Remortgaging

If your current deal is ending soon and you are unsure on what to do, we have provided some useful links below to the Money Advice Service, a free and impartial advice service, as well as our own guidance as follows:

• Current Fixed rate deal ending – before you accept your lenders offer, let us check the market for you to see if switching lenders if better for you. It is incredibly difficult getting through your lender if you have any questions, so we are happy to answer any questions you may have and take care of getting you on a better rate.
• Capital Raising – now might seem like a good time to raise funds form your available equity and we have many options for you to consider, such as further advances from your lender, a second mortgage / secure loan or if your rate is due to end soon, we could move the entire mortgage to a new provider, borrowing additional funds in the process, keeping the whole mortgage on one deal / rate.
• Equity Release – We have seen an increase in enquiries of parents and grandparents wanting to help out their family in this crisis by using the equity in their home to gift early inheritance for example. Our Equity release expert is ready for your enquiries.

We do have hope that we will see alternatives to physical valuations being carried out, with the aid of Technology, such as video call / skype for example to aid more mortgage applications.

However, if you have plenty of equity in your current property, you may be able to raise finance, switch rates relatively easily as lenders can be more sure of a indexed value of your home rather than having to rely on a physical inspection. You would have to assure the lender; you haven’t carried out any extreme renovations or that the property hasn’t fallen into a poor state of repair since your last physical inspection.

The lenders are changing criteria daily and many products are being removed from the market at very short notice. If you require a remortgage or financing please contact us and we will be able to tell you if you can access finance or what you might need to do to get ready for when the market begins to turn.