Remortgaging in Hull could be the next step for you if you have decided to stay in your current property and not move house. It is a way for you to stay in your current property with more favorable interest rates and works by being transferred from your existing deal to a better deal. As an experienced remortgage broker in Hull, this is something our team of mortgage advisors can help with.
The banks count on their customers not being as knowledgeable and shopping around for a better deal. Often, you will find there are cheaper offers for you elsewhere. Ways to find them could be speaking with a knowledgeable mortgage advisor in Hull who can assist with comparing deals or you can seek these out yourself through a price comparison site. From this, you will find there is probably a deal appropriate for you. However, price comparison sites mainly look for your best deal on an interest basis.
Providing that you’ve been on your current mortgage deal for some time, there is a possibility that you could be on a low Bank of England tracker deal. You could even be paying less than 1% so, it may be best for you to stay with that mortgage deal. This could become an issue if the base rate eventually rises as well as your payments.
Yes, there is a chance providing that you pass the affordability checks and assuming there is a good amount of equity in your property. From this, you may be able to increase your mortgage to fund future home improvements.
It can be a very wise option because it gives you an updated home and the chance to increase the value of your property if done carefully and with the right help. We find this can help customers in the process of updating their kitchen, converting a loft, or creating a home office.
As well as home improvements, you can borrow extra funds for most legal purposes, this could include:
Adding debt to your mortgage might not be the best idea. If this happens, you will end up paying back more interest overall through extending the term of your debts to make the payments lower.
Another risk of this is that you are taking debt, which is not secured and, securing it on your home. It could create the potential risk of having your home repossessed. Something that will likely be a problem would be consolidating debts that you can afford or credit cards that are 0% interest.
It’s important to know that you need to speak to a qualified mortgage advisor prior to securing any debts against your home.
An option you could take is to reduce your monthly outgoings to avoid missed payments. By doing this, you are decreasing the risk of your credit rating being in a bad state.
A “Product Transfer” or “Retention” product, is one option a lender will offer. This method allows the lender to provide you with a new deal to stay with them. You would need to contact your provider directly to see what is available to you, however, this option isn’t guaranteed.
In some cases, lenders will allow you to make a product switch online without providing further information or advice.
Staying with the same provider and switch products might be an easier option, however, putting a new application to a different lender may save you a lot of money.
You will find that many banks would offer favourable rates to new borrowers over existing ones. They will be a time where lenders will take a more ethical approach that could have a positive change on customer loyalty.
First of all, what actually is a remortgage? A remortgage is when you swap out your current mortgage product for a new one. People usually do it to try and get a better rate of interest.
A remortgage can also be known as a product transfer. The difference between a remortgage and a product transfer is that when you remortgage you take out a new mortgage with a different lender, whereas when you transfer products, you take out a new mortgage with your current lender.
There are many different reasons why someone may want to remortgage/transfer products. At the end of the day, it’s all down to what the homeowner wants. Through a remortgage/product transfer you may be able to get a better rate of interest, consolidate your debts into your mortgage, raise capital for things such as home improvements or for something else.
In this mortgage guide, we are going to cover how you can remortgage/transfer products for home improvements.
Before remortgaging, you’ll have to calculate the intended costs for the home improvements being made. Depending on how you want to improve your home, the costs may not be quite as much as you expected them to be. This is because when you remortgage to improve your home, the costs are incorporated into your mortgage. This means that your current monthly payments will include both your mortgage and your costs for home improvements. Your overall payments may only increase by a small amount (e.g. as little as an extra £60 per month), depending on how big the home improvements are.
You must consider all of the costs that come with remortgaging for home improvements. Here are some factors that people miss:
We’ve seen that the most popular reason for people wanting to remortgage for home improvements is to make more living space. This may be because the homeowners are growing/starting a family or just want more space in general.
The process is simple, can be carried out easily and also saves you from moving home in Hull. Rather than wading through the whole moving home process, if you already love your current home, why move? It often works out much cheaper to remortgage than to move home.
Here are various reasons why you may want to remortgage for home improvements:
If you are thinking of taking the remortgage for home improvements route, feel free to contact us, we would be more than happy to help. Our team are experts and will give you remortgage advice in Hull exactly when you need it!
Our hardworking team are available 7 days a week so that you can get in touch at a time that best suits you. If you also want to remortgage for another reason, we are still able to help you!
Divorce or separation is not something we ever prepare for. We live for the moment and embrace the feeling of love, so if something unexpected happens and this ends up becoming a reality, your perfect world can sometimes become a little complicated. It can affect ownership of belongings and pets, your children, your finances and more.
