Homeowners in Liverpool will look to remortgage for all different kinds of reasons. One reason, in particular, is an uncommon choice – remortgaging to extend a mortgage term. In this article, we are going to discuss why people do this and how you can go about doing so.
You can find out more about the different types of remortgage across our website and in our remortgage guides.
So, you want to remortgage in Liverpool to extend your term… But why would you want to do that?
A mortgage term is how long you have to pay off your entire mortgage. This length of time will have been specified in your contract when you took out your mortgage with your lender. Usually, mortgage terms last between 25-30 years. This is a long time to be financially liable for something.
As you progress through your term, you may find that keeping up with your mortgage payments is proving difficult and that you are left with a small amount of disposable income per month. Due to the cost of living and an increase in bill payments, you may find it more beneficial to remortgage and extend your mortgage term to save that little bit of extra money.
So, what happens when you extend your mortgage term? Essentially, you are stretching your mortgage payments across a longer period of time, therefore, your payments per month will decrease. However, since you are borrowing for longer, you should expect the total amount that you have put into your mortgage to have increased.
Yes, there is a possibility that you can extend your term and release equity from your home in the process.
Truthfully, you can probably extend your term on any remortgage path you’re looking to take. More popular options include remortgaging for home improvements or consolidating debt into the mortgage whilst extending the mortgage term. People usually extend their term whilst remortgaging for these reasons to put them in a stronger financial situation.
As we have mentioned above, remember that as your term is increasing, so the overall amount that you spend on your mortgage will increase. You will also end up paying more interest overall by the time your term has come to an end.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
There may be some scenarios where you may not be able to extend your mortgage term. A lender, when deciding whether you are able to do this or not, will look at various factors before accepting your remortgage application.
If you are looking to remortgage in Liverpool to extend your term, your lender will look at your age, type of mortgage and any mortgage debts. At the end of the day, it is up to your lender to decide whether or not to allow you to remortgage to extend your term.
If your lender comes to the conclusion that you are not able to do this, there may be other alternatives that could potentially lower your mortgage repayments. Your Remortgage Advisor in Liverpool will discuss these options with you during your free mortgage appointment.
This scenario can become complicated very quickly, therefore, not all mortgage lenders allow you to do this. If you are allowed to do this with your interest-only mortgage product, you will have to know that you will still owe the lump sum of interest once your term concludes. This total could be larger due to the extended mortgage term on your product.
Additionally, the majority of residential properties will be on some variation of a repayment mortgage, as a residential interest-only is much less frequently occurred in modern times. You will find that it is more common to find an interest-only linked with a buy to let property.
This will bring its own challenges. You will have to compensate for the increased lump sum and you will have to try and convince your lender to extend your term with a tenant still living within the property.
A possible option could be to remortgage and replace your interest-only mortgage with a repayment mortgage. This would allow you to pay back the capital and the interest combined.
Before remortgaging and switching products, we would recommend seeking remortgage advice in Liverpool. Switching to the wrong product could put you at risk of losing large sums of money.
If your financial situation has improved since taking out your mortgage, you may consider shortening your mortgage so that you can pay it off quicker. In turn, this will of course increase your monthly payments.
You will also end up paying the bank less back overall due to less interest being built up. Just like when you extend your term, you will need to pass lenders’ affordability checks before you will be able to continue with your remortgage.
There are other ways to save money each month that does not require you to extend your mortgage term.
One example would be downsizing. Downsizing is where you sell your current home and move into a smaller property instead. As a general rule of thumb, smaller homes cost less due to having a lower mortgage.
Another example, for those over the age of 55 and a property worth at least £70,000, would be to release equity in Liverpool. This could allow you to release funds tax-free from your home, either as a lump sum or in occasional payments, through a lifetime mortgage. This may not necessarily mean that this is the best option for you. If you are over 50, you may also want to look into retirement interest-only mortgages and term interest-only mortgages (also known as RIOs and TIOs).
Similarly to equity release plans, with RIOs and TIOs, your loan will only be repaid when you are dead or have moved into long-term care, with your home being sold at either stage.
