Remortgages Gravesend & Kent
Thameside Mortgages provide professional assistance with remortgages in Gravesend, Kent, and the surrounding areas.
Whether you are coming to the end of your fixed rate with your existing lender or concerned that you might be paying too much for your current mortgage, we have access to more than 90 lenders, which is likely to include your current lender, to ensure you get the best deal, based on your needs, circumstances and preferences.
With interest rates being at an all-time low, it’s certainly worth letting us look into your current deal to establish if there are any other providers offering better deals, or if you should renew with your current lender.
You may have to pay an early repayment charge to your existing lender if you remortgage. Book your no-obligation consultation with Thameside Mortgages today by calling us directly on 0345 512 0125 or use our online contact form.
What Are The Steps Involved?
We usually arrange a chat with you over the phone initially and help you understand what you are looking to achieve, such as keeping all aspects of your mortgage the same (term/loan amount) or whether you would like to raise extra capital for home improvements etc.
We will summarise our entire conversation to you by email and explain the next steps in terms of helping you obtain the next mortgage deal for you.
We recommend looking into your options 3-4 months before your current deal expires. We will work together to ensure we find the right mortgage for you, based on your needs and requirements.
We will submit the application to the mortgage lender, who will carry out a survey on your property. If you are tied into a current mortgage, we advise that you check the exact end date of your current deal to ensure that completion does not take place beforehand, to avoid you paying any penalties for leaving the current lender.
Remortgages – FAQs
How do remortgages work?
When you come to the end of your introductory deal with your existing lender, you would typically revert to their standard variable rate (SVR). Around 4-6 months before your deal ends, you should find out what your existing lender will offer you to stay with them and compare this to the 90+ other mortgage lenders.
If you have no plans to change the terms of the mortgage, such as the loan amount or term, most existing mortgage lenders will offer you a new deal without you needing to provide much paperwork or going through major affordability checks. However, if you move to a new lender, or want to borrow extra money or change the terms of the mortgage, it will be treated like a brand-new application (proof of income, bank statements, credit reports etc), and full affordability and expenditure checks will be undertaken.
A mortgage broker will invariably find out what your existing lender will offer, compare it with the other mortgages out there and provide advice to which product type suits your needs in the best way.
How long do remortgages take?
The process of moving from one lender to another can take between 6-8 weeks from start to finish as a solicitor or conveyancer will need to be instructed to ensure the property meets all the new lender’s requirements. Don’t worry you usually receive free basic legal fees or cashback towards those with most mortgage products.
You’ll want to ensure everything is ready to complete as soon as possible, avoiding the higher Standard Variable Rate (SVR), so we recommend starting your research 6 months before your current deal ends.
Interest rates have risen considerably since the turn of 2022, so more of our clients have been locking in deals 6 months prior to their deal coming to an end, in case of rates continue to rise. As some mortgage offers are valid for 6 months, it allows you to secure a deal ahead of time without paying penalties to come out of your current deal. Even if you secure a deal 6 months before the end of your deal, it doesn’t necessarily mean you can’t ask your broker to check the market a few months before the deal is due to be complete. This will ensure you’re getting the best deal available to you.
Do you provide shared ownership mortgages?
We love Shared Ownership mortgages and help our clients just like any mortgage application. They may require a little more work at our end, but we will find the right mortgage for your circumstances, which is tailored to each individual.
You may wish to consider ‘Staircasing’, which is purchasing a larger share of your property to own, if not all the equity. We will help our clients understand their options in terms of affordability and eligibility.
Are fixed rate remortgages the best option?
To fix, or to float? That is the question! Every mortgage product is recommended based on the needs and circumstances of each individual client. Invariably a fixed-rate mortgage would offer you security and stability, but it also ties you in for the duration of the fixed rate period i.e. 2, 3, 5, or 10 years, with a penalty for Early Repayment. Therefore, you need to consider how long you’re prepared to be locked into your mortgage.
When the Bank of England (BoE) Base Rate was as low as 0.10%, Tracker or Discounted Variable mortgages were not as popular because there was a greater risk of rates increasing than decreasing. However, since the Bank of England (BoE) started increasing interest rates, we’ve started to see a bigger difference in the cost of mortgages, with trackers or discounted variable mortgages offering a lower interest rate from outset. However, this comes with a risk of rates increasing even further. If they rise too high, you could have been better off fixing your mortgage, so it all depends on the level of risk you’re willing to take. This is where seeking advice from a mortgage professional is vital. No one can accurately tell you what will happen with interest rates, but an experienced broker will be able to clearly explain the different options and the risks or benefits each option presents.
Do you provide Buy-To-let remortgages?
We love Buy to Let (BTL) mortgages and help our clients just like any remortgage application. Whether you own 1 BTL, or are a Portfolio landlord, we’ll find the right mortgage product for your Buy-to-Let remortgage, which is tailored to each individual.
When remortgaging a Buy-to-Let property we can look at all options for you including raising additional funds on the property to complete any home improvements you may want to have carried out or paying down an existing mortgage on another property. We’ll invariably have access to what your existing lender will offer you to remain with them.
How do you get the best remortgage deals?
It’s a common misconception that the ‘best’ deal is the one with the cheapest interest rate.
There are so many factors to consider, such as the fees the mortgage lender charges (arrangement fees, valuation fees, incentives towards legal fees). It’s also important to choose a mortgage deal that is right for your own personal situation.
We’ve developed relationships with mortgage lenders over the years and have a vast understanding of their lending criteria, and affordability rules using our experience to ask the right questions about what is important for you, we find the right remortgage deals for our clients. We can also obtain exclusive deals through the networks and clubs we operate within, not available elsewhere.
When should I consider remortgaging?
We believe you should research your options around 6 months before your current rate comes to an end. This will allow you enough time to complete all the necessary paperwork ensuring completion will take place as soon as your current deal expires, avoiding any Early Repayment Charges (ERCs).
Even if you lock a deal in 6 months before your deal comes to an end, there is nothing stopping you from asking your broker to revisit the market once again a few months later just in case the market has changed again. If a new deal costs £000’s more, you will have done the right thing by looking something in early. If a new deal costs £000s less, a small fee to jump ship would certainly be worth it for the saving.
If you leave it too late, you run the risk of reverting to your mortgage lender’s Standard Variable Rate (SVR), or may have missed a lower rate.
How much will it cost me to remortgage?
The fees you pay to remortgage depend on an individual’s circumstances. The average mortgage arrangement fee is in the region of £999, but there are also products with no fees, and other with fees in excess of £1,999. Our job is to assess the interest rate, monthly payments and all fees associated with a mortgage to understand the true overall cost. It makes no sense to recommend a lower interest rate which saves £2 per month for 2 years if the arrangement fee was £1,000 more than the fee-free deal.
In terms of broker fees, we wouldn’t expect a client to be charged an administrative fee for a simple product switch with the same lender (changing no elements of the loan), as the administration involved is significantly less. However, your broker will have benefited from the experience and advice of your broker, who will have carried out extensive research and discussed your options before recommending you remain with your lender.
If the mortgage shifts to another lender because they are offering a much better deal, full, detailed affordability and eligibility assessments need to be carried out, including due diligence checks, valuations, legal work, etc. Your broker would invariably charge an administration fee to cover the significantly increased workload in making sure you have the absolute right product. You’ll receive our vast experience, a wealth of knowledge, guidance, and reassurance from start to finish in achieving the right mortgage product for your needs – not just typing in a few numbers to a system to find the lowest rate, as anyone can do this.
If you think of an accountant, solicitor, or another professional role – we could all do them ourselves, but the experts are there to ensure you get the absolute best deal for your money.