We find that in most situations where children are involved, the parent who spends more time raising them, say a stay-at-home parent, will stay in the property with those children whilst the other moves out. There may come a time that whoever is “in situ” wants to take over the mortgage in their own name. Alternatively, maybe both parents want to leave and start anew.
One of the biggest things that may become complicated is any mortgage commitments you made together. If sorting this out isn’t going quite so smoothy, it may be time to approach a mortgage broker in Hull to get that the specialist mortgage advice that you need.
As an experienced and dedicated mortgage broker in Hull, we deal with specialist cases every single day. Through our years within the mortgage industry, we have been there to support and guide many different customers who were going through a divorce or separation. When those people do get in touch, we often find ourselves being asked the same three questions:
Once you have already made your mortgage commitments, changing these can be a difficult process. Both of your names are on your mortgage and as nice as it would be, it isn’t just as straightforward as speaking to your lender and asking them to take your now ex-partner off the contract.
When you approach your lender or a trusted mortgage broker in Hull to enquire about removing a name from a mortgage, they will have to be sure that the remaining applicant on the deal is able to afford their mortgage completely, without the assistance of another party.
Each of you will have to receive a full affordability assessment regardless of whether you have kept up to date with your mortgage payments or not. You may even be able to prove that you have been paying your mortgage payments without any help from your ex, but this will not change the fact their name is tied into the deal and you’ll still need to pass the lenders checks.
At this point in the process, we often find that people have someone already ready and willing, who can step in and replace the ex-partner on your mortgage. This is usually a family member, a close and trusted friend or in some cases, a new partner altogether.
Every lender will assess your affordability for a mortgage in their own unique way, so don’t give up if your existing lender is unable to help you out. There may still be other options available to you as a homeowner, so it is always worth seeking the help of a mortgage broker in Hull to see how we can help you out.
This will work the same as if you were trying to removing another person’s name from your mortgage. Both of your names are still tied into your mortgage so even if you are the one who chooses to leave, you are ultimately still responsible for any mortgage payments if your ex-partner cannot keep them up.
Even if you have a verbal or written agreement between you both that your ex will be the one maintaining payments, this is not legally binding in the eyes of the lender and you will be deemed responsible.
If at any point in the future you wish to take out a mortgage on a newer property, solely in your name, the mortgage payments for your old property will be taken into consideration by the lender. As such it is very important to take this into consideration prior to doing so and is why we always recommend getting help from a professional mortgage advisor in Hull ahead of time.
In these kinds of circumstances, we find that people can often get confused and stressed out, which is exactly where a fast & friendly mortgage advice team here at Hullmoneyman can step in. One of our loyal and hardworking mortgage advisors in Hull will sort everything out for you and recommend the most appropriate options available to you as someone who is now moving home in Hull. We will always have your best interests at heart
Some lenders are more generous as regards how much they’ll lend you than others. Some are strict and some may be more lenient, with any existing mortgage commitments being a large factor in this during these circumstances. We will take this into account when recommending the most suitable lender to apply for a mortgage agreement in principle with.
For many homeowners, depending on varying factors, the option to have more than one and even more than two mortgages on different properties is a possibility. There will be a lot for your lender and their credit scoring systems to assess when you apply for a second mortgage.
The main factor, much like above, is determining whether or not you can afford this route. If you are applying for multiple mortgages and are failing, this could have a very negative effect on your credit score.
As a fast & friendly mortgage broker in Hull, we have the ability to perform a search for you without damaging your credit file. Once we have keyed in all of your information, we can provide you with an estimation of the maximum amount that you will be able to borrow.
This will help you create an outline of your budget and how much your monthly mortgage payments are roughly going to be on top of your existing financial commitments.
It can be difficult to move on from your current financial commitments, especially in situations like these. This is why having an expert advisor by your side will be incredibly beneficial to you in the process of setting yourself apart and removing a name from a mortgage.
Moving home is already a stressful enough experience and if you add that to a complex situation like a divorce or a separation, it can sometimes all get a bit too much. Get in touch with a mortgage advisor in Hull today and we will see how we can help you.
Going through a divorce or separation with your partner when you have a joint mortgage together can be difficult. In this guide, we have compiled a list of frequently asked questions that have been answered on this subject.
Regardless of if you are going through a divorce, you need to keep paying the mortgage, even if you are living elsewhere in the meantime.