One of our mortgage advisors in Liverpool will discuss alternatives with you, advising on the most appropriate path to take, based on what you wish to achieve, as well as your future plans.
To understand the features and risks of equity release and lifetime mortgages, ask for a personalised illustration.
A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.
If you’re heading towards the culmination of your mortgage term and have opted to remain within your current property, as opposed to moving, then you should definitely start looking at your options for a potential remortgage in Liverpool.
For those who are unsure of what remortgages are, this is where you switch to a better rate on your existing deal. As an experienced mortgage advisor in Liverpool, this is something we have worked with a lot and are usually able to help with.
The high street bank or mortgage lenders tend to rely on their customers sticking with what they’re comfortable with and not looking at their options elsewhere. It’s not unheard of for there to be cheaper offers available to you elsewhere, all you have to do is check out a price comparison website or contact a mortgage broker in Liverpool to compare the various deals for you.
If you’ve had your mortgage for a number of years, it’s possible that you could be on a low Bank of England tracker deal. You may even be paying an amount that is less than 1%. If this sounds like your mortgage situation, you might be thinking about leaving that mortgage as it is for now. Bear in mind though, that if the Bank of England base rate rises, your mortgage amount will too.
Subject to the typical affordability checks and assuming that there is existing equity within your property, then the possibility of increasing your mortgage for any plans for home improvements that you have, may be an option available to you.
This can be a very intelligent investment if you are good with your money. We regularly see that customers do this to do something like covering the costs of building an extension or converting their loft into an additional room.
You can borrow extra funds for most legal purposes, examples of this would be:
Remember by increasing your mortgage you will end up paying back more interest, so you need to be certain you are doing this for the right reasons.
It is not recommended that you start adding debt onto your mortgage, as over time you will end up paying back more interest overall, though by extending the length of your term, you will be paying less back per month.
You will also taking that debt and securing it against an asset, your home. Because of your secured loan, you would be at risk of repossession if you fail to meet your monthly repayments.
If you have any debt that you can afford to pay off or have credit cards that are at 0% interest, it is absolutely not recommended that you remortgage for debt consolidation.
That being said, if you need to reduce your monthly outgoings to avoid missing payments, (which could damage your credit rating), then it might be a something at least worth looking into.
We often find that generally your current lender will offer you a new deal to remain with them, calling this a “product transfer” or “retention” product. This isn’t always guaranteed and sometimes you have to get in touch with your lender directly, in order to see if this is available to you.
Some lenders allow you to make a product switch online without taking any of their mortgage advice or being required to submit any further information to them.
Whilst it may seem to be a much easier option in staying with the same provider and switching products, rather than put forward a new application to a lender that is different to the one you are with, it’s entirely possible that you could save a lot of money in doing so.
In the long run, you will likely find your mortgage journey to be a fruitful and rewarding endeavour. Whilst during this process there will inevitably be some positives and negatives, ultimately the final result will see you end up with one of the following; You’ll possibly be living in your dream home, with the potential to start a family.
Alternatively, you could find yourself with stepping stone property, getting your foot on the property ladder. Finally, you might end up with an investment property to provide you with an income boost as a new or continuing landlord.
Regardless of which of those mortgage paths you went down, you’ll eventually reach the end of your mortgage term and need to start looking at a new plan of action for the future. In some cases, people choose to simply sell their home, scouting the market for either a bigger or smaller next home.
If you are a landlord in Liverpool, you could possibly be in the market for selling your portfolio to the tenant(s) or another buyer, with your eye on financial adventures outside of the housing market. Despite these however, we often hear that the most popular option towards the end of a mortgage term is a Remortgage.
A Remortgage is the process of using the money gathered from taking out a new mortgage to pay off an existing mortgage. There are lots of different options that could be at your disposal when taking out a Remortgage, each of these ranging from small ones to slightly bigger ones.
