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How Soon Can You Remortgage in London Before Fixed Rate Ends?

Ensuring a seamless transition to a new mortgage deal in London is all about timing, especially when your fixed-rate mortgage deal is approaching its end.

Our recommendation is to kick-start the remortgaging process about six months before your current mortgage arrangement concludes. This strategic approach aims to minimise potential financial disruptions and maintain your stability.

Understanding Fixed-Rate Mortgages in London

Before delving into the timing considerations, let’s clarify the concept of a fixed-rate mortgage. This mortgage type provides a stable interest rate over a predetermined period, usually spanning 2 to 5 years, offering borrowers financial predictability for budget management.

Can You Remortgage in London During a Fixed-Rate Term?

Remortgaging in London during a fixed-rate period is possible, but certain factors need consideration:

Early Repayment Charges (ERCs)

Fixed-rate mortgage agreements often entail Early Repayment Charges (ERCs), levied when you repay or remortgage before the fixed-rate period concludes.

These charges, usually a percentage of the remaining balance, decrease as you approach the term’s end, making remortgaging more financially viable.

Timing Matters

To mitigate ERCs, many opt to remortgage in the later phases of their fixed-rate period, aligning with the suggested six-month timeframe.

As the fixed term nears conclusion, ERCs tend to decrease, easing the financial burden of remortgaging. However, planning is important to ensure a smooth transition.

Lender Policies

Lenders have varying policies on remortgaging within a fixed-rate period. Some permit initiation 6 months before the term concludes, while others may have different timeframes. Understanding your lender’s terms is key for a well-timed remortgaging process.

Market Conditions

Keep an eye on current mortgage market conditions. If interest rates have significantly decreased since your fixed-rate mortgage inception, early remortgaging in London, despite ERCs, might be financially beneficial. Potential savings from lower rates could outweigh ERC costs.

Remortgaging Benefits in London

Remortgaging amid a fixed-rate period offers compelling advantages. Securing a lower interest rate on a new deal can lead to tangible monthly savings, appealing to homeowners. Additionally, renegotiating terms provides flexibility to align the mortgage with evolving financial goals.

The Remortgaging Process in London

Initiating the application involves submitting necessary financial documentation, and a property valuation is arranged by the lender.

Following lender approval, your existing mortgage is settled, and the new terms take effect. This ensures a smooth transition, potentially offering benefits like lower rates or improved flexibility.

Seeking Professional Mortgage Advice in London

Remortgaging is a nuanced process with significant financial implications. Consulting a qualified mortgage advisor is highly advisable. Their expertise provides invaluable guidance, ensuring well-informed decisions.

Timing your remortgage approximately six months before your fixed-rate deal concludes is a strategic move, aiming for a smooth transition while minimising ERC impact. Seeking remortgage advice in London enhances the process, ensuring both seamlessness and financial advantage.

The Different Types of Remortgage Available in London

Navigating the complex mortgage landscape, especially in the context of remortgaging, can be challenging. In London, there are 10 distinct types of remortgages, each tailored to address specific financial needs and circumstances.

To make well-informed decisions that align with your unique situation, consulting with a trusted mortgage broker in London is crucial.

Leveraging our expertise, we can guide you through the array of remortgage options, helping you in selecting the most suitable path based on your individual financial circumstances.

Remortgage for a Better Deal

As your current fixed-rate deal nears its conclusion with less than six months remaining, seizing the opportunity to secure a new mortgage deal is prudent.

Our team can meticulously evaluate the various options available to you, including scrutinising any product transfer mortgage deals that may be presented. This approach can ultimately save you both time and money.

Capital Raising Remortgage  

Opting to release equity through a remortgage in London provides the flexibility to secure additional funds for various legitimate purposes. This may involve making purchases, providing financial support for family members entering the property market, acquiring a buy to let property, or consolidating debt.

Our service entails a thorough comparison of any additional advance mortgage offers from your current lender with those available from alternative lenders. The goal is to identify the most advantageous option tailored to your specific needs.

It’s crucial to bear in mind that a remortgage involves paying interest over an extended period. Therefore, ensuring that the funds are borrowed for valid and prudent reasons is essential.

Making well-informed decisions regarding the reasons for borrowing is key, considering the long-term impact on your financial well-being.

Remortgage for Home Improvements

Considering home upgrades? Remortgaging for home improvements presents a viable option. Investing in your home can yield substantial returns, with certain enhancements like extensions or loft conversions adding value to your property.

Over time, kitchens and bathrooms may show signs of aging, and remortgaging provides a means to finance both cosmetic upgrades and structural modifications. In cases where the borrowed amount is significant, the lender may request estimates for the planned works.

