The end of your ‘fixed period’1 or ‘deal term’ is a sensible time to sit back and review your overall financial situation.Even many of those who reached that position during the last couple of years of low interest rates and benefitted by staying on the SVR1 rate offered by their lender are now revisiting the situation to reconsider in light of likely SVR rate increases at some time in the not too distant future. (see article - The SVR Trap in 2012)While a remortgage can often be rushed through in just a few weeks - or considerably less if staying with your current lender - you are well advised to start considering options and your
overall circumstances as far in advance as possible - for our current clients we start this process about four months before the end of any ‘fixed period’1 giving us time to review likely market trends and the mortgage deals on the market at that time. Most remortgage offers (depending on the lender) will have between a month and three months validity before they must be completed.Once we have agreed a remortgage strategy with you we will liaise with the conveyancing solicitors and the original and replacement lenders to ensure that the process is as smooth as possible and produces you the minimum of worry and work.
Unfortunately, the need to remortgage is sometimes the direct result of financial difficulties and/or a relationship break up (and a need for equity transfer1) - if you are unfortunate enough to be involved in such circumstances we are ideally positioned to assist and advise and you should read the pages on this site concerning credit impaired circumstances and/or divorce and separation.
THERE MAY BE A FEE FOR MORTGAGE ADVICE - TYPICALLY £250 FOR REMORTGAGE OR £350 FOR PURCHASE - BUT UP TO £500 FOR COMPLEX CASES.YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON YOUR MORTGAGE.
Janet Hall is an appointed representative of TenetLime Ltd which is authorised and regulated by the Financial Conduct Authority.TenetLime Ltd is entered on the FCA register (www.fca.gov.uk/pages/register) under reference 311266.