By collaborating with Liverpoolmoneyman’s resident “Moneyman” Malcolm Davidson (host of our YouTube channel MoneymanTV) and utilising his over 20 years of experience in the mortgage industry, we put together a helpful guide for those looking at what to do next, when their mortgage term is about to finish.
At the start of your process, you’ll likely be taking out a mortgage deal that will normally last somewhere within the realm of 2-5 years, featuring lower fixed rates or with rates that are possibly discounted. Depending on the circumstances, your lender may even look at putting you on something like a tracker mortgage, wherein your mortgage would follow the Bank of England’s base rate.
Once your mortgage term is at its end, it is likely that you will be placed on the lenders Standard Variable Rate (you may see this just called an SVR). The purpose of which an SVR serves, is that the mortgages interest rates can either increase or decrease, a process entirely dependent on what the lender wishes to charge you.
Standard Variable Rates do not follow the Bank of England’s base rate like tracker mortgages would. Because of this, they’re seen as a little more risky, due to the fact that the lender is not legally obligated to charge the amount that might typically be recommended for a mortgage.
Generally speaking, SVR’s are more expensive mortgage routes to take, leaving many with a preference of Remortgaging for better rates. By Remortgaging for better rates, this would hopefully save the homeowner a little bit of money on their monthly mortgage repayments.
The majority of your term may be firmly behind you, but you still may feel like something isn’t quite right, like a change needs to be made for it to truly be called home. It could be that you need to create the space for an extra room or would like a larger living space for your kids or belongings.
We’ve also heard of cases, when speaking to Remortgage customers, of people doing this for a new kitchen, a new office, or even a loft conversion (a popular these days). Rather than just moving into a newer, bigger house, many instead look at their options of releasing the equity in their home with a Remortgage.
This type of venture is used to cover the costs of any potential improvements, alterations or modifications made to the property in question.
Whilst obtaining planning permission from a local authority sounds like quite a large and scary task, especially when tied to both funding and managing your own project, many homeowners would argue it’s a lot less stressful and more rewarding than house hunting, selling your home and moving out.
As time goes on, this may prove even more to be a smart investment choice, as creating more space and having good quality craftsmanship can possibly increase the value of your home down the line, which comes in handy if you ever decide to sell up or rent your home out to a potential buyer.
In some cases, some homeowners may prefer simply to Remortgage in Liverpool with a goal of finding themselves a better mortgage term. This could be by reducing the length of the term in question or even by switching to a product that is a lot more flexible.
Doing this will mean you will shorten the length of time that you will be paying back your mortgage over, so you won’t be tied down for a large amount of years. Something of note to remember though, is that this route will also mean that your monthly repayments will be higher than you’ve might’ve expected. The general rule of thumb is that the longer your term, the lower your monthly mortgage repayments will be over the duration.
Many choose for their mortgage term to be a little more flexible when they look to take out a remortgage. This is because of the benefits provided by this mortgage option, which tend to sway homeowners more towards that route. Through taking out a more flexible mortgage, you may gain the ability to overpay your mortgage.
Overpaying gives you the ability to pay your mortgage off quicker, as well as being able to carry the same mortgage and rates over to another property of your choosing, for in the event you want to find a new property at any point down the line.
Though a flexible mortgage might sound like a more than ideal option, they will usually come in the form of a tracker mortgage. As mentioned previously, these types of mortgages will follow the Bank of England base rate, meaning that your monthly mortgage repayments could fluctuate based on interest. This can make them a little unreliable when it comes to managing finances.
Every homeowner will have an amount of equity in their property. The amount that is there entirely depends on certain factors. You can work out the amount by calculating the difference between the remaining mortgage balance and the current amount your property is valued at.
As touched upon earlier in this article, the equity in your home can be used for home improvements, though that’s not all you’re limited to when it comes to what you can use your equity for.
Some use their released equity to cover long-term care costs, to provide an additional boost to their income, to have themselves a nice holiday, to pay off an interest-only mortgage or to give themselves extra money to spend freely on whatever they wish.
Sometimes we find that Buy to Let landlords will use a remortgage to release equity as a means of covering their deposit for additional purchases towards their property portfolio.