It’s important to note that you are not obligated to choose the contractor who provided the estimate to carry out the actual renovations. Interestingly, some individuals choose to borrow for home improvements even without expecting an immediate increase in the property’s value.

This is particularly common for those settled in their “forever home.” If your financial capacity allows, there’s no drawback to borrowing for this purpose.

Debt Consolidation Remortgage

Venturing into debt consolidation through remortgaging is a specialised area within mortgage lending. If you’re contemplating consolidating debts, it’s important to promptly engage with our mortgage team.

Attempting a debt consolidation mortgage without the guidance of a reliable mortgage broker could lead to higher interest payments and potential risks to your home.

When merging unsecured debt with your mortgage, there’s a possibility of paying more interest overall. This is attributed to the typically longer term of a mortgage compared to that of a personal loan, although it’s not mandatory.

Another factor to consider is the act of converting unsecured debt into secured debt, using your home as collateral. This aspect may not sit comfortably with everyone, as it entails the risk of repossession if future mortgage affordability becomes challenging.

Understanding the interest rates associated with the debts you intend to roll into your mortgage is key. If you have 0% credit cards, incorporating them into your mortgage may trigger the accrual of interest.

You should consider all options before deciding to remortgage for debt consolidation, such as asking family members for assistance if possible and reducing as much non-essential expenditure as possible.

Once you have considered all of the above and decided a remortgage for debt consolidation could be right for you then it’s vital you speak with a mortgage advisor. The advisor will take responsibility for the recommended remortgage advice and help you with your application.

Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoing. Some customers end up reducing their payments by hundreds of pounds.

Equity Release Remortgage (Age 55+) 

Individuals aged 55 and above often explore remortgaging as a strategic method to release capital from their property. This financial approach serves diverse purposes, including supplementing pension income, helping family members, funding significant purchases, and settling debts.

If you already have an existing equity release plan in place, the option of remortgaging within the equity release realm is feasible. Our adept late-life lending team possesses the expertise to assess the feasibility of refinancing and secure the most advantageous deal for your requirements.

The landscape of mortgage lending for older homeowners has witnessed considerable innovation in recent years, resulting in a plethora of appealing products tailored for those seeking to remortgage in London.

Determining whether you qualify for a conventional mortgage, a mortgage extending into retirement, or an equity release plan depends on factors such as age, income, and your plans for the property.

Dan Osman, our Head of Later Life Lending, is well-equipped to delve into these diverse mortgage types and guide you through the optimal solution.

Buy to Let Remortgage 

Buy-to-let remortgages in London encompass various objectives, including securing a more favourable deal, raising capital, or extending the mortgage term. When embarking on a buy-to-let remortgage, factors such as property value and rental income play important roles in the assessment.

As a dedicated buy to let mortgage broker in London, our adept team is poised to provide comprehensive guidance throughout the entire process, ensuring a seamless and informed experience.

Remove a Name from a Mortgage 

In the event of a recent separation or divorce, it is possible to remove a name from the mortgage during the remortgage process, provided the individual taking over the mortgage satisfies the lender’s checks and meets the mortgage lending criteria.

The person assuming the mortgage will need to submit documents, such as payslips and bank statements, to validate their income. As a reputable mortgage broker in London, our experienced team is here to help in navigating through the intricacies of this type of remortgage.

We will guide you through the necessary steps, including estimating the new monthly repayments. In many cases, clients opting to remove a name from the mortgage may also seek to release equity from the property to settle financial matters with their ex-partner.

Our dedicated mortgage advice team can streamline this process, ensuring a comprehensive and efficient transaction.

Change the Term of your Mortgage 

Our clients commonly opt to adjust their mortgage term for three primary reasons: firstly, to decrease their monthly payments; secondly, to expedite the complete repayment of their mortgage; and thirdly, if their interest-only mortgage is approaching its conclusion.

Navigating the criteria for the maximum age set by various mortgage lenders can be intricate, making it advisable to undertake such considerations with the guidance of a mortgage broker like us. In addition, we offer a comprehensive range of later life lending mortgage product types.

It’s important to recognise the associated risks and explore alternative products, underscoring the importance of seeking mortgage advice in London to thoroughly assess and understand all available options.

Remortgage a Specialist Finance Product 

You also have the option to restructure other financial products, including a secured loan, a house in multiple occupation (HMO), or a commercial mortgage.

Given that these products fall under the category of specialist finance, it is advisable to consult with a trusted mortgage advisor, such as us, to streamline the process and potentially save you both time and money.