You and your ex-partner both agreed to take out a joint mortgage and are both held equally liable for the debt until the mortgage gets paid off, regardless of whether it’s just one person living there at the moment.
Failing not to pay the mortgage on time can harm your credit history as well as your ex-partners, and your home may be repossessed if you do not keep up with repayments on your mortgage or any other debt secured on it.
As soon as you know you will be separating, you need to inform your mortgage lender sooner rather than later, especially if you find it challenging to meet your mortgage payments.
If you both decide it is best to move out of the property, sell up, and pay off the mortgage.
Any equity left after the mortgage has been paid off will be split between the two of you. Strictly who gets what from the leftover funds can be open to dispute.
If you move out and are looking to purchase a new property, our trusted team of mortgage advisors in Hull are available 7 days a week. They are ready to recommend you with the best deal, offering open and honest mortgage advice in Hull.
If the divorce is on good terms, some decide to stay and continue paying the existing mortgage, and this method can be beneficial, especially if your mortgage is fixed for a couple of years.
If you both conclude that you or your ex-partner will live in the property, the current resident will have to remortgage in their sole name.
If you decide to become the sole owner of the property, and there is an existing mortgage in joint names, you will need to remortgage. The new mortgage will be taken out in your sole name, therefore your affordability will be reassessed.
Yes, you can have more than one mortgage. Lenders each have different credit scoring systems and take various factors when applying for a second mortgage. The main one is your current financial commitments. Before applying, you need to make sure you can afford a second mortgage because if you get declined, it could negatively impact your credit file.
You will be happy to know that here at Hullmoneyman. We can perform a search for you that won’t damage your credit file. Once we have the necessary information gathered, we can then confirm the maximum amount you will borrow.
This can help you get a good idea of your budget and how much your monthly mortgage payments will be on top of your current financial commitments.
It can be challenging to move on from your current financial commitments, and this is why having an expert Mortgage Advisor in Hull by your side could prove highly beneficial.
Moving home can be a stressful experience, and if you add that to a complex situation like a divorce or a separation, it can sometimes all get a bit too much. Speak to a Mortgage Advisor in Hull today, and we will see how we can help you.
If you get divorced while your joint home is in negative equity, it can be challenging to sell the house and pay off the mortgage in full.
You might have to split the outstanding debt between you or agree with your mortgage provider.
A mortgage is one of, if not the single biggest financial commitment of your life. Even though this is the case, we find that many people spend very little time thinking about their mortgage and just continue paying their monthly payments no matter their rate or fees.
If you’ve been on the same mortgage deal for quite some time, a mortgage review is definitely something worth considering. It could even allow you to access a better rate, you’ll never know if you never look!
A mortgage review is exactly what you’d expect it to be; you approach your lender, building society or Mortgage Broker in Hull and let them know that you want to evaluate your mortgage situation to see whether you can access a better deal or not. The mortgage review process will work in the same way as the usual mortgage process.
You will need to provide documents to evidence that you are who you say that you are, as well as your current income and your monthly bank statements. They will also evaluate your credit score and your personal and financial situation. This should give them an indication of whether you can access a better deal or not.
If you can’t access a better deal, no worries! As a Mortgage Broker in Hull, we only charge for our services at the point where you move forward with a mortgage deal. It’s up to you if you continue with us or not.
Sometimes, it can be a pain to go through the whole mortgage process again, however, it could massively benefit you financially down the line. So in the long run, it could be worth it if you end up on a much better rate!
Undergoing a mortgage review from time to time could end up saving you lots of money. If you haven’t moved home or reviewed your mortgage in a while, you could’ve possibly dipped onto your lenders’ standard variable rate (SVR). This is likely to have a much higher rate than your previous mortgage deal.
You’ll find that lenders’ SVR is much higher than their fixed-rate products. In some cases, their SVR is their highest rate. When on a lenders’ SVR, you aren’t tied into any particular deal, you can change deal whenever you’d like once you find another deal.
If you are on a mortgage term based deal, you will have to wait until the term finishes until you can find another deal (unless you are willing to pay a lot of money to switch). Although, if you forget to look for another deal whilst approaching the end of your mortgage term, this is the point where you will switch onto your lenders’ SVR. This is why you need to be aware of when your term is coming to an end.
Remember, you are under no obligation to stay with the same lender or Remortgage in Hull, if you want to shop around elsewhere to find a better deal, you can do so.
Due to the influx in housing prices, if you’re lucky to have lots of equity in your home, you may be able to access more competitive mortgage deals.
