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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.
Whether it’s due to having children, moving in with a partner or just wanting more space, as a homeowner, you may eventually feel like you’ve outgrown the property you’re in. On the flip side, you may need some repair work carrying out, like re-roofing your property and so on. These are things that we find customers are looking at.
Though moving home seems like the ideal thing to do, it can become a rather stressful time for homeowners. Somebody has to come and value your property, you have to get in touch with the estate agent, the property has to go on sale. Following that you’ll have people coming in and out to view your home etc. It’s a long, gruelling cycle that many aren’t fond of.
Not only do home improvements give you a better quality property with potentially more space, but there’s a chance you may save money on various fees and can also greatly increase the value of the property for when you do wish to sell it.
Whilst it can save money, it’s worth remembering that home improvements come with their own costs. These can include:
In order to go forth with any home improvements, you may need to release equity from your home. To do this you will need to take out a Remortgage which will enable the equity to be released from the property to put towards the plans you have.
You’ll need to speak with a remortgage advisor in Liverpool in order to get this going. Remortgages tend to go a lot smoother and quicker than the first time around, so you’ll hopefully be enjoying a nice and easy process once you’ve been assigned your dedicated Remortgage Advisor.
At this time of writing, right now may be the best time to jump into this. Interest rates are lower than they’ve been in quite some time, allowing for your dream kitchen or conservatory plans to get started.
Here at Liverpoolmoneyman, we have experienced mortgage advisors working all throughout the day to answer our customers’ enquiries. If you’re looking to remortgage in Liverpool for home improvements or would like to further discuss the pros and cons of that versus moving home, get in touch and an advisor will run through any questions you may have.
Also known as “second charge mortgages”, a secured loan is a loan that helps secure the property of your dreams, albeit with higher than standard interest rates.
In the event of a repossession, the provider of the secured loan must wait for the first provider to sell the property before their money is returned. Although often known as an expensive last resort, they can often be incredibly helpful in regard to certain circumstances.
If you take out a secured loan, your mortgage stays exactly as is. The new amount is borrowed from a different provider and a separate direct debit.
The length of this new amount varies, as you could take it out over a shorter or longer-term than your main mortgage. If you’re only in need of a small amount, you may want to look at unsecured borrowing.
If it’s important to know exactly how much your monthly mortgage payments will be, it may be worth your time taking out a fixed-rate mortgage. The rate becomes higher the longer you fix it for.
If you want a possibly cheaper fixed-rate mortgage, then you may be better suited for a 2-year fixed-rate mortgage. Your payments will be lower, but 2 years isn’t exactly a long time and before you know it, you’ll be looking for a new deal all over again. If interest rates rise in the meantime, then at renewal you may find yourself with higher payments.
Applying for a mortgage can be quite a hassle for some. If you’d rather avoid doing this for as long as possible, you may be better opting for a 5 year fixed rate. Payments would be coming out at a steadier pace, for a much longer period.
They are more expensive than 2 or 3-year deals however, with a downside being that if interest rates fell during your term, you would not benefit from a reduction in your monthly payments.
Whilst 2 and 5 year fixed rates tend to be the more popular of the lot, you are able to fix your rate for longer. In some cases, lenders may offer 7 or 10-year fixed-rate mortgages.
These longer terms have never been widely popular in the UK. Maybe that’s down to a feeling of knowing a lot can change in a decade, and we don’t want to get tied down to deals we can’t get out of.
If your circumstances happen to change, repaying your mortgage early can cost you money. This is referred to as an early repayment charge or ERC. This ERC is usually calculated as a percentage of what you owe the lender.
An example of this, is if you settle a £100,000 mortgage early and the ERC is 2%, then you would receive a £2,000 penalty for breaking your contract. The idea of “beating the system” or predicting what will happen to interest rates in the future, is usually a mistake.
You should focus on your own personal situation. For example, are you likely to move home again in the future? Would you look to pay a lump sum off your mortgage?
Maybe you’d like to carry out home improvements, which might give you a lower loan to value (LTV) at the point of a remortgage in Liverpool?
It’s also recommended to avoid chasing “headline” deals. The lowest rates often come with higher arrangement fees, which customers can be keen to avoid.
Here we look at debt consolidation Mortgage Advice in Liverpool. I believe consolidating unsecured credit into your mortgage is a decision that should not be made lightly. This is because you are essentially taking debt which is unsecured and securing it on your home. Then you will end up paying back more interest in the long run. This is because you would typically be paying that money back over a longer period.
However, a debt consolidation remortgage in Liverpool could be the right solution for you if you need to quickly reduce your monthly outgoings. Often, I see scenarios whereby the debts have accumulated. This is sometimes due to home improvements that have been carried out on the property with a view to increasing its value. Other times it’s just that the debt has been outstanding for several years and it can be hard to make inroads.
Many people take out zero % credit cards and take the sensible step of looking for a new card when that benefit runs out. However, it’s not guaranteed that you can always get a transfer. It’s when that happens that customers decide to act and consolidate rather than pay a double-figure interest rate.
A debt consolidation remortgage in Liverpool is not something most people would want to arrange without taking advice. Speaking to a Mortgage Broker you will benefit from the consumer protection which is in place. As well as this, you will be recommended a suitable mortgage which is tailor-made to your needs.
Remember, the Mortgage Broker in Liverpool works for you, not the lender. They will ensure you get the right outcome. The savings some people make are hundreds per month if they are carrying large debts. Some people also prefer having everything within one monthly payment.
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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
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