How to know which remortgage type to go for?

Choosing the right remortgage type is a decision contingent on your unique circumstances and goals. Relying solely on your current mortgage lender for a new deal may result in missing out on potentially lower rates available elsewhere, depending on market conditions.

Mortgage lenders often benefit when customers don’t explore other options, leading them to default to higher standard variable rates.

While mortgage lenders streamline the process for securing a new deal through online banking platforms, it’s strongly advised not to proceed without consulting a mortgage broker in London, such as our team.

We possess the expertise to sift through thousands of deals and identify options that are right for you. Specialising in various types of remortgages in London, we offer comprehensive support and guidance throughout the entire mortgage advice process.

Your well-being is our priority, and we are committed to helping you in making informed decisions tailored to your specific needs and aspirations.

What Does a Mortgage Broker in London Do?

Why use a mortgage broker in London?

A mortgage broker in London’s job is to help you through your entire mortgage journey, from start to finish. They will not only help you find a mortgage product tailored to your personal and financial situation, they will try to find you a deal that saves you time and money.

What do we do?

Finding the Perfect Mortgage

As a mortgage broker in London, we are able to search through 1000s of mortgages on your behalf to find you the perfect mortgage for your property. Via our large panel of lenders, we are able to access both high street and specialist mortgage products and deals.

If you were to go to a bank, they would only be able to access their own in-house products. There are many different options out there and you may be able to save money by exploring your other options. We can even access specialist categories such as buy to let mortgages in London or mortgages for those using a government scheme.

Appointments That Work Around You

We offer free flexible mortgage appointments, allowing you to speak with a mortgage advisor in London 7 days a week. Our appointment slots go from early in the morning to later at night, meaning that you can pick a slot that works around you and your busy working and personal schedule.

You can now book your free mortgage appointment online too -we’ve made it simple and easy! Alternatively, if you would prefer to book your appointment over the phone, that’s fine too!

Preparing Your Mortgage Application in London

During your free mortgage appointment, your mortgage advisor in London will perform an affordability assessment on you to work out how much you are able to borrow and what deals you are able to access. Once we find the perfect deal for your circumstances, and you are happy to continue with us and the mortgage deal, we can begin to prepare your mortgage application.

We will help you prepare the required evidential documents to support your income and affordability. Our team will be right by your side throughout and will answer any questions that you have. Once we send off your mortgage application, we will keep you updated on the progress of your application. As soon as we hear back from the lender we will be in touch straight away to give you the good news!

Get Your Agreement in Principle in Less Than 24 Hours!

Our mortgage advisors in London are able to sort an agreement in principle within 24 hours of your free mortgage appointment! You will need an AIP during the build-up towards your mortgage application to support any offers that you make on a property.

AIPs usually last between 30-90 days; if yours expires, just get back in touch with our team at Londonmoneyman and we can renew it straight away for you.

Customer for Life

When it comes to the point of your remortgage in London, we will be back in touch to make sure that you are still on the best rate available for your individual circumstances.

We will reassess your mortgage situation and look at your options with you, making sure that you make an informed decision that benefits you and your finances.

Getting Mortgage Advice in London

If you have any questions whatsoever, give our team a call and we will be able to pass you on to a mortgage advisor in London who will be able to give you tailored advice based on your individual situation.

Getting mortgage advice in London should be at the top of your list when it comes to buying a property, especially if you are a first time buyer in London. It is always worth taking advantage of our free mortgage appointment and getting an idea of what your options are.

Are Mortgage Rates Going Up in London?

Mortgage Rates & Mortgage Advice in London

For those who have experienced the world of mortgages, the stress of obtaining one and how external economic factors can significantly influence the journey is all too familiar.

Consider this scenario: if mortgage rates suddenly skyrocket during a period of economic downturn, it unfortunately translates to the possibility of your monthly payments increasing.

In some unfortunate instances, it might even render the prospect of obtaining that desired mortgage product unattainable.

Mortgage rates have witnessed substantial fluctuations over the years, and this pattern is likely to persist. If you’re eyeing a mortgage venture in London, pinpointing an optimal or unfavourable time to kickstart the process becomes a bit elusive.

The deciding factor hinges on the market dynamics, and it’s worth noting that the preparation of your application alone can span about a month. As a result, getting a head start on your mortgage journey is a prudent move.

Rest assured that our dedicated mortgage advisors in London are committed to helping you in securing a mortgage product with an attractive interest rate, the best possible given the prevailing circumstances at the time of your application.

What are mortgage rates?

