Skilled Remortgage Advisors in Swindon
Local Remortgaging Advice
- Multi- Award winning team
- Wide range of lenders
- Bespoke service, tailored to you
- Available at all hours, including after bath time!
Get in touch for an initial free, no obligation chat with an advisor about how we might be able to help.
Skilled Remortgage Assistance in Swindon, Helping You Move Forward with Confidence
Eligibility Criteria for Remortgaging
When considering a remortgage, it’s essential to understand the eligibility criteria that lenders typically look for. Primarily, you should have a consistent payment history on your existing mortgage, as this indicates to lenders that you are a reliable borrower. Additionally, having a stable income and employment history boosts your eligibility. It’s also important to be aware of your credit score, as it plays a significant role in the remortgaging process. The age of your property and its location in Swindon can also affect your application, as lenders evaluate the home’s condition and marketability.
How Much Equity is Needed to Remortgage
Equity – the difference between your property’s current market value and the outstanding mortgage balance – is a vital factor in remortgaging. Generally, you’ll need a minimum of 20% equity in your home to access the most favourable remortgage deals. This equity acts as security for lenders and determines the terms and interest rates offered. If property values in your Swindon neighbourhood have increased since you first purchased your home, this could positively impact your available equity, potentially opening up more favourable remortgaging options.
Types of Remortgage Deals Available
There are several types of remortgage deals available to suit different needs and circumstances. Fixed-rate remortgages offer stability, with a set interest rate for a predetermined period, ideal for those who prefer predictable monthly payments. Alternatively, tracker and variable rate remortgages fluctuate with market rates and may offer more flexibility if you anticipate a change in interest trends. Offset mortgages could be a suitable alternative if you have substantial savings, allowing you to reduce the interest you pay by offsetting your mortgage balance against your savings account.
Speak to an expert
We will work at times that suit you and your family, carrying out appointments via video call, telephone or email, giving you the benefit of first class service, around your own schedule, and in the comfort of your own home. So let us handle your mortgage today and find out how well we can look after you, The Mortgage Mum way!
Reasons to Remortgage
There are compelling reasons to consider remortgaging, beyond just securing a better rate. Homeowners may choose to release equity to fund major expenses, such as home improvements that can increase the property’s value or fund major life events. Remortgaging can also be a strategic move to consolidate debt, streamlining multiple payments into a single, potentially more manageable one. Additionally, if you’re coming to the end of a fixed-rate period, remortgaging might prevent you from reverting to a lender’s standard variable rate, which is often higher.
Relevant UK Schemes and Considerations for Remortgaging
In the UK, there are several schemes and considerations that could influence your remortgaging decision. For instance, government-backed initiatives like the Help to Buy loan could affect your equity calculations if you used one to purchase your home initially. Lenders may also offer green mortgage rates if you plan to use remortgaging funds to improve your property’s energy efficiency. When remortgaging, it’s crucial to consider any early repayment charges on your current mortgage, as these can impact the financial viability of the switch.
For personalised advice tailored to your unique circumstances in Swindon, consulting with a mortgage advisor in Swindon can provide you with invaluable insights and options.
Swindon Housing Market Insights
Nestled in the heart of Wiltshire, Swindon boasts a diverse housing market with a blend of modern developments and traditional properties. Known for its vibrant community and strategic location, Swindon is a popular choice for families and professionals alike. The town’s favourable transport links to major cities make it an appealing hub for commuters. Property values here have shown steady growth over the years, making it a promising area for current and prospective homeowners. As the local economy continues to flourish, Swindon remains an attractive spot for remortgaging, offering homeowners opportunities to leverage their property investments effectively.
Why The Mortgage Mum
- We're a team of mums who understand the juggle
- We're all expert advisers with a wealth of experience
- We work around you and your schedule
- We're here to make the mortgage journey easier for you
See Latest Posts
