Personal Finance

Remortgaging is a financial term that involves switching your existing mortgage to a new one, often with a different lender or on renewed terms with your existing lender. People choose to remortgage for various reasons, such as securing a better interest rate, releasing equity on their property, or consolidating debt.

In this blog, we’ll explore several ways to help you improve your approval chances when remortgaging.

If you would like to speak to an experienced and helpful team about your remortgaging situation, please see our contact details at the bottom of this article.

Key points covered to improve remortgaging approval chances include;-

• Assess Credit Score
• Understand Your Finances
• Reduce Debt
• Gather Documentation
• Choose The Right Lender
• Demonstrate Stable Employment

Obtaining a mortgage can be both a stressful and extremely rewarding process. In order to get there, you must adhere to a set of processes and steps that can be assisted in a couple of ways including using online mortgage tools, or using a mortgage broker.

But, is one way better than the other?

This blog will look at the pros and cons of both sides and offer some guidance on how these factors may affect your overall buying experience.

If by the end of this article you still have questions or would generally like to know some more information about mortgages, we’d love to assist you here at Thameside Mortgages.

Thameside Mortgages, a well-trusted mortgage broker covering Kent, Bedfordshire and the surrounding areas, is proud to introduce a new initiative aimed at assisting clients whose mortgages are set to end within the next six months – the Remortgage Tracker Service.

This exclusive service reaffirms the company’s commitment to delivering exceptional customer care and ensuring that clients continue to receive the best mortgage deals available in the market.

Understanding the importance of timely and beneficial financial advice, Thameside Mortgages is pleased to offer its valued clients an opportunity to secure a new mortgage deal six months before their existing mortgage term expires.

By taking proactive measures, clients can avoid potential uncertainties and leverage favourable market conditions.

If you are a first-time buyer in Kent, Bedfordshire or the surrounding areas and are looking to maximise your chances of mortgage approval, then this latest blog post has been created just for you. 

It’s no secret that the process of securing your first mortgage can be daunting. However, with the help of your local and trusted mortgage broker it can be simplified.

We hope the SIX top tips below will help you as a first-time-buyer. 

At Thameside Mortgages, we always recommend being proactive before you start your mortgage application in order to give you the best possible chance of first-time approval.

By implementing the below suggestions, you can significantly increase the probability of stepping onto the property ladder sooner rather than later.

• Build A Strong Credit Profile
• Save for a Larger Deposit
• Manage Your Debt-to-Income Ratio
• Maintain Stable Income
• Seek Mortgage Advice
• Stay Within Your Means

If you are in the early stages of obtaining a mortgage, it can often be a stressful experience. However, the process can be made easier if you ask your mortgage broker the most important questions at the beginning of your journey. 

Asking even a select few of the most important questions will help you gain clarity, better understanding, and put you in a great position to obtain the most suitable and desired mortgage deal for you.

In this latest blog, we’ll be covering the top eight questions to ask your mortgage broker (feel free to ask us right away!).

The top questions we’ll be covering include;-

• What types of mortgage loans do you offer?
• What is the current interest rate and how does it compare to other lenders?
• What is the loan term and repayment schedule?
• How much can I borrow?
• How much deposit will I have to put down?
• Will the mortgage be transferable?
• Can you provide mortgage protection?
• How long will the mortgage process take? 

Chancellor Jeremy Hunt has announced a new Mortgage Charter, which has been signed by 32 lenders, will provide reassurance to 1.4 million homeowners who may face challenges with the new remortgage deals they are expected to transition to this year.

In light of the increasing mortgage rates, these lenders (who represent 85% of the market) have agreed to new commitments to support borrowers during this difficult period.

The lenders have made the following agreements:

• Borrowers will not be forced to leave their homes without their consent, unless there are exceptional circumstances, for at least a year after their first missed payment (from 26^th June).

• Customers approaching the end of a fixed-rate deal will have the opportunity to secure a deal up to six months in advance. They will also have the ability to manage their new deal and request a similar improved deal with their lender until the start of the new term, if one is available (from 10^th July).

• Customers who are up to date with their payments can choose between switching to interest-only payments for six months or extending their mortgage term to reduce their monthly payments. Customers will also have the option to revert to their original term within six months by contacting their lender.

The Bank of England has risen interest rates for a 13^th consecutive time as it continues to tackle rising prices.

Experts were predicting a slight fall in inflation figures in May, but official data on Wednesday showed inflation was still stuck at 8.7% in May, due to increased prices for second-hand cars, flights and supermarket food prices.

The Base Rate of 5.00% is the highest the UK has seen since 2008.

Just one month ago experts were predicting we were nearing the end of rate rises, but the rhetoric has changed as base rate could now reach 6.00% – a figure not seen since the 1990’s.

Thameside Mortgages Managing Director, Andrew Sheen pointed out “a fundamental role of the Bank of England is to control inflation. It’s painfully obvious increasing rates has been an ineffective tool against inflation.

“Rather than stubbornly sticking to the same methods, they should take a moment to pause and consider a different approach before causing significant harm to the economy and people’s livelihoods.” 

The Bank of England announced it has increased interest rates once again, to 4.50%, marking the 12th consecutive increase in rates from the Bank of England.

This article emphasises the importance of early mortgage review and explores the potential effects of rising interest rates.

Becoming a homeowner is a dream for many renters, but the hefty deposit requirements can often make it seem impossible. With house prices and the cost of living on the rise, saving five-figure sums for a deposit can be a daunting prospect. But now, there is a solution.

The Bank of England recently announced that it had increased interest rates to 4.25%.

In this article, we highlight the significance of reviewing your mortgage as early as possible and delve into the consequences of increasing interest rates.