Remortgaging could give you flexibility and replace your current mortgage with a different lender without moving property.
What are the benefits?
If you would like to see if Embrace Financial Services can get you the best deal on your remortgage, call on 01392 453560 or fill in the form to book an appointment.
Be aware that charges may be incurred by remortgaging. Check terms of existing arrangements carefully.
Remortgaging is the process of replacing your current mortgage with another without moving property. This can be switching your current fixed rate to a better deal, changing lenders or borrowing more money from your current lender.
The best time to think about remortgaging is around three to six months before your current deal is about to expire. Once your current deal has ended, you’ll be on the lender’s Standard Variable Rate (SVR), which is unlikely to be the best or cheapest option.
While savings can be made and is often the reason to remortgage, the costs involved can vary. You will need to check if there are any early repayment or exit fees from your current lender, if the valuation fee is included when switching lenders, what the arrangement fee to set up the new rate is and consider the effect the new rate set will have on your monthly payments.
You will need details of your current mortgage, including the amount still left to pay, the number of years left and the current rate.
As well as this you will be asked to provide proof of identity, income and address. It may be useful to find the following documents before you apply to remortgage.
Your last three months' bank statement
Your last three months' pay slips
Your last two to three years' accounts/tax returns if self-employed
Your latest P60 tax form (showing income and tax paid from each tax year)
Passport or driving licence
Proof of address, through utility/council tax bills
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage and Protection services are referred to Embrace Financial Services Ltd.
Your initial mortgage appointment is without obligation.We normally charge a fee for our services; however, it is payable only on the submission of your mortgage application. The fee will depend on your circumstances but our standard fee is £549. Complex cases usually attract a higher fee. We will discuss and agree the fee with you prior to submitting any mortgage application.
Embrace Financial Services Ltd. is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority.
Embrace Financial Services Ltd, registered in England and Wales at Second Floor, The Forum, Barnfield Road, Southernhay, Exeter EX1 1QR. (06447316).