Equity Release in Liverpool is something that homeowners who are over the age of 55, with a home that is worth at least £70,000, may be able to use. Take a look at your options by getting in touch with an expert later life mortgage advisor who can help you better understand equity release.
Another option that is widely popular and works in tandem with Equity Release, is the process of releasing funds to pay off any unsecured debts that you may have built up over time.
Though it can seem straightforward, Debt Consolidation not only bases the amount on how much you’re owed and the value of the property, but it also factors in the current position of your credit rating.
What this means is that whilst you may be able to use some money to cover these costs, you’re limited from the offset in terms of the amount that they’ll even let you borrow.
On top of this, to pay off your previous mortgage and your debts, you will need to borrow more than the mortgage amount that you have left on your balance. Because of this, you are almost guaranteed that your monthly repayments will be higher than they were before.
Though not an ideal situation to find yourself in, you at least have the comfort of knowing that should you find yourself in need of a back-up plan, you do have some mortgage options to choose from.
If you happen to have a damaged credit rating, you may still be able to obtain a mortgage, though it is not an easy process and does require Specialist Remortgage Advice in Liverpool before you can even go forward with it.
Even with a professional by your side, you must remember that there are still no guarantees that you will walk away at the end of this with a mortgage.
We recommend that you always seek mortgage advice prior to consolidating and securing any debts against your home.
If you are nearing the end of your term and are looking at your home owning and remortgage options may be, please do Get in Touch with a trusted mortgage broker in Liverpool today and we’ll see what we can do to help you out.
Your dedicated mortgage advisor in Liverpool will discuss your circumstances and plans for the future, in order to determine the course of action to take on the next leg of your mortgage journey. It is our goal as a mortgage broker to ensure your mortgage process is quicker and easier than when you took out your mortgage the first time around.
Every homeowner, whether a First Time Buyer in Liverpool, Home Mover in Liverpool or going for a Remortgage in Liverpool, should know that overpaying your mortgage can make a significant difference in what you have to pay each month. The earlier you start overpaying, the quicker you can take advantage of it’s benefits.
Homeowners may not always be able to afford such an option. Sometimes life gets in the way. In hindsight overpaying is a great thing to start doing, however, we always find something ‘better’ to spend our money on.
A lot of the time it might just be as simple as remembering to overpay your mortgage. After all, it’s not something that immediately comes to mind when buying a home.
So, if you’re in this situation and are looking to overpay, what should you do? We’d recommend setting up a standing order that is payable to your lender each month. Have it go out alongside all your other payments, so it’s easier to manage.
For example, say your monthly mortgage payment is £450 per month and goes out on the 2nd of each month. You are able to afford an extra £85 per month and are keen to put that towards your mortgage payments. Set up a standing order of £85 to go out to your lender on the 2nd of each month too.
A great benefit here, is your mortgage payments will then total at £535 and because it’s going out as a regular payment, this will become a part of your monthly routine.
Another perk is that whereas a direct debit is controlled by the receiver, standing orders are controlled by the payer. Struggling for funds this month and can’t afford to overpay? Just cancel the direct debit.
Whilst it would be a shame to have to stop overpaying, you at least have the benefits you’ve gained so far. Depending on the lender, you may even be allowed to arrange reduced payments or take a “payment holiday” if you’ve been overpaying over a long period of time. It’s important to check with lenders though if you’re looking to do this, otherwise it could have an adverse affect on your credit report.
Overpaying is a great habit to have but it’s not something you have to do. If you don’t feel the need to, you don’t have to. That being said, knocking off a year or two from your mortgage term will be something definitely worth the effort.
When your initial mortgage deal reaches the end of it’s term, your mortgage lender may offer you a new deal to stay with them. This process is known as a product transfer.
Unfortunately, lenders do not always reward customers for their loyalty over the years, and the offer they make may not be as competitive as deals you could have access to if you go elsewhere. They are more likely to reward a first time buyer in Liverpool than they are someone looking to remortgage in Liverpool.