When it comes to mortgages, the terms “mortgage rates” and “interest rates” are synonymous. These rates represent what your lender will impose on your mortgage repayments.

Bagging a lower interest rate for your mortgage deal can significantly lighten your monthly financial load when it comes to mortgage repayments in London.

How are mortgage rates determined?

Numerous factors play a role in determining the mortgage rates accessible to you. Many of these factors are influenced by your individual financial circumstances.

Considerations like your credit score and the total deposit you’re able to provide can make an impact. Generally, the less risky you appear to your lender, the more favourable rates you could potentially secure.

The overarching influence here is the economy. For instance, if you’re on a tracker mortgage, your interest rate will be linked to the Bank of England’s base rate. This base rate, in turn, responds to the economic performance and the state of the mortgage market.

This means that fluctuations in the base rate could occasionally lead to increased mortgage payments. While this aspect isn’t within your control, there are times when it can work in your favour if the base rate takes a dip.

Conversely, if you’re under a fixed-rate mortgage, your interest rate will remain constant throughout the agreed fixed term. This term typically spans 3 to 5 years, although longer terms might be available if you discover a suitable deal.

In the context of remortgaging in London, it’s possible that your rate could experience an increase. This adjustment will align with the best option attainable considering your individual financial status and circumstances.

Are my mortgage rates in London going to be affected by inflation?

As inflation creeps upward, the cost of living follows suit. During this ascent, you might notice a slight uptick in your mortgage rate. This can hinge on the type of mortgage product you’re eligible for.

The government aims to maintain a target for the Bank of England base rate, striving for stability. Nonetheless, when the economy faces challenges, this rate can nudge up slightly to restore equilibrium.

In times of economic struggle, those with expiring fixed-rate mortgages could find themselves transitioning to a higher rate. When such situations arise, seeking advice from experts, like a mortgage broker in London, is recommended.

We work diligently to secure the most suitable rate and product aligned with your individual financial scenario.

Fixed-Rate Mortgages vs Tracker Mortgages

Two popular mortgage types often take the spotlight among homeowners. Both typically offer attractive interest rates, but their workings differ.

Fixed-rate mortgages, as you’re familiar, maintain a consistent interest rate throughout your predetermined mortgage term. Whether this term spans 3, 5, or 10 years, that percentage remains constant. This stability ensures unchanging monthly repayments, simplifying financial management.

Exact base rate percentages for fixed mortgages are variable due to economic fluctuations. Most individuals opt for fixed terms of 3 or 5 years; it’s less common to see 10-year terms.

Imagine securing a fixed-rate mortgage at 4% interest for 5 years, only for interest rates to surge to 5% or 6% during that period. The assurance that your repayments remain unaffected is a significant advantage of fixed rates.

On the other hand, a tracker mortgage employs the Bank of England’s base rate to compute your interest. Consequently, your repayments might fluctuate monthly. While this might appear disadvantageous, it also means occasional reductions in payments.

Your mortgage in London – It’s up to you!

Choosing between the two hinges on personal preference and accessibility. Remember, lenders evaluate your affordability (including your deposit) and credit score to determine accessible deals. Our advice: engage a mortgage advisor in London.

They excel in pinpointing an ideal deal that aligns with your financial circumstances. They’ll offer tailored guidance toward your best choice.

Sometimes, fixed-rate trackers or mortgages may not be feasible for you, leading you to explore alternatives like interest-only or variable rates. In London, an array of mortgage types awaits, extending beyond these two options.

Speaking with a professional mortgage advisor in London

For seasoned expertise spanning over two decades, we’re at your service! Our team of remortgage advisors in London is eager to accompany you through your mortgage journey and help you discover that perfect mortgage product.

Our seasoned experts possess the knowledge to pinpoint precisely the right product for you. The crux is to ensure that the product seamlessly suits your financial and personal situation.

Book your free online mortgage appointment today and connect with a mortgage advisor in London. Our flexible availability covers 7 days a week, catering to mornings, afternoons, and evenings. Simply pick the appointment that suits you best!

Remortgaging When House Value Has Increased in London

Owning a property, be it a family home or a buy to let in London, is considered an investment that goes beyond just providing a roof over your head. It is a valuable asset that can be sold or passed down to future generations.

Given the constantly fluctuating property market, there may be times when property prices rise significantly. During these peaks, it may be wise to consider your options for a remortgage in London.

By doing so, you may be able to access more favorable loan to value ratios, resulting in better interest rates and terms.

What is a loan to value and why do people remortgage in London for a better one?

