Re-mortgaging may sound like an simple proposition, which in many cases it is. But what people do not realise is how much the mortgage market has changed since they originally took out their mortgage.
Lenders have become far stricter in assessing criteria and affordability in recent years and quite often it is not possible to borrow enough. It is fair to say that there are big differences between the lenders in how much they will lend and for what purpose. Which of course makes it very important to talk to an experienced mortgage broker who has access to the whole market and understands the differences between lenders.
Its easy to be attracted by what appears to be the lowest rate, but that is not the only answer. You need to understand how much a new mortgage including costs is actually going to be the best value for money over years of a new product and the full term of the mortgage. Westexe mortgages have access to systems that will not only source the lowest rates available from the whole market, but will also calculate the real costs involved.
It is obvious that many property owners are not currently selling, but are keeping their current property and extending and improving to add more space for comfort and family reasons. The cost of carrying this out can be arranged as a re-mortgage and this is another area where lenders vary in what they will approve and how much they will lend.
With a real spike in personal borrowing on credit cards and personal loans more and more people are looking to consolidate their debts in one larger mortgage to reduce monthly outgoings. Westexe Mortgages understands the benefits and risks involved in doing this and we have helped many customers over the years to firstly understand this process and select the lender who is most likely to accept them at the best possible rate and save sometimes hundreds of pounds a month.
Mortgage lenders are now taking more steps to keep their current customers and are offering product switches to their existing customers when they are nearing the end of a current product. Providing there is no material change to the mortgage this is normally undertaken without any further underwriting. This is always one option for people to consider, but must be compared to other deals that will be available with a re-mortgage. Westexe Mortgages will help you weigh up the right option for you to take.
Finally, it is very important to avoid multiple applications and multiple declines as a result of personally shopping around between lenders as this will without doubt reduce your credit score making it less likely that a lender will accept you. Westexe Mortgages offer a one stop mortgage service that will help you choose the lender most likely to accept you first time making re-mortgaging easy.
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