Whilst the concept of swapping to a new deal with your current lender may seem like an easy process online, it is always in your interest to see what other deals you may have access to. Lenders will also try to tempt you towards a new deal without actually taking mortgage advice.
This can be really dangerous because if you undertake this process without professional mortgage advice you are waving goodbye to all the valuable consumer protection you would otherwise have benefitted from by speaking with a mortgage advisor in Liverpool.
We have seen many examples of customers affecting these “follow-on” deals and locking themselves into a deal that doesn’t benefit them and isn’t appropriate to their personal circumstances. Because you opted out of advice, you then give up your right to making a complaint if you don’t like something.
We had a case in the past where a customer who was pregnant did this and was declined for a small further advance to fund some necessary home improvements down the line. She then had to pay a large early repayment charge to swap to a new lender who would grant her further funding.
If we think a product transfer is the most suitable deal for you we will recommend that as a course of action for you and if we arrange the mortgage for you as a mortgage broker in Liverpool then all the regulation and consumer protection will apply.
A second opinion costs nothing, and making a mistake when taking a new product can be costly. We will do our best to ensure you take the right path with your mortgage.
The remortgage market in Liverpool is highly competitive and savings can generally be made by searching the market for a new deal.
When you and your partner decide to end a relationship, it is never easy, especially if you have made a joint financial commitment.
Times like these our mortgage advisors in Liverpool will take the challenge of these specialist mortgages, aiding you whether you’re moving home in Liverpool or looking to take out a remortgage in Liverpool on the property once it’s in your name.
Below here are the three primary mortgage-related questions that our mortgage advisors in Liverpool get frequently asked when it comes to divorce and separation mortgage advice in Liverpool:
Of course, nobody goes into joint name home buying to split up, but these things are known to happen sometimes and to try to make changes to such a substantial financial commitment can prove challenging.
Regardless of gender, there may come a time when whoever is currently in the property will want to take over the mortgage as their own.
You may be able to demonstrate your ability to pay the mortgage on your own, without any help from your ex. However, this doesn’t change the way the lender will see your case. At the point of application, you bought the property jointly, and in the event of arrears, they will be allowed to pursue either of you.
Before going ahead with a sole applicant on the mortgage, the Lender will have to go through all the initial checks from scratch, whether you’ve kept up payments or not. In any case, this is to fully ensure you can afford it as they can’t just take your word for it.
If need be, there is the ability to have a family member or new partner step in to replace your ex-partner on the mortgage. There are different ways of assessing your affordability with various lenders, so if your existing Lender says no we may still be able to help you out.
One thing you must remember when it comes to separation or divorce is even if you leave the family home and live somewhere else. You’re still liable for any joint financial commitments (i.e. your mortgage) that you both took out together.
Agreeing with the ex makes no difference either until you get officially removed from the mortgage. You’re still liable for repayments if the balance falls into arrears.
When it comes to buying a new property, lenders will take the payments towards your old property into consideration. Because of this, it’s essential to speak with a Mortgage Advisor in Liverpool before you go ahead with making an offer.
Some lenders may be more generous when it comes to the amount they’re willing to lend you compared to others. When it comes to our recommendation on whom to apply for a mortgage agreement in principle with, we’ll consider this.
Depending on your circumstances, this is entirely possible. Lenders’ credit scoring systems analyse a significant number of factors before they offer you a mortgage.
One of these, of course, is ongoing financial commitments. In any case, this includes the mortgage payment you currently hold with your ex; alongside any other obligations, you may have.
Once we’ve taken all this information and uploaded it to our system. We’ll be able to provide an outline as to the maximum you may be able to borrow. This gives you a rough idea of your budget at the outset and the amount of deposit you’ll be needing to put down.
Moving on from previous joint financial commitments can be quite tricky. Just bear in mind that as far as lenders are concerned, it’s all about the risk. They ideally look to avoid repossession situations at all costs.