Mortgage rates are based on loan to value ratios, as a rule, the more equity you have, the lower your interest rate will be.
You may also have capital raising options available to you if that’s something that you are interested in.
If you are a relatively new homeowner, or your property has yet to increase in value, there may still be money-saving options with your current mortgage lender.
Usually, if you’ve kept up-to-date with your payments, you may also be able to access product transfer deals.
In some cases, the mortgage deal with the lowest interest rate isn’t always the best one, this is because low-interest-rate mortgages often come with high arrangement fees.
A transparent Mortgage Broker in Hull like us will consider all of the mortgage costs for you and work out an estimation of how much a mortgage deal switch over will cost you.
We’ll be able to take into account your personal situation, your credit history, the property being mortgaged, valuation fees and any arrangement fees that are payable and recommend the most suitable one for you!
Get in touch for Remortgage Advice in Hull today.
When you pass the lenders credit score to qualify for a mortgage, you will obtain an agreement in principle – commonly known as an AIP for short. Having an agreement in principle in place allows you to make an offer on a property. It also can be very useful when negotiating on the asking price, as the seller now knows that you are serious and ready to start.
This depends on the type of credit search the lender decides to undertake. They will either perform a soft credit search or a hard credit search on your file:
Nowadays, it’s more common for a lender to carry out a soft credit search over a hard credit search. They usually choose to perform a soft credit search because they require less information out of it and there is a lot less chance of your credit score being affected by this one.
Whilst the financial institution doing a soft search obtains less information about you than if they had done a hard search, an agreement in principle from one of these lenders is usually still a very strong indication that your application could be accepted.
Hard credit searches go a lot more in-depth than soft searches. The main difference between hard and soft searches is that hard credit searches can affect your credit score, by leaving a footprint. Anyone who looks at your file in the future will be able to see that lenders have hard searched your credit score.
This won’t really affect you if you have a good credit score. The problems can come if your score is lower and you have had more than one hard search on your file, as it could look like you are trying to apply for lots of credit at the same time. This is likely to put off a lender.
You will never be guaranteed a mortgage, but having an agreement in principle in place ahead of time will certainly work in your favour. Once you provide the lender with all your documents, an Underwriter will review everything and make a final decision. Agreements in principle usually include small print that can easily be missed, which is why speaking to a Mortgage Broker in Hull can be useful.
When customers reach out to us for help about their agreement in principle, we find that in some cases they’ve been turned away at full mortgage application stage.
The documents required include, but are not limited to, things like ID, payslips and bank statements. As your expert Mortgage Broker in Hull, we take pride in helping you be prepared for all this. If you are looking at starting your mortgage process, you may need to look at how to get prepared for a mortgage in Hull.
It’s necessary to have your agreement in principle in place when making an offer. Most credible estate agents will want you to provide evidence that you are able to proceed with the purchase.
Normally, your agreement in principle needs renewing after around 30-90 days. As an experienced Mortgage Broker in Hull, we still recommend getting one as early as you can, in order to avoid finding your dream home only to be told you aren’t eligible for a mortgage.
You don’t always need to buy the first house you see after you get your agreement in principle. It’s a simple process, so if it does happen to expire, you can just obtain another.
You may be a First Time Buyer in Hull or you might be thinking of Moving Home in Hull and are looking for great Mortgage Advice in Hull. If so, we think that you will benefit from our dedicated mortgage advice services in Hull.
We offer a free initial mortgage consultation with one of our expert Mortgage Advisors, so feel free to get in touch today and we will see how we can help!
As a mortgage broker in Hull with a lot of experience in the industry, we have learnt how to help you get through almost every mortgage situation. You could be a First Time Buyer, looking to Remortgage or even Self Employed in Hull. No matter where you are in life and what you’re looking to do, our team may be able to help.
The process of obtaining a mortgage can quickly change, going from simple to very complicated in no time at all. This is down to the variety of lenders available and the unique lending criteria from each you would be matched against. Going with a Mortgage Broker in Hull like us could be just what you need to stop the process from getting too difficult to deal with.
You may find the credit scores of some lenders easier to pass than others. Different lenders have their own niche products and will target specific parts of the market. You will find that lenders with the lowest rates also tend to have the strictest criteria and it is pretty standard for a customer to not match against all criteria.
Lenders who offer competitive deals will always be the hardest to fit into. Firstly, they need to make sure that the customer will be able to afford their monthly payments over the term. Realistically, lenders want a profit. If you can’t pay, they’re out of pocket which is not what they want. Unfortunately, this can make it difficult to obtain a mortgage from certain lenders.
