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Eeasy Peasy, Re-Mortgage Squeezy

More often than not, people believe that re-mortgaging their property will be too much of a hassle for them, and consequently leave their mortgage neglected and forgotten about, running on the lender’s Standard Variable Rate (SVR) without a second thought. But what if we told you we could potentially more than half your interest rate, saving youthousands of pounds over the next few years by completing a re-mortage?*

At Tru Wealth, we’re on a mission to get people to love their mortgages! Regular maintenance and reviews will allow you to get the most out of your mortgage and help you achieve your goals faster. Keep reading our simple guide to re-mortgaging, and you’ll be surprised at how easy it actually is…

Know Your Current Mortgage

Getting to understand your current mortgage and knowing what sort of terms and conditions apply will dictate if, or when, it’s time for you to switch deals. You could be tied to your current deal for a set period of time, such as a 2-year fixed rate, and leaving early may incur additional fees. However, that shouldn’t stop you from starting the re-mortgage process, as we can apply and secure a new mortgage deal for you up to 6 months in advance of your current deal actually ending, without any extra costs. Always check the documents you received from your lender or contact them to find out when your rate expires.

What Do You Want From a New Mortgage?

There are hundreds of different mortgage products on the market, so start by thinking what you actually want to gain from the re-mortgage. This could be lower monthly repayments, or moving from the unpredictable variable rate to a more secure and steady fixed payment? Perhaps it’s taking equity out of the house to finally do the kitchen up, or even just shaving a few years off the term to make you mortgage free at a younger age?

Arrange an appointment with Tru Wealth Mortgages

Book in for a free initial consultation appointment with our mortgage adviser to get the ball rolling. If your deal is due to expire soon, we recommend coming to see us 6 weeks in advance to ensure there is plenty of time to get the new mortgage application processed and finalised on time, so you don’t have to worry about reverting to a higher SVR monthly payment.

Get Organised

During the first appointment with us, we’ll assess your current situation and show you what your options are and what deals are available to you at that time. To do this, it’s best to come prepared to help us give you the highest quality advice possible. It’s always a great idea to bring your most up to date mortgage balance with you, as this gives us accurate figures to work with. There will be other documents required by the new lender later down the line, but our adviser will be able tell you what else is required as these are usually case dependent.

We’ll Do The Rest!

After we help you decide the most suitable mortgage deal for you, we will then take care of the application for you and deal with the lender throughout the entire process. Acting as your “project manager”, we’ll keep in contact with all the relevant parties on your behalf to get the application through as smoothly and quickly as possible.

Solicitor & Valuation

A solicitor is required to carry out the legal work involved in transferring the mortgage funds between the old and new lender. But don’t panic – it’s very common for the new lender to provide their own locally appointed solicitor, so you don’t have to find your own if you don’t want to. Quite often by using the lender’s own solicitor this will be at no extra cost for yourself and so you won’t have any solicitor fees to pay. Note, this is optional, so you can appoint your own trusted solicitor if you wish to carry out the necessary legal work at their usual charges.

A valuation on your property will usually be required by the new lender, for which they will arrange at a time that’s convenient for you to have one of their surveyor’s out to your property to conduct a valuation survey. This is also commonly included as part of your new mortgage deal, with no extra cost for you to pay.

A common misconception with re-mortgaging is the costs involved, however as seen above, this isn’t necessarily always true!

Final Steps

Once the application is accepted, the lender will issue the mortgage Offer and your mortgage will be transferred over to the new deal on an agreed date, all handled by the acting solicitor. So you needn’t worry about having to contact your existing lender to cancel the old mortgage, it’s all taken care of!

We hope this guide has helped you realise that re-mortgaging really shouldn’t be seen as a “hassle” or “too much effort”, as our adviser Meryn is always available and on hand to help at every stage of the process. There’s no question too small or too unusual, so please get in touch with us on mortgages@truwealth.co.uk  to find out what your re-mortgage options are, and how to love your mortgage.

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