Loan to value (LTV) is a percentage of the property’s open market value, versus the amount of mortgage you are looking to borrow. For example, if you purchase a property for £100,000 with a deposit of £10,000 (10%), you will require a 90% LTV mortgage.

Mortgage lenders offer different brackets or tiers of LTV, typically ranging from 60% to 95%. The LTV brackets available vary depending on the mortgage lender.

Lower LTV mortgages generally offer more competitive interest rates. For instance, if you had a lower LTV, such as 73% in the example above, you might be able to obtain a more competitive interest rate when remortgaging in London.

Other factors, such as market conditions, can also affect the interest rate when remortgaging. The lower the LTV, the less risk you pose to the mortgage lender, which is why lower LTV mortgages usually offer more competitive rates.

How do I find out the value of my property?

To access better rates and terms when remortgaging in London, it’s important to determine the current value of your property.

This can be done through a valuation, which is necessary when switching to a new mortgage lender. The mortgage lender will want to know the value of the property they will be lending against to assess their risk.

There are two types of property valuation: an Automated Valuation Model (AVM) or a physical valuation.

An AVM is a database that cross-references similar properties in the area to determine the value, while a physical valuation involves an inspector coming to your home to assess its true value.

If you’ve made any home improvements or extensions that an AVM could miss, a physical valuation would be more accurate. You can discuss this with your mortgage advisor in London during your free appointment.

Remortgage in London to Release Equity When Home Value Has Increased

Whilst the equity that you have sitting in your home can oftentimes be utilised as a means of accessing better deals, you may instead want to take out a remortgage in London, so that you can release the equity. There are lots of reasons people do this, such as for making home improvements.

When it comes to taking out a remortgage in London so that you can release equity, you must carefully plan what it is you’d like to do. In virtually all circumstances, you’ll have a new mortgage to replace the old one (that is how a remortgage works), whilst moving onto a higher loan to value.

Because you’ll be moving onto a higher loan to value, you’ll find that you are almost guaranteed to have higher monthly mortgage payments.

Many will hope that their investments in their home, all the home improvements that have been carried out, will see the value of the home increase. This means that when the time comes to remortgage in London once more, your loan to value should be lower again.

It really all comes down to gauging the markets, making sure that everything is incredibly well thought out, especially with it being for such a large investment and your home. A mortgage advisor in London will review your plans and advise on the best steps for you to take.

Can I remortgage in London early if the value of my home has increased?

In some instances, you may find that you are wanting to take out a remortgage in London early. Whilst enquiring about your options before your fixed-term ends is technically early, you may possibly be able to remortgage in London even before that.

The downside to taking out a remortgage in London early, is that you will usually find yourself having to pay an early repayment charge (ERC), due to breaching your contractually agreed terms on your mortgage deal.

House prices can be quite difficult to gauge, as the market is ever-changing and always unpredictable. Whilst you may think it could be a good idea for you to do this, it may not actually be financially viable for this to be achieved.

People will generally only leave their mortgage early if there is a genuinely good reason for this to be done. This is why speaking to an expert mortgage broker in London is highly recommended before doing so.

A good example of where this would apply, could be the COVID-19 pandemic. During this time period, the Bank of England base rate dropped to records lows. People who were set to leave their fixed-deal around that time, would benefit from their remortgage in London, inheriting lower interest rates.

That said though, if you were still a year away from being able to remortgage in London, you might have looked to remortgage early, to make sure you can fix-in onto those lower interest rates for longer, to reap the benefits of them.

This is quite a niche example, however, as times were very strange and mortgage lenders were pulling a lot of their products, which caused limitations to mortgage options. Even with that in mind, it shows how remortgaging early could actually be helpful.

If you have seen your home rise in value, that too could be a good time to take out an early remortgage in London, as the general costs may be greatly outweighed by the costs saved from you being able to access a much lower loan to value.

Once again, you’ll have to factor in a likely early repayment charge (a product transfer could see that waived), as well as your possible arrangement fees, valuations fees and solicitors fees on a new mortgage.

If you are able to demonstrate that your savings will definitely be able to outweigh the fees spent, then this may be something you could look at doing. As always though, it is recommended that you have a chat with a mortgage broker in London, in order to understand your options.

Product Transfer V Remortgage Advice in London

Remortgage Advice in London

What is a product transfer?

When your current mortgage term is approaching its end, your lender may offer you a new deal to switch over to, this is known as a product transfer. You aren’t switching lender; you are just switching to another one of their deals.

You are under no obligation to stay with your lender, you can search around elsewhere for as many deals as you want. In fact, most people shop around, you may end up finding a better deal by doing so.