High street lenders with the cheapest deals will try and find other ways make the most out of their profits when it comes to borrowers. Once your mortgage has been accepted, they generally try to sell more products, as they will be working on a commission basis. These products usually include things like Bank Accounts, unsecured loans, credit cards and Insurance.
Nothing is ever simple though and there is a catch with these, as mortgages with lowest rates of interest tend to come with higher set up fees. That’s why a lot of people tend to ignore their products. Lenders are only in this game for themselves, whereas a local mortgage broker in Hull will only ever want to do right by you. We are able to save both your time and money, finding the most appropriate deal for you, by matching you against multiple lenders’ criteria, rather than just one standalone lender.
You will find that not everyone can just remortgage elsewhere and this is down to a variety of reasons:
The economy can have a direct effect on how difficult it may be to match lender criteria and obtain a mortgage, depending on how it is performing. If the economy is not doing well, mortgage lenders will make their criteria stricter and allow less people to match. If the economy is doing well, things may be relaxed and allow more people to match. It’s all dependant on time frame, as it can sometimes be quite difficult to obtain a mortgage. In the mid-2000’s this was different, just before the credit crunch. Lenders gave mortgages to everyone, and we all know how that turned out…
Once the credit crunch was over, lenders rightfully took a completely different view and tightened their criteria. You needed a 25% deposit which meant that getting on the property ladder was near impossible for most people. Interest-rates began to rise, tempting customers to continue renting instead of buying.
Being an experienced and dedicated mortgage broker in Hull has allowed us to gain valuable knowledge regarding lender criteria and credit scoring, something that gives us an advantage when trying to give customers the best possible chance of obtaining a mortgage.
If you’re finding it hard to match with lenders criteria it may be time to approach a mortgage broker in Hull. With trusted mortgage advisors on hand, our team can share simple steps with you on how to improve your chances of your mortgage application being successful.
These steps are very easy and just by giving us a call, you could end up a step closer to securing a mortgage deal. Get in Touch and we’ll get the ball rolling, moving you one step closer to achieving your goals.
No matter whether you are a First Time Buyer looking to make that initial jump onto the property ladder, or are going through the process of Moving House in Hull, you will soon come to realise that there are many different types of mortgages available for customers.
Some options tend to be more popular than others and some are a little harder to come across. We have compiled a list of mortgage types we find that we encounter the most and that you will likely come across. You will also see each section accompanied by one of our MoneymanTV episodes, we hope you find them useful!
You can find more Helpful Mortgage Guides on moneymanTV here or go directly to our “Mortgages Explained” playlist here.
A fixed-rate mortgage means that your mortgage payments are going to remain consistent for a specific period of time. You are in control of how long you choose to fix your payments for, with common lengths generally being 2, 3 or 5 years or longer. Regardless of any changes to inflation, interest rates or the economy you can rest easy knowing that your mortgage payment, often your single biggest outgoing, will remain the same.
A tracker mortgage means that the interest-rate of your mortgage will follow, or track if you will, the Bank of England’s base rate. In simpler terms, this means that the lender that you are with are not the ones that will be choosing your interest-rate and neither will you. Instead, you will be paying a percentage above the Bank of England base rate. In an example, if the base rate is 1% and you are tracking at 1% above base rate, that means you will be paying a rate of 2%.
When you take out a repayment mortgage you will be paying back capital and interest combined each month. Providing that you keep your payments going for the full length of the mortgage term, you will be guaranteed to have your mortgage balance paid off at the end of the term and the property will become yours to own.
In regards to mortgage payments, this is the most risk-free way to pay your capital back to the lender. Early on into your mortgage term, it is mainly the interest that you are paying and your balance will start to go down really slowly, especially if you have taken out a longer term of around 25, 30 or more. Things take a turn when it comes to the last ten years or so of your mortgage, where your payments are paying off more capital than interest and the balance will come down much faster.
Whilst a lot of modern buy-to-let mortgages are set up on an interest-only basis, you’ll find it a harder task trying to get a residential property on an interest-only basis. It is much less likely for a mortgage lender to offer an interest-only product to customers these days, though in some cases it is possible.
Situations where this might be relevant include downsizing when you are older or have other investments that can be used to pay the capital back. Lenders have strict rules when it comes to offering these products now and the loan to values are a lot lower than back in the day.
With an offset mortgage, the lender will set you up a savings account to go alongside your mortgage account. How this works is that let’s say you have a mortgage balance of £100,000 and £20,000 is deposited into your savings account, you only pay interest on the difference, so in this case, £80,000. This can be a very efficient way of managing your money, especially if you are a higher rate taxpayer.
