Burger Menu

A Guide to Remortgages in Grimsby: Top Reasons to Consider

Remortgage Broker in Grimsby

By the time your mortgage ends, you will have ended up with one of these outcomes; a dream family home, a stepping stone property you’ll later leave to climb the property ladder, or a buy to let investment property.

No matter which path you took primarily, soon enough you’ll find that your fixed period is ending. At this point you might be wanting to look at the options you have for moving into a bigger or smaller home. Sometimes a landlord may look to sell up their portfolio.

As a mortgage broker in Grimsby, however, we tend to find that most people will look to take out a remortgage.

What is a Remortgage?

Before we get on with the topic, let’s look at the definition of a remortgage in Grimsby. To summarise, a remortgage is the process of using funds that you have raised from taking out a new mortgage, to pay off an existing mortgage in your name. .You can do this a lot of different ways and there are a lot of different benefits to each.

The “Moneyman” Malcolm Davidson (host of MoneymanTV, our YouTube Channel) has well over 20 years of experience in the mortgage world. Using his knowledge, we have compiled a helpful guide to all the remortgage options that a homeowner may have access to.

Remortgage For Better Interest Rates

Your fixed period will usually last within the range of 2-5 years. The fixed rates or potential discounted rates here tend to be lower. Depending on the situation you are in, you may even find yourself placed onto a tracker mortgage, which will fluctuate based on the Bank of England’s base rate.

Once you reach the end of your fixed period, you will most likely be put onto the lenders Standard Variable Rate (typically shortened to SVR). In simple terms, an SVR is a mortgage with an interest rate that can completely change depending on what the lender wishes to charge.

Whilst this mortgage type does not change with the Bank of England’s base rate as a tracker mortgage would. These changes often occur at times when the base rate or the market changes. For example, if the base rate goes up, your lender may choose to increase their rate too.

Because of this, Standard Variable Rates are often considered to be pretty expensive choices to stick with, which is why a lot of homeowners often choose to remortgage their property for better rates. The hope is that this will save you money down the line.

Remortgage For Home Improvements

A couple of years into occupying your property, you may have something different in mind. Rather than finding a new place to live that covers what you would like in a home, many homeowners instead prefer to remortgage to release equity, in order to cover the costs of upgrading their current home.

We hear of customers looking to achieve all kinds of things in their homes. Some like to create more space to live in. Others are unhappy with their kitchen and would like it refurbishing. An increasingly popular one is converting the loft into another room or something else.

The prospect of planning and managing your own project, as well as getting permission from the authorities when necessary, can seem daunting. That being said, a lot of customers who have done just that would argue it’s a lot less stressful than finding a new house, and is a lot more rewarding.

This may benefit you further down the line too, as creating more space and having a solid, well built home is something that will likely increase how much the house is worth. In the event you did decide to sell up and move home, this would come in handy.

Remortgage for Changes to Your Term

Depending on the situation you are in, you may just prefer to take out a remortgage in Grimsby in order to access a better mortgage term. This can be achieved either by reducing how long your mortgage term is or by switching onto a product that is more flexible.

When you reduce your mortgage term, you won’t be paying back, nor will you be restricted for as long. That being said, it tends to mean higher monthly mortgage payments for you. The longer you make your mortgage term, the less you’re likely to have to pay per month.

A lot of the time, customers may choose a more flexible mortgage term at remortgage time. This may give you the option to overpay more than usual (this comes with a cap typically), meaning you could pay your mortgage off quicker. Also if you wish to move, you may be able to carry that mortgage onto a new property.

Though this could be the best route to take, they will typically come in the form of tracker mortgages. As we looked at before, this will correlate with the Bank of England’s base rate. This means your monthly payments could be a little unreliable, as they may change.

Remortgage to Release Equity

Unless the country were to experience another serious market crash, every homeowner will have a certain amount of equity existing within their home. This can be worked out with the difference between what you still owe on the mortgage, and the value of the property.

As mentioned previously, people usually look at taking out a remortgage to release equity as a way of assisting with the funding of home improvements, though you may have something else you wish to use this for.

Popular choices include to cover long-term care costs, provide an income boost, cover the costs of a large holiday, pay off an interest-only mortgage or to simply free up some extra disposable income.

From time to time, we also find that Buy-to-Let landlords will look to remortgage to release equity from one of the properties in their portfolio, as a way to cover the deposit for a future purchase.