Are you rewarded for loyalty?

Unfortunately, the answer is no. Lenders will not reward you for loyalty, and that’s why, as a Mortgage Advisor in London, we always advise that you look elsewhere for a deal first. Most lenders prefer to offer better deals to First Time Buyers in London and new customers before their existing ones.

As a Mortgage Broker in London, we would recommend that you don’t be loyal to them and try searching for more competitive deals that could save you some money. We often find that there is a better deal out there, you just need to find it.

This is where we come in, we will search through 1000s of mortgage deals for you until we find the perfect one for your personal and financial situation. We have over 38 different lenders on panel and we can individually look through each one until we find a competitive deal for you. 90% of the time, we will find you an amazing deal that will save you both time and money.

Tempted by an online switch?

We know that it is extremely easy to switch over to a new deal online, we sometimes don’t blame people it’s that easy! However, it’s also very easy to make a mistake online and it could end up getting you on the wrong deal. If this happens to you, you are in a sticky situation as you chose to take no sort of financial advice, which lenders will have no sympathy for. Lenders like customers that switch over online as they end up making more money from you.

If you want the same fast service along with expert financial advice, you should approach a Mortgage Broker in London. For example, at Londonmoneyman, we always have your best interests at heart, we will always try to find the best deal for you and not for us. We aren’t tied to any lenders so we are free to choose any mortgage product that we think will benefit you the most.

Opting out of advice and consumer rights

As soon as you choose an online switch, you are waving goodbye to your consumer rights and protection that you would’ve got had you gone the Mortgage Broker route. It’s perfectly normal to conduct a mortgage switch online, we are just asking to be careful as we have seen customers fall into these traps before. Just because a deal is cheaper than your current one, doesn’t mean that you will match its criteria.

At the end of the day, we want the best for you, we want you to come out with the best remortgage deal/ product transfer possible. If you have any further questions or concerns about your remortgage, feel free to get in touch as we would love to try and help you. We know that remortgaging can be stressful and that’s why we are here to offer a helping hand through your remortgage journey.

Why Choose us as your Remortgage Advisor in London?

Is your mortgage deal coming to an end? Are you looking for a replacement deal to switch over too? If so, your Remortgage Advisor in London is here to help!

Whether you’re looking to Remortgage in London to save money or to raise capital for one reason or another, then you’ve come to the right Mortgage Broker in London. We have been helping customers find outstanding remortgage deals for 11 years now, we know exactly what to do to find you an amazing deal.

For some borrowers, remortgaging can be a great way to improve your financial situation as it may give you the option to consolidate any short-term debts.

Remortgage Advisor in London

Getting Remortgage Advice in London could be within your best interests as you will receive full guidance and support from an expert Remortgage Advisor rather than doing it by yourself. A Mortgage Broker in London like us, will not only help you secure a deal they will try and help you save money in areas you didn’t think you could.

Common Remortgage Scenarios

Having worked within the mortgage industry for over 11 years, we have come across almost every single remortgage scenario. Here are some that we regularly come across:

Reasons to choose Londonmoneyman as my Mortgage Broker in London

With the introduction of the new mortgage market regulations in 2014, it became much harder to Remortgage without the help from a Mortgage Broker in London. People find it hard because of the sheer amount of mortgage types out there and it’s often hard to qualify for every single one of them. Also, people don’t really know the differences between the mortgage types whereas a Mortgage Advisor will and can tell you the difference between each of them and which one will suit you the best.

We work for you

We also work for you, we are not tied to any particular estate agents or lenders. We always have your best interests at heart, our aim is to try and find you a great mortgage deal based on your personal and financial situation.

Your experienced Mortgage Broker in London is not just here to get you a remortgage deal, we are here to support you through your remortgage journey, taking all of the stress off your back and making the process run as smooth as possible. We want the best for you and for you to come out smiling, knowing that you’ve received an excellent mortgage advice service that ended with you securing an amazing remortgage deal.

As your Remortgage Advisor in London, we are here for you 7 days a week. You can get in touch whenever you want, we work around you. We also offer a free initial mortgage consultation, so make sure to get in touch as soon as you can!

Reasons To Get a Second Mortgage in London

Second Mortgage Advice in London

There are several reasons why a second mortgage might be worth considering:

  1. For collecting funds for your existing home.
  2. For renting existing home and moving to a new one.
  3. To support your children in purchasing a home.
  4. For purchasing a property for rent purposes usually known as a buy to let London.
  5. Want to purchase new house while having an existing mortgage.