Most people take out a single mortgage, but there are plenty of reasons why you may want to take out a second mortgage. Here in this article, we will cover some common scenarios our mortgage advisors in Liverpool have come across to why you may require another mortgage:
If you currently have equity in your home and are looking for a second mortgage to release some of this equity, then we can help whether you are looking to release equity to fund another purchase, home improvements or something else.
If you are looking for remortgage advice in Liverpool, we can help explore all of your options. In any case, if you are currently on your lenders’ standard variable rate of interest, we can find a more competitive deal along with releasing your capital. A further advance from your current lender could also be an option here.
Suppose you are looking to help your children or grandchildren onto the property ladder in Liverpool. There are many products out there on the market that could help you achieve this. For a free mortgage consultation and to run through your options, please don’t hesitate to get in touch.
If you are looking for an additional mortgage to purchase an investment property, we can help you through the whole process. Whether you are a first time landlord or portfolio investor, we can offer to buy to let mortgage advice in Liverpool.
Firstly, this is a situation that we come across quite often, usually due to divorce or separations. Whatever your situation, if you are currently named on another mortgage and would like to purchase a new property to live in.
Is your current mortgage deal soon ending? Do you need to raise funds for a specific purpose? If so, then it might be time for you to remortgage in Liverpool! You can get started with this today, by getting in touch with an expert mortgage broker in Liverpool.
We regularly find that customers leave searching for a new deal a little too late, which sees them falling onto their lender’s standard variable rate, which can be expensive. This happening really does highlight the importance of keeping on top of your mortgage.
A mortgage lenders standard variable rate, will most likely be much higher than you were on previously, meaning your monthly payments will go up. Planning ahead of time and speaking with a mortgage advisor in Liverpool can help to prevent this.
We would always recommend that customers look at their options before committing to something. Whilst staying with your current mortgage lender and only switching deals (a product transfer) might be a valid option, you could save money and find a much lower rate with a remortgage in Liverpool.
A lot of the time, homeowners like to get everything over and done with, avoiding the need to speak to people if they can. Nowadays, it is much easier to do everything online, without a mortgage advisor in Liverpool. Doing this is called an execution-only mortgage.
Although it may be easy to do and at face value can seem straightforward, you are actually putting yourself at risk of going onto the wrong deal, as well as losing any consumer protection that comes along with taking expert mortgage advice in Liverpool.
A mortgage lender will not be phased by an applicant agreeing to the wrong deal and ending up on something perhaps with a higher rate, as it’s something the applicant chose to do. It’s reasons like this why you are much better off getting remortgage advice in Liverpool.
If you perhaps feel like your home needs a new lease on life, you may be able to remortgage for home improvements. Making changes such as extensions or loft conversions are a big investment, but can also add a lot of value to their property.
Whether it is because of structural repairs that need to be made or something you just really want to see in your home, there is nothing wrong with giving your home a bit of a makeover. There are plenty of mortgage lenders willing to do this, providing you can give quotes for the works in advance.
Capital raising, otherwise known as releasing equity or raising money, is one of the most common reasons to remortgage and we encounter this a lot. It can be used for a buy to let deposit, to consolidate debts, to gift a deposit or to carry out the aforementioned home improvements.
Do remember that you will still be paying interest on a remortgage for a long time after you take one out, so you need to ensure that you are borrowing for the right reasons and can afford it.
If you add any unsecured debt onto your mortgage, you will likely find yourself paying back more interest overall. This is typically because a mortgage term will run for much longer than a personal loan.
You will need to bear in mind that those unsecured debts are going to be secured against your home. This means that you are under the risk of repossession if you cannot afford your mortgage payments at any point in the future.
It is also important to note that anything that was perhaps a lower or even a zero interest debt, such as maybe a credit card, will start to gather interest as well, due to it being incorporated into your mortgage.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
It is definitely recommended that you consider all of your options before making any decisions. We believe that it would be highly beneficial to seek expert remortgage advice in Liverpool.
A trusted mortgage advisor in Liverpool will evaluate all of your options and then recommend the best path for you to take. You may have come in with one particular plan in mind, when actually that’s not the best thing for you to do!