Remortgage to Consolidate Debt

Following on from the latter section, some may remortgage to release equity, to pay off any built up, unsecured debts.

Though it sounds simple, how much you can borrow for a debt consolidation remortgage depends on how much you owe a creditor, the value of your home and the current state of your credit rating. This means you could be limited in how much you are allowed to borrow.

In addition to this, in order to pay your previous mortgage off entirely, as well as the debts you have accrued, you will have to borrow more than you actually require for a mortgage. This will most likely mean higher monthly payments.

It’s not at all an ideal situation, but you’ll at least have comfort in knowing that should you find yourself struggling, there are some options out there that you can take.

If you have a damaged credit rating, you’re not completely out of options. That being said, it will be a challenge and you will require specialist remortgage advice in Grimsby before you can go forward with it. Even then, you are not guaranteed to get a mortgage.

Homeowners should always seek out the advice of a specialist mortgage advisor in Grimsby before they consolidate any debts against their home.

Book Your Free Remortgage Review with a Mortgage Advisor in Grimsby

If you are reaching the end of your initial fixed period and wondering what your options may be for a remortgage in Grimsby, please do get in touch.

Book your free remortgage review to speak with an open & honest mortgage advisor in Grimsby today. We work around your schedule, so you can speak to someone at a time that is convenient for you, whether it be early in the morning or later in the evening.

A trusted mortgage advisor in Grimsby will be able to go over your case and any plans you may have, in order to create a suitable plan of action for your mortgage journey. We always aim to make sure that this time around is as quick, if not quicker than your last process.

Product Transfer V Remortgage Advice In Grimsby

What is a product transfer?

If your current mortgage deal is approaching its end your mortgage lender should offer you a new deal to stay with them, this is known as a product transfer. You are under no obligation to stay with your current lender you can shop around for deals wherever you want.

Are you rewarded for being loyal?

Unfortunately, most lenders don’t reward you for your loyalty to them. It’s unfair but it’s most likely that they’re offering First Time Buyers a better rate than existing borrowers like you.

This is why we always recommend that you don’t rush into things and get Mortgage Advice in Grimsby before accepting a deal. It can be hard to find a competitive deal with the same lender and that’s why we advise in shopping around first or approaching a Mortgage Broker in Grimsby.

A Mortgage Advisor in Grimsby will search through thousands of mortgage deals until they find one that matches both your personal and financial circumstances. Here at Grimsbymoneyman, we will always have your best interests at heart and will try our absolute best to secure you that 1/1000 mortgage deal.

Tempted by an online switch?

Whilst swapping to a new deal with your current lender via an online switch may be easy, it is always in your interest to see what other deals you may be eligible for. Lenders will always try and tempt you to take their online offer over getting Mortgage Advice in Grimsby. They probably know that you can get a better deal but why would they want you to know that this is why taking Mortgage Advice in Grimsby can really help!

When you go to your local Mortgage Broker in Grimsby, like us, you are guaranteed consumer protection. If you decide to go ahead with an online switch, you don’t receive any of this.

You’ll be opting out of advice

In past, we have seen that some customers just go for the most convenient option. This often leads to them missing out on a great deal that they could’ve accessed had they taken things slower or approached a Mortgage Broker in Grimsby.

You should always take advice, especially if it’s free! At Grimsbymoneyman, We offer a free mortgage consultation to every single customer. We will do all of the shopping around for you across our panel of 38 lenders in order to find an amazing mortgage deal.

If you end up on the wrong deal by accident or realise that you could’ve had a better one down the line, you can’t complain as you chose to opt-out on advice and do everything on your own through an online switch. Switching deals in the future will cost you a lot more than had you taken Mortgage Advice in Grimsby.

Open & Honest Mortgage Advice in Grimsby

We have been working within the mortgage industry for over 11 years now and know exactly how to find you a perfect mortgage deal. We can arrange everything for you and help get the ball rolling with your product transfer.

Even if your requirement seems straightforward we always recommend that you take Mortgage Advice in Grimsby. A second opinion costs nothing and making a mistake when taking a new product can be costly.

90% of the time, there is a way to save money, for example, this can be done by simply searching the market for a new deal. Let your local Mortgage Broker in Grimsby help you secure that excellent deal, we can’t wait to hear from you!

