REMORTGAGE ANYWHERE IN THE UK

People can save £££ over the life of a mortgage by making sure they're on the right deal

    Get in Touch

    bt_bb_section_bottom_section_coverage_image
    https://apmortgagesolutions.co.uk/wp-content/uploads/2021/08/floating_image_04.png

    Your Guide to Remortgaging

    UK homeowners might remortgage their property for a number of different reasons, and at AP Mortgage Solutions we understand that everyone’s situation is different. Whether you’re:

    • Switching to a new mortgage lender and a better deal
    • Looking to reduce your monthly mortgage repayments
    • Looking to raise additional finance for home improvements or another purpose
    • Wanting to consolidate other debts
    • Trying to reduce the years remaining and pay off your mortgage sooner

    We are here to help.

    Our team can offer expert mortgage advice for those wanting to remortgage their property. We will discuss all of your options before proceeding, so get in touch with AP Mortgage Solutions for help and advice on remortgaging.

    Your home may be repossessed if you do not keep up repayments on your mortgage

    You may have to pay an early repayment charge to your existing lender if you remortgage

    Mortgage Calculator

    Please try out our mortgage calculator below to see what your mortgage repayments might look like. Please bear in mind that this is only an estimate and a guide and is not an indicator of what is available, please contact us for more information.

    bt_bb_section_bottom_section_coverage_image
    https://apmortgagesolutions.co.uk/wp-content/uploads/2021/08/floating_image_03.png
    https://apmortgagesolutions.co.uk/wp-content/uploads/2021/08/floating_image_05.png

    What is a remortgage

    We hope our remortgage video below helps explain things a little more, but if you're unsure then just drop us a line and lets talk about your options
    bt_bb_section_top_section_coverage_image
    bt_bb_section_bottom_section_coverage_image
    https://apmortgagesolutions.co.uk/wp-content/uploads/2021/08/floating_image_04.png
    https://apmortgagesolutions.co.uk/wp-content/uploads/2021/07/debt-cons-image.jpg

    Debt Consolidation Remortgages

    What is remortgaging for debt consolidation?

    Debt consolidation remortgaging is a way to replace your current mortgage provider and product with new terms – often changing the amount you pay each month. By remortgaging your home you can free up a lump sum, which can then be used to clear other debts such as credit card repayments, unsecured loans or other types of finance – however it should be stressed that this is not suitable for everyone and we have to do a lot of calculations to make sure it’s beneficial and you understand the implications of adding any debt to your mortgage.

    If you wanted to remortgage your home and free up a lump sum of £5,000 to pay off an outstanding credit card debt in full, you could save months of potential interest and credit card repayments, although of course it might be the case that your monthly mortgage payment rises slightly.

    On other occasions, a debt consolidation remortgage can be used to reduce your overall monthly commitments. This might be a way of reducing your financial outgoings but it almost certainly means increasing the length of term of the debts; for example lets say you have a loan that you pay monthly for 5 years, after 5 years the loan is paid off. However you could consolidate that into the mortgage but that loan amount is now being paid potentially over a much longer time frame. This can increase the overall cost of the interest you pay in total, so you have to be aware that you would be securing previously unsecured debts against your property and this in turn means that you are reducing the amount of equity you have in your home or property.

    Read More About Remortgages

    The good bits of remortgaging for debt consolidation

    Some good things about debt consolidation remortgages include;

    You’ll almost certainly change your mortgage lender, often to a better deal if you’re on what’s called a standard variable rate
    You’ll only have one monthly payment if you consolidate everything together
    You’ll have the peace of mind that you know exactly how much you’re paying out per month
    You might be able to free up some disposable cash month to month

    The downsides of remortgaging for debt consolidation

    There’s always a downside to everything though so don’t forget this is why you need to take advice; to make sure it’s suitable for you and your circumstances:

    Your monthly mortgage payment could go up as you’re borrowing more money
    Chances are if you’re stretching a 5yr loan over 25 years you’re going to pay more in total interest.
    You might have to pay fees to switch your mortgage or even fees to set up the new mortgage so all these have to be taken into account

    Could I have a Debt Consolidation Remortgage?

    The answer is maybe. It’ll depend on a number of factors, including but not limited to; the amount and frequency of your income, your employment record, the current value of your home and how much equity you have, the size and type of debts you’re wanting to consolidate into your home, the length of time you have left on your current mortgage and your credit history. As with anything mortgage related there are certain things we can’t do and with a debt consolidation remortgage it’s the same. There are certain debts that we can’t consolidate as it just wouldn’t make sense to do so and these are:-

    Any debt that has a balance of less than £1000 at the time of advice.
    Any debt that has less than 9 months left to run at the time of advice.
    Any debt that is on 0% interest at the time of advice.

    Of course we have to take into account why you want to consolidate debt – after all lenders will want to know the following things;

    How have the debts arisen?
    Why does the client want to consolidate their debts?
    What are they looking to achieve by consolidating debts?
    How are they in the position to need to consolidate debts?

    FAQ’s

    What can I borrow?
    Loan sizes range from £5000 to £15,000,000
    How long are the repayment terms?
    A mortgage can be over 5 to 40 years.
    What are the interest rates?
    They can start from 1.14% but this will be dependent upon a number of factors and this can change on a daily basis – and you might not be eligible dependent upon your circumstances
    How much are fees?
    This depends very much on each individual lender and mortgage product but you can assume they might be up to £1000

    As you can see there’s a lot of information to take in and think about with this type of remortgage and it isn’t suitable for everyone. It’s best to talk to an independent mortgage broker that has experience of doing debt consolidation remortgages to make sure that it’s right for you and your circumstances and to clarify all the costs and fees that are mentioned above.

    If you’re wanting to have a no obligation consultation then contact us below to schedule an appointment – the first appointment is always at our expense. We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield. If you need a mortgage broker in Mansfield or mortgage broker in Sutton-in-Ashfield we’re here to help.

    “We help our clients reimagine, restructure and renew business functions to create agile and resilient organizations.”
    Keenan WebberNifty CEO

    Nifty team is a diverse network of consultants and industry professionals with a global mindset and a collaborative culture. We work to understand your issues and are driven to ask better questions in the pursuit of making your business work better.

    Valuation Services
    Development of Financial Models
    Corporate Financial Advisory
    Deal Structuring
    bt_bb_section_bottom_section_coverage_image