Mortgages

Re-Mortgaging

Re-Mortgaging simply means switching from your current mortgage lender to another; this is normally done to achieve a better rate of interest and ultimately to save money. It can also include borrowing further funds, this is known as ‘capital raising’ and the extra money may be used for any number of purposes the most common of these are for:

• Home Improvements – such as an extension, new conservatory, replacement kitchen/bathroom or redecoration.
• To invest in another property (see our ‘Buy-To-Let’ section).
• For other personal reasons - such as holidays, weddings/anniversaries, buying a new car or ‘consolidation’ of more expensive credit cards and loans.

Each lender has different criteria as to what they will allow you to borrow extra money for and we can advise you on each lenders particular requirements.

The process of re-mortgaging typically takes between four to six weeks to complete and there may be costs involved, including Valuation and Legal fees. However, there are a number of ‘fee-assisted’ re-mortgage packages available through leading lenders that will either pay for or refund most of these costs.

As an alternative to re-mortgaging, either a ‘further advance’ from your current lender or a ‘secured loan’ from another lender may be appropriate.

Before anything else, our adviser will discuss your needs and objectives to assess the most appropriate course of action and will then make a recommendation.

At Sovereign we have access to the whole market and due to our independent status you can benefit from our research in order to obtain the mortgage that best suits your requirements.

If you would like more information please contact us.

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