Remortgage Advice in Grimsby

Can I Have 2 Mortgages? | Mortgage Advice In Grimsby

Second Mortgage Advice in Grimsby

Most people don’t even think about having a second mortgage, one stresses them out, never mind two! Having more than one mortgage can prove quite costly it certain cases. Surprisingly, with that said, they are a lot more common than you would’ve thought. Here are some reasons why people may want to invest in more than one mortgage:

Common reasons for wanting 2 mortgages:

  1. Do you want a second mortgage to raise money for your existing home?
  2. Are you looking to rent out your existing home and purchase a new one?
  3. Are you looking to help your children out with a second mortgage?
  4. Do you require a second mortgage to purchase a Buy to Let property?
  5. Is your name on an existing mortgage and you are looking to buy a new property?

Second mortgage to raise money

Sometimes, people who have built up equity in their home may start looking for a second mortgage and this is because they want to release some of their equity to fund another purchase or something else.

If this is the same situation that you are in and you are thinking about releasing equity for a second mortgage, then you are going to need another mortgage deal to transfer onto. You can either search round for your own deal or go to a Mortgage Broker in Grimsby and they will sort it for you.

As a trusted Mortgage Broker in Grimsby, we have over 38 different lenders on panel, each with unique mortgage deals. We can shop around for you, searching through thousands of different deals until we match the perfect one for you and your personal and financial circumstances. Remember that lenders do not reward loyalty and will probably be offering better deals to First Time Buyers in Grimsby over you!

Second Mortgage to rent out existing home to purchase a new one

This is called Let to Buy, you have probably heard of it. Sometimes people want to keep their existing property and the mortgage so when the move home, they keep it with the aim to rent it out. When you are Moving Home and you decide to go down the Let to Buy route, your second mortgage will become your new residential one.

Second mortgage to purchase a home for your children

More and more First Time Buyers are struggling to take that first step onto the property ladder without a helping hand. We are commonly seeing more and more Parents and Grandparents helping out. The most common situations that we see is that either the Parents or Grandparents of the applicant give up their home and move out to get a second mortgage or they actually purchase the second home for them (kind of like a gifted deposit).

Second mortgage for a Buy to Let

Are you interested in purchasing a second mortgage for a Buy to Let in Grimsby? If so, you should speak to a Buy to Let Mortgage Advisor in Grimby at Grimsbymoneyman. We have helped hundreds of local Buy to Let landlords secure amazing mortgage deals in the past and we want you to be next.

Get in touch and let’s get the process started for you and your Buy to Let second mortgage in Grimsby.

Named on an existing mortgage and want to buy a new home?

Are you currently named on another mortgage and would like to purchase a new property to live in? This situation is very common, and unfortunately, it is likely due to a divorce or separation. In situations like this, 9 times out of 10 we are able to help. Having a Specialist Mortgage Advisor in Grimsby by your side during this tough time could really help take all of the stress off your back.

We are able to search through thousands of second mortgage deals for you and we will work endlessly until we have that 1/1000 perfect deal for you. Receive a free mortgage consultation off one our amazing mortgage advisors today at Grimsbymoneyman, your local Mortgage Broker in Grimsby.

Mortgage Advice in Grimsby

Remortgage For A Home Office | Mortgage Advice Grimsby

Remortgaging your home

The outbreak of the Coronavirus has left most people having to work from home. Surprisingly, lots of people are warming to this change of scenery and are hoping to continue working from home after lockdown.

Technology has made it so that you can access everything you can from in an office from home. Communication between you and your coworkers is just as easy, you make a call by the click of one button.

Remortgaging for a Home Office | MoneymanTV

How to remortgage for a home office

If you are interested in remortgaging for a home office, you will have to remortgage your property to raise additional funds. These funds will be used to convert your chosen room into an office space. People usually prefer to convert their spare room or their garage.

To get the ball rolling, you are going to need to find a remortgage deal to switch onto. This is so much easier with a mortgage broker by your side as they will search through thousands of mortgage deals on your behalf and sort out everything for you. A Mortgage Advisor in Grimsby at Grimsbymoneyman will always have your bests interest at heart and will work around your personal circumstances to help you secure a perfect remortgage deal.

If you approach your bank, you will only have access to their deals and their deals only, however, a Mortgage Broker in Grimsby like us have access to over 38 different lenders and thousands of different remortgage deals.

