If you are on your lenders SVR (Standard Variable Rate of Interest), you increase your chances of saving money. We will help you compare new products that are available against your current mortgage deal, in order to work out these potential savings for you. If you have any existing equity in your property, a remortgage would also allow you to release some of this money for any purpose. We usually see homeowners using this for things like home improvements.
If you have built up any unsecured debts at any point, you may have the option of taking out a remortgage to cover these debts and pay them off, by increasing the size of your mortgage. This is not something we advise rushing into though, as there are some downsides. We would highly suggest that customers always seek Mortgage Advice in Doncaster before consolidating their debts!
Your initial free remortgage consultation in Doncaster will last approximately one hour. We will then compare a new deal against your current product and recommend the most appropriate deal for your personal needs, with no obligation for you to proceed. It’s then completely up to you to decide whether or not you go ahead with the mortgage.
The fees involved in your remortgage process will be similar to the ones you would’ve had when you started your existing mortgage. Your dedicated Mortgage Advisor in Doncaster will take the time to run through all of the fees with you. They will take these fees into consideration when comparing the savings of the new deal versus your current mortgage.
Your mortgage advisor in Doncaster will carry out a Fact Find to establish your personal mortgage needs, before recommending the most suitable mortgage for your situation. A credit check will then be required in order for you to obtain an Agreement in Principle, which we are able to help with. Once you have provided the lener with all the relevant documentation, and you have had a valuation of the property completed, a formal mortgage offer can then be issued.
You may have the option of taking out a second mortgage on your home for things like debt consolidation or any potential Home Improvements. It may also be possible to take out a mortgage on a second property to use on yourself, for a family member, a holiday home or even a Buy to Let.
If you’ve had credit problems previously, you may still have a chance at getting a mortgage, but you may possibly be required to put down a higher deposit than for the property than you might have if you had with good credit. This can often be 15% of the property purchase price.
You’ll generally be required to send three payslips if you are a standard employee to prove income and the latest 2 years’ accounts for self-employed. You will also need to produce proof of ID, proof of address and the previous 3 months’ bank statements.