsizing, with all the expense and upheaval that it can create. If you need to raise funds for an extension or another project, we can advise you on the best possible solution. This could be in the form of a secured loan, remortgage or a further advance from your existing lender. We will also advise you on the costs involved in doing this and how we can help you save some money.
You may want to reduce your monthly outgoings by consolidating your debts into a single affordable monthly payment. If so, we can review your finances and make suitable recommendations for a secured loan or further advance on your existing mortgage. When consolidating debt, a reduction in monthly payments is likely to mean an increase in the debt and overall term of your new loan arrangements. We will discuss all this with you and give you all the information you need to make that decision based both on what you can afford now and what you need to pay in the longer term.
Step 1 – Review your circumstances
Our lifestyles and financial circumstances are ever changing. What might have been the right kind of deal for you a couple of years ago might not be right for you now. Sometimes remortgaging is not about saving money, it could be that you want to reduce your monthly repayments or it could be that you need more flexibility.
So it’s a great idea to take advantage of our free, no obligation consultations and book an appointment with one our experts who can work out whether remortgaging is the right thing for you to do. Our specialists will take into account your objectives and circumstances along with details of your current mortgage and then explain the next steps if you decide to make some changes.
Step 2 – Compare the costs
Remortgaging may involve getting a better deal from your current lender, or it may mean changing lenders if we can find you more competitive options elsewhere. The main thing to bear in mind is you should not necessarily be put off if you have to pay an early repayment charge or fee as it could still work out cheaper over the longer term.
Our advisers can search thousands of mortgage deals to find the best deal for you and compare the monthly fees with what you currently pay, together with any fees you might need to pay up front to move. We will do all the maths and number crunching for you to figure out your next move.
Step 3 – Complete the paperwork
Once we have established whether remortgaging is worthwhile, the Leap Finance team of advisers will take care of the whole process for you, ensuring your mortgage application is completed and presented correctly to avoid potential delays or disappointment.
Step 4 – Approval Process
The approval process will differ depending on the lender and the type of mortgage for which you are applying. The initial stage will involve the lender assessing your application, carrying out credit checks and in some cases undertaking a credit score.
Step 5 – Property Valuation
When the application has first stage approval, the lender will arrange for your property to be valued to ensure it is suitable security for your mortgage. During the initial approval process your solicitor will get involved in fact finding activity, requesting property title deeds and details of the freeholder if the property is leasehold, as well as carrying out any searches.
Step 6 – Mortgage offer and completion
Once the lender is happy with the valuation, references and credit checks, you will receive a formal offer in writing. However, your adviser’s help and advice does not stop there. Over time your needs and priorities will change, and so they will keep in regular contact to ensure the mortgage and protection you have in place continues to meet with your own individual requirements.