Standard Variable Rate (SVR)

Releasing funds for a second mortgage depends on how much equity you have in the home and this is where specialist mortgage advice in London may be able to help. Lenders have a standard variable rate which is also called Lender’s basic mortgage.

Once you understand that each lender has its own standard variable rate set, then you understand the need for shopping around to find a better offer. You can also opt for a further advance with your existing Lender.

Let to Buy Mortgage

If you live in a property and want to move elsewhere then Let to Buy option is for you. It helps you in moving home in London as well as lets you keep the ownership of your existing property for you to rent it out later. Your second mortgage will be for a new residential mortgage.

Help Your Children Buy a Home

Being a parent, you are considering and looking for ways to help your children or grandchildren find a place on the property ladder. There are many routes that can assist you in purchasing home for your child. 

Divorce/Separation & Second Mortgages

Looking for a new home while having your name on an existing mortgage occurs in situations when an individual is getting divorce or separation.

Before making any decision about second mortgage, make sure you have right people advising and helping you through it. Your dedicated mortgage advisor will be able to help in checking thousands of mortgage offers on your behalf and proposing the most acceptable offer to you, based on your personal circumstances.

Trusted Mortgage Broker in London

Should I Use My Estate Agent’s In-House Mortgage Advisor?

Estate Agent Mortgage Advice in London

When you start your mortgage process, if you choose to use a large estate agent, they will want you to use their in-branch Mortgage Advisor and their recommended conveyancers.

You don’t have to use their in-house advisor however, in fact you can still get the same or better deals from somewhere else! Unfortunately, first time buyers are often the ones that get caught out and end up coaxed into using their internal services.

Searching for an external Mortgage Advisor in London could be the best path for you to take. An estate agent’s advisor will be biased, only encouraging you to see their side as they just want you to stay on with them.

A dedicated mortgage broker in London will be able to give you more perspective and see different sides. If you do your research and still end up back with your in-house advisor, that’s fair enough, though you should always remember that you have other options out there.

Our view consists of both transparency and efficiency, as we want to provide the best possible experience and the best advice for your personal and financial situation, whilst still delivering a fast yet friendly service.

Sales tactics of estate agents

If you end up choosing to use your estate agent’s in-house mortgage advisor and conveyancer, you need to think about where the cost of their service is coming from. Maybe they are charging you for their services without asking you and adding it to other fees, so that you don’t notice. Taking the route of a trusted mortgage broker in London will eliminate these concerns, as you know exactly what you are paying for. Your dedicated advisor will break each cost down for you and answer any questions of uncertainty you have with what’s going on.

Even though it is an illegal tactic, if you have opted not to take the estate agents in-house mortgage advice, they may refuse to put your offer forward on a property. For example, you could be using a broker and they may push another offer to completion over yours, purely on the basis that you aren’t using their services. Once again, these situations are illegal.

Estate agents may get even craftier and try to charge you with extortionate in-house conveyancing fees. Even with a straightforward purchase, they could try and charge you with fees upwards of £1,500. If you encounter anything like this during a purchase, you have all rights to ask them where they have got these prices from and for them to provide a full breakdown of everything.

An experienced mortgage broker in London only has your best interests at heart, and all of this can be avoided by going to one over an estate agent for mortgage advice.

How can I get a Mortgage in London?

Finding the right Mortgage Advisor

Choosing the right Mortgage Advisor can be hard; but is there a way to make it easier?

Sometimes your case will be specific and might require specialist care and attention. An estate agents in-house advisors don’t care about this and just want to make money off you. When you get in touch with a mortgage broker in London, you can be matched up with a specific advisor who has experience in that field.

For example, we have specialist buy-to-let mortgage experts who can be called upon if a buy-to-let enquiry is presented to them. Once you’ve had a free mortgage consultation and an agreement in principle (usually turned around in 24 hours or less), you could be linked with your perfect advisor and get a head start on your mortgage process..

We have years of experience providing mortgage advice in London and have been helping struggling customer take that leap into the mortgage market for over 15 years now as a company. You can find out more about our excellent mortgage advice service by looking at our fantastic customer reviews.

Getting behind the wheel to start your own mortgage journey

If you would rather “go it alone”, you should know that it’s perfectly okay to do so. The majority of things you need can now be done online! Along with the use of price comparison websites, you may be able to find yourself the most appropriate deal.

The benefit of doing things online is that you have the chance to save money on additional fees. As long as you are confident in what you are doing and know what you are looking for, you could complete the process very quickly.

One thing to note though is shopping around and comparing online may be a little harder than you think. You will need to make sure that you’ve found the most appropriate fit before agreeing to anything. Here are some things you should be wary of when choosing to find a deal by yourself:

Should I use my Bank or a Mortgage Broker?

