Remortgages

mm-remortgageRemortgage

A remortgage is when you change from your existing lender to a new lender whereas a product transfer is when you change to a new product with an existing lender.

This may be done for various reasons such as you may be looking to raise additional money for other purposes such as :

  • Debt Consolidation
  • Home Improvements
  • A Deposit for Property Purchase
  • Any other legal reason
  • If your existing lender is unable to assist

With a remortgage the new lender usually offers a free standard valuation of your property and will nominate a solicitor to deal with the legal formalities at no cost to you (unless the names on the mortgage have to be amended).

So should you go for a Product Transfer or a Remortgage ?

Confused ? – Don’t be – At Manchester Mortgages we are able to research the whole of the market (as well as your existing lender) to advise what is the best solution for you in your circumstances.

Free eBook from Manchester MortgagesLooking to Remortgage? – Get our Free eBook – We know getting a mortgage can be a stressful and complicated business, so we’ve produced this handy 8 page guide to help you understand the mortgage borrowing process. Written in a simple and easy to understand manner, we explain:

  • How to determine how much money you can borrow
  • What criteria lenders use to asses your application
  • Notes for self-employed, company directors, or people with poor credit histories

> To download our free guide, just click the icon to the right.

To discuss your personal mortgage requirements please ring us on 0161 706 0242  for an informal free chat or complete and send the Contact Us Form

remortgage
“Manchester Mortgages did our remortgage. They were brilliant from start to finish. They got us a fantastic new mortgage deal and also found us a better life assurance policy. They are really helpful and respond to queries efficiently. They keep you informed about the progress of your application all the way through. They are very thorough and explain everything in a clear and concise manner so that you fully understand what you are doing. We also liked having face to face meetings which are a good opportunity to ask questions. All in all an excellent service highly recommended.”
Kevin & Lynn, Whitefield

Case Study

Once you have a mortgage and your initial interest rate ends you will revert to the lender’s standard variable rate which can sometimes mean an increase in the monthly payment.

By reviewing your mortgage 2 to 3 months before the end of the rate period you can usually find a better rate than the lender’s standard variable rate.

But where do you start to look ?

If you currently have a mortgage with either the Halifax or Virgin Money then please read this important information now.

Product Transfers

Dependent on lender,  you may be offered a transfer to another rate that is more competitive than remaining on their Standard Variable Rate.

However, at the moment dependent on who your existing lender is, it could take up to 6 weeks to get a telephone interview / or face to face interview in branch to discuss your expiring deal, and some high street lenders are not even able to offer further advice.

Manchester Mortgages has access to many of the high street lenders’ mortgage systems and we are therefore able to advise and apply for a Product Transfer on your behalf without you having to worry about trying to sort your mortgage out in 6 weeks’ time and have the added problem of potential of increased mortgage payments if you have to revert back to the lender’s Standard Variable Rate.

Manchester Mortgages is a trading name of Mortgages 4U (North West ) Limited which is authorised and regulated by the Financial Conduct Authority (FCA register number 301076). Registered in England & Wales No. 4729252. Registered office: 7 Randale Drive, Bury, BL9 8HZ.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.