Book your free remortgage review today and speak to an expert remortgage advice team in Liverpool. We will be with you every step of your remortgage journey, working quickly and efficiently so you can get back to enjoying your home.
Once you have had an offer accepted, it time to move onto the next stage and arrange a property survey. A property survey will establish the condition of the property and ensure that it is worth what you are paying for it.
If something is found on the survey which wasn’t mentioned to you that could potentially affect the property price. You in a position by law to approach the seller and renegotiate a price.
There are quite a lot of different types of property surveys and it’s just the case of narrowing them down for you and finding which one will benefit you most.
Here’s a short video from the Royal Institution of Chartered Surveyors (RICS) that explains the different types available to you:
There are 3 main types of property surveys available to you:
A basic mortgage valuation is your cheapest option. You will be required to have one before you receive your mortgage offer. You can’t confuse this with a full survey. The mortgage valuation confirms to the lender that the property is worth at least what they are lending you.
Your mortgage lender may even offer you a free basic valuation as part of your deal. This really depends on the lender but they may add extra arrangements fees down the line if they offer you a free valuation.
Unfortunately, a basic mortgage valuation will not highlight any repairs that are needed. It will only point out obvious defects and recommend that you investigate further. If the defects could end up costing a lot to repair in the future. Then you may be able to negotiate a price reduction with the seller.
A homebuyer’s report will cover the health and safety side of things. For example, it will include structural safety and show if there are any leaks, etc. Most importantly it will state if the property does or does not meet current building regulations. This kind of report will give you an independent report of your property by an expert.
To ensure you are not paying for two surveys it is advisable to ask the mortgage companies surveyor to carry out this report for you – it will usually take a couple of hours to complete.
A full structural survey is recommended for older properties and for those of a non-standard construction.
Depending on the property size and type, a full structural survey can take as long as a day to complete but they will give you the best insight into your new property.
A full structural survey provides a detailed report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase, providing you with peace of mind about the condition of your property.
You can find a surveyor to carry out a Homebuyer’s report or building survey through the Royal Institution of Chartered Surveyors.
Are you a first time buyer in Liverpool or a current homeowner planning on moving home in Liverpool and want to know more about which property survey to choose? No problem, your local Mortgage Broker in Liverpool is just a phone call away to answer all of your property survey questions.
Get in touch for a free mortgage consultation today. Where we can pass you onto a Mortgage Advisor in Liverpool who can arrange everything out. To help you choose the best property survey for your new dream home in Liverpool.
Work life is constantly evolving. We’re always looking for ways to maximise our income and productivity levels.
It’s why it shouldn’t come as any surprise, that more and more people are starting to work from home, creating a new work environment in their home living space.
Whether it’s through being self employed in Liverpool or being a home worker for an external company, it’s hard to disagree with the perks of such an option. These can include:
With COVID-19 running rampant in the world, many workers, be it by choice or with hands tied, are taking the leap to home working. Many experts have speculated that when all this clears up and the world goes back to ‘normal’, a large majority of the world’s workers will simply continue on from their home office spaces.
Some may feel though, that their home just isn’t well equipped for this kind of scenario, and feel they’d be better off moving to a bigger home with space they can use to their advantage.
Whilst for some this might be a good idea, you may also want to look at your Remortgage options. Not only will this allow you to keep your current home, but it may allow you to save more money.
The average costs for a basic home office are around £5,000. This includes things like a telephone, desks, computing equipment and more. For a larger and more kitted out home office, you could be looking around £15,000.
Probably the best and most cost-effective way of doing this would be to take your remortgage out over a longer-term. For example, if interest rates were 2%, taking it out over 25 years would allow you to pay off the costs of your new designer office with monthly payments of as little as £20-60 a month.
As an experienced mortgage advisor in Liverpool, we’ll be able to help the process get underway for your new mortgage. If you’re looking at possibly jumping into this option, get in touch and a remortgage advisor in Liverpool will happily have a chat with you and go over your options.
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Liverpoolmoneyman.com & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Liverpoolmoneyman.com & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
