Remortgage advice in Liverpool
Your deal is ending, or you want to borrow more, or you're not sure whether to do anything at all. Any of those is a good reason to talk. And I'll say now what I say on the phone: sometimes the honest answer is that you're fine where you are, and if that's the case I'll say so.
When to start
When your fixed or discounted deal ends, your lender moves you onto their standard variable rate. That's the lender's default rate, and it's almost always higher than the deal you were on. So the time to look is four to six months before your deal ends, not after. A new offer usually lasts long enough to line up the switch for the day your deal finishes, so you don't drift onto the variable rate by accident.
Product transfer or remortgage
A product transfer means staying with your current lender and moving onto one of their new deals. It's usually quicker, with less paperwork, and often no valuation or legal work.
A remortgage means moving to a new lender. More paperwork, sometimes more cost up front, but a wider choice.
Which is right depends on what your lender offers you against what's available elsewhere, and on whether anything about your circumstances has changed. I compare both with real figures and give you a straight view, including when the product transfer is the sensible choice.
Borrowing more
People remortgage to borrow more for home improvements, or to consolidate other debts. Both are possible and both need care. Borrowing more against your home means paying interest on it for as long as the mortgage runs, so debt that's cheaper month to month can cost more over the whole term, and it's secured on your home. I'll show you both sides before you decide.
What I'll need from you
Your latest mortgage statement, proof of income, three months of bank statements, photo ID and proof of address. If you've become self-employed since your last mortgage, your tax figures for the last two or three years.
What happens next
A conversation, a look at what your current lender will offer you, a comparison with what's available elsewhere, and a straight recommendation. If you go ahead, my administrator and I run it through to completion, aiming for a written update every Friday. If you're fine where you are, I'll say so, and I'll aim to get in touch again before your next deal ends.
“Ethan Mercer was superb! Always a friendly and professional service and they are always on hand to give advice or provide updates whenever you wish and they will keep you in the loop with applications the whole time.”
Questions people ask about remortgaging
When should I start looking?
Four to six months before your current deal ends. That leaves time to compare, apply, and have the new deal ready for the day the old one finishes.
What's the difference between a product transfer and a remortgage?
A product transfer is a new deal with your current lender. A remortgage moves you to a new lender. One is simpler, the other gives more choice, and the right one depends on the figures.
Can I remortgage to release money from my home?
Often, if affordability allows. What you plan to do with the money matters to the lender, and borrowing more against your home is a long-term cost, so it's a proper conversation rather than a tick box.
Are there fees for remortgaging?
There can be: lender fees, valuation or legal costs on some deals, and my fee. Many deals include some of these. I'll set out the costs I can see before you decide.
I've become self-employed since my last mortgage. Does that change things?
It changes how lenders look at your income, not whether you can remortgage. See the self-employed page, or raise it on the first call.