Essential Guide to Remortgaging with Expert Mortgage Advisers
Remortgaging is a financial strategy that homeowners often consider to secure better mortgage terms and release equity in their home. Previously it would have been to secure lower rates and payments but sadly there aren’t a lot of those at this time. In Scotland, our expert mortgage advisers have access to over 90 lenders and 12,000 mortgage products, remortgaging can be an effective way to optimize your financial situation going forward. Here we will guide you through the process of remortgaging through our mortgage team at Indigo, where Scott and Stephen have over 15 years of experience in helping mortgage clients.
**You can review your existing mortgage within 6 months of your current deal expiring.**
The Benefits of Remortgaging
Before we dive into the specifics of remortgaging in Scotland and the UK, it’s essential to understand why homeowners choose to remortgage. Here are some common reasons:
Competitive Interest Rates
sticking with your existing lender may not be the most cost effective option to you. Remortgaging can help you secure a more competitive deal than can be obtained just by sticking with your current lender
Debt Consolidation
Remortgaging can be used to consolidate high-interest debts into a more manageable mortgage, potentially saving you money in interest payments. It is important to speak to our team to understand the pros and cons of doing so before deciding this as the best course of action.
Release Equity
If your home has gained value since you bought it, remortgaging can allow you to release equity, giving you a lump sum of cash to use for home improvements or other financial goals.
Change in Circumstances
Life circumstances change, and you might want to switch from a fixed-rate to a variable-rate mortgage or vice versa to better suit your current needs. You may also be looking at adding or removing a party to your current mortgage.
Choosing the Right Broker
At Indigo Property Experts, our mortgage team who are part of the Mortgage Advice Bureau network, are based in Glasgow and North Lanarkshire but can source deals all over the UK. Selecting the right one is crucial. Here’s how to find a broker who will best meet your needs:
Research and Recommendations
Start by asking friends and family for recommendations. Online reviews and ratings can also provide insights into the quality of service offered by various brokers. Have a look at our reviews from our happy clients.
Expertise in the Scottish and UK Market
It is important to find a broker who has experience and expertise in their profession. Scott and Stephen have over 15 years combined experience in the Mortgage Sector alone, dealing with a variety of situations.
Comparison of Services
Discuss your financial goals and get a sense of our offering. Beyond helping you with your mortgage we are well equipped to help you arrange your insurances and household bills
Regulatory Compliance
Our mortgage advisers are part of the Mortgage Advice Bureau network and regulated by the Financial Conduct Authority (FCA) in the UK to act on your behalf.
The Remortgaging Process
Once you’ve chosen Indigo Property Experts, remortgaging with our expert mortgage advisers involves several key steps:
1. Financial Assessment
Scott or Stephen will conduct a comprehensive financial assessment to understand your goals, needs, and current financial situation.
2. Mortgage Options
Therefore based on your assessment, we will present mortgage options that align with your objectives, which may include different lenders and interest rate options.
3. Application and Documentation
You’ll need to provide necessary documentation, such as proof of income, ID, and property details. We will complete the mortgage application on your behalf.
4. Valuation and Legal Work
also after this point, your new lender will arrange for a valuation of your property. Legal work, such as title checks, will also be carried out which can be arranged by the lender or yourself if you choose.
5. Approval and Closing
Once your mortgage is approved, you’ll sign the new mortgage agreement and legal paperwork, and your old mortgage will be arranged to be repaid and transferred to your new lender.
6. Transfer of Funds
Finally, the new mortgage funds are transferred, and your monthly payments will be based on the terms of the new mortgage which will be communicated to you initially by your adviser and finally through the chosen lender.
In summary, Our expert advisers are here to help and when ready to remortgage can guide you through the process effectively. With the right guidance, you can make the most of your remortgaging opportunities in the next six months to secure the best terms suited to your circumstances.