In light of the recent announcement from the British Prime Minister Boris Johnson, we want some share the positive news that came with the new lockdown rules.
Similar to the November 2020 lockdown, the property market is still open for business. You can take up house viewings, continue your purchase and still put your home up for sale.
Here is a mortgage market update from Malcolm the ‘moneyman’ himself:
During the last lockdown in November 2020, there was a huge increase in mortgage enquiries. The boom in home purchase approvals reached a massive 105,000 in November, which is the highest since August 2007.
In October 2020, purchase approvals were at 98,300. This increase of 6,700 is impressive considering we were in the middle of a national lockdown.
In terms of the property market, the January 2021 lockdown is very similar to the previous November 2020 lockdown. You can still begin your mortgage journey in 2021. It’s up to you how you start this, it could be by yourself or through a Mortgage Broker in Hull.
January is a popular time of year for First Time Buyers, Home Movers, landlords etc., and as time progresses we are seeing more mortgage products becoming available again, allowing for more mortgage options to those investing in the property market.
Yes, 90% mortgages are still available and lenders are getting more and more confident in the market. They know that the demand is there and that people will only start coming back when they know that they can get a deal with a 5-10% deposit.
There are also other ways to access a 90% mortgage, for example, this could be through the Help to Buy Equity Loan scheme or the Help to Buy Shared Ownership scheme. If you want a Help to Buy Specialist to talk you through how using these methods could help you obtain a mortgage with only a 5-10% deposit, make sure to get in touch right away.
The property market is still open and so are we! We have Mortgage Advisors in Hull available from 8am – 10pm, 7 days a week throughout the year to help you through your mortgage journey.
Don’t worry, our free mortgage consultation still applies to every customer in every mortgage situation. Start your 2021 mortgage journey with Hullmoneyman today.
When you are nearing the end of your current mortgage deal, your lender may offer you a new deal to stay with them. This process is known as a product transfer. You are under no obligation however, to stay with your lender. It is perfectly normal practice for a customer to find another mortgage deal elsewhere through a different lender.
Unfortunately, you will find that lenders do not reward customers for their loyalty, no matter how long you have had a mortgage with them. In fact, it’s entirely possible they are offering a better rate to a First Time Buyer in Hull instead of doing right by a customer of 5 years.
You would likely be far better off searching around for a more competitive deal as opposed to sticking with your lender, simply because “it’s convenient”. You’ll almost always find that with the aid of a professional mortgage advisor in Hull, there will be better deals readily available for you to take out with another lender.
We have a lot of experience providing Mortgage Advice in Hull and we know exactly how to find you that 1/1000 mortgage deal. We have a vast variety of different lenders on panel that we can search through in order to try and find you a more favourable and beneficial deal for you going forward.
Nowadays it is very easy to go online and switch from your current deal to a new deal with your current lender, however, just because it is easy you shouldn’t rush it. Your current lender will try and tempt you to switch over online without taking actual Mortgage Advice in Hull.
They do this knowing full well that if you were to come to an experienced Mortgage Broker in Hull like us, they would likely lose you as a customer due to you finding a better mortgage deal.
When you do everything by yourself online, you are not receiving any consumer protection, which is something you would have gotten if you had taken professional Mortgage Advice in Hull.
We always see examples of customers accepting these “follow-on” deals and getting locked into the wrong deal for what they’re looking to do. This is because they chose not to take any advice and rush the process. Lenders love it when customers do this, as you are possibly paying more than you should and have no leg to stand on if you wish to argue as you willingly opted out of mortgage advice.
We have had a case in the past where a customer was pregnant, went without mortgage advice and then was declined for a small further advance to fund some necessary home improvements a few months later. Because of this, she had to pay a rather large early repayment charge to swap to a new lender who would grant her the additional funds she required.
Coming to receive advice from a friendly expert Mortgage Advisor in Hull is definitely your best option. Our team offer a free mortgage consultation to every customer that gets in touch. We can then evaluate your financial and personal circumstances to get an idea of what sort of deal you will be able to get. A Mortgage Broker in Hull, can also offer you full consumer protection which you wouldn’t get if you were to go for an online switch.
In short, even if your requirement seems straightforward we recommend you always take advice – a second opinion costs nothing and making a mistake when taking a new product can be costly.
The remortgage market is highly competitive and savings can generally be made by searching the market for a new deal.