Using your bank’s Mortgage Advisor

It isn’t difficult to make an appointment with your bank’s Mortgage Advisor, however, it may not be the right choice for you to make. If you do choose this route, here are a few things you should keep an eye out for:

Using a Mortgage Broker in London

Working alongside a mortgage broker that is not associated with the estate agent ensures you have someone working purely on your behalf as an inexperienced first time buyer in London. This also ensures there’s no conflict of interest risks.

Everything will be kept between you and your designated Mortgage Advisor in London. We have no external ties to any building societies, banks or estate agents. When we work, it’s solely for you and only you. Whilst we have lenders on panel, they’re purely there for the deals they offer, allowing us to find the most appropriate case for your case.

Our team have your best interests at heart. Managing Director Malcolm Davidson is here to explain the pros & cons of using a dedicated mortgage broker:

Why Should I Use A Mortgage Broker? | MoneymanTV

Can I Remortgage in London for a Home Office?

Home Office Remortgage Advice in London

Home offices are constantly becoming more and more popular. Whether it’s down to the increase of Self-Employed workers or reworked business models, we are seeing a great amount of interest in them. With businesses having to adhere to the latest government guidelines, most employers have had to let their staff work from home. Whether this is going to be a permanent thing or not, we don’t really know; it also depends on your company’s business model.

If it’s looking like you’re going to be working from home for the foreseeable future, you may want to consider the idea of investing in a home office. You can’t work from a kitchen counter forever… can you?
There are a few different ways to get a home office, you can straight-up pay for one to get decorated and combine all of the costs, do it all by yourself or remortgage for home improvements. In this article, we are going to talk about the advantage of choosing to remortgage other the other options.
This is our remortgage for a home office video that is featured on our YouTube channel ‘MoneymanTV’. We hope that it helps you understand how you can remortgage for a home office: 

Remortgage for a Home Office UK | MoneymanTV 

What is remortgaging? 

First of all, what is a remortgage? A remortgage is a renewal of your current mortgage deal or a switch over to a new deal.

There are lots of different reasons why someone may want to remortgage, it’s entirely on the individual’s situation. You may want to remortgage to get a better deal and rate, your term may be approaching its end and you need another deal to roll on to or you might want to remortgage for home improvements.

As a Mortgage Broker in London, we would say that when you want to make big home improvements, going down the remortgage route is a very safe option. Extending your mortgage term for a little while longer to invest in home improvements could prove beneficial both short and long term. 

Remortgaging for home improvements 

Remortgaging for home improvements will slightly increase your mortgage payments each month, however, it will balance itself out in the long run. Your payments will increase as you are paying for the home improvements on top of your current mortgage deal; you will hardly notice the extra amounts though.

We would say that the average price for a home office is between £5,000 – £10,000. So, for example, if you were to go down the remortgage route, you may find that you have to only have to pay back as little as £20 – £60 a month over a 25-year term. Yes, your term will increase, however, you will get a brand new home office to enjoy at a small extra cost each month. You will also have equity built up in your property, and this will be used to fund the work on your home.

So you get to save money down the line and get a home office, it’s a win-win scenario.

Reasons to remortgage for a home office

Whether you have been told by your company that you will be working from home from now on or have started your own company and are now Self Employed in London, there are many reasons to why investing in a home office could be very beneficial for your new working from home life

Remortgaging vs Moving Home in London 

Yes, Moving Home in London is an option, you could move into a bigger place with an office already built-in if you want to. On the other hand, you need to weigh up the costs of this option. On top of the property price, you will have to consider the costs of Moving Home in London, these include removal fees, property survey fees, mortgage arrangement fees etc. 

It will be more expensive, however, it’s a viable option if you are looking at Moving Home in London anyway. You could consider Moving Home in London to secure a place that already has an office space, however, you must know that this option will be much more costly than remortgaging.

Considering how little extra you will be paying per month, in the long run, remortgaging for home improvements could be your best option over moving home. If you are wanting to go ahead with a remortgage for a home office and don’t want to move home, now is your best opportunity to get Remortgage Advice in London

Remortgage Advice in London 

If you are looking for Remortgage Advice in London, you should get the ball rolling with Londonmoneyman. We offer a free remortgage consultation to every customer, so feel free to get in touch with us and claim it.

If you are tired of working from your kitchen table or a make-shift desk, now is the time to consider getting a home office. Whether you choose to fund it all at once or over a longer period of time through a remortgage, it’s entirely up to you. & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

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