The costs of a home office

You will have to get an estimate of how much you think the works for our home office is going to cost. Depending on the size of the room and how much work needs doing on it, the price could range from £5,000-£15,000.

Now is a perfect time to remortgage as the interest rates have never been so low. Assuming you manage to secure a deal with a 2% interest rate for a 25-year mortgage term, if you borrow £5,000 you will probably only be paying back £20 extra a month. If you borrow something like £15,000, you shouldn’t be paying back more than £65 extra a month.

Are you looking to remortgage for a home office?

On top of saving more money by looking for a remortgage deal now, you are also saving money in the long term. You won’t be driving to and from work every day, whether it’s far away or close by, you are still saving money and also doing your bit to reduce your carbon footprint.

Parents may usually rely on an after school club or a childminder to look after their children, however, a home office will allow you to work around the school routine which could save you even more money.

We always recommend speaking to a Remortgage Advisor in Grimsby before making any decisions. We do offer a free mortgage consultation, so if you are curious about the costs and how you can go about remortgaging, get in touch and speak with a Mortgage Advisor in Grimsby today.

Remortgage Advisor in Grimsby

Remortgage For A Home Extension | Mortgage Advice In Grimsby

Remortgage Advice in Grimsby

Some people have already found their ‘dream home’ and have no plans to move house in the future, so they decide to remortgage for a home extension. The most popular home improvements that we see are kitchen extensions, conservatory extensions and loft conversions.

People are realising that home improvements cost a lot less than what they originally thought, they are easy to get too!

Remortgaging for a Home Extension | MoneymanTV

How to remortgage for home improvements

To get started, you will have to remortgage to raise additional funds. To remortgage, you need to find a remortgage deal to switch over to. You can either go directly to your lender and choose a remortgage deal from their limited products or go to a Mortgage Broker in Grimsby, like us, who has access to over 38 different lenders and thousands of remortgage deals.

A Mortgage Advisor in Grimsby at Grimsbymoneyman will be by your side through the whole of the remortgage process, recommending what you do at every stage, as well as working day in, day out to find you a perfect remortgage deal to save you both time and money.

The cost of an extension

In the current climate of the UK and because of the effect of the Coronavirus has had on the mortgage market, the interest rates have dropped to some of the lowest we have seen in over 20 years. So getting a great remortgage deal should be fairly straight forward and because of the interest rates, your monthly payments won’t really be affected.

For example, for an additional £100 – £200 a month, you could borrow £25,000 – £50,000. There are lots of different factors that will affect how much you will have to pay back per month and the total that you can borrow. You will have to consider that the size of the room and the more work that needs doing on it will raise the amount that you can borrow and your monthly payments.

You will also need to note that in order to remortgage, you will have to go through another affordability assessment, even if you switch deals through the same lender.

Are you looking at remortgaging for home improvements?

Now is the best time to remortgage! The interest rates have never been lower, and they will slowly return back to normal. Also, lenders are probably going to extend the time frame of your remortgage application anyway, so the works won’t get started for another 6-9 months anyway.

As a Remortgage Advisor in Grimsby, we always advise borrowers to get Remortgage Advice before going directly to a lender. A Mortgage Advisor at Grimsbymoneyman will always have your best interests at heart and work around your personal situation to match you with an amazing remortgage deal. What’s better than having a friendly Mortgage Advisor by your side to provide you with their amazing help and guidance throughout every stage of the remortgage process.

We offer a free mortgage consultation here at Grimsbymoneyman, so get in touch and we can pass you straight over to a Mortgage Advisor who will talk you through all of your remortgage options in Grimsby.

Remortgage Advice in Grimsby

Remortgage Advisor & Remortgage Advice in Grimsby

Remortgage Advice in Grimsby

If your current mortgage deal is coming to its end then it may be time to think about remortgaging.

People who don’t realise that their mortgage deal is coming to an end can sometimes end up rolling straight onto their lender’s standard variable rate if they are not careful. 9 times out of 10, this rate will be significantly higher than your current rate. This is why we recommend that you always keep up to date with your mortgage and make sure you know when to start looking to remortgage.

A great way to get up to date would be to speak with a Remortgage Advisor in Grimsby, like us, we will evaluate your financial and personal situation and then search through 1000’s of remortgage deals until we find the perfect one for you! Remember, you can still take out another loan to help you afford your new remortgage deal and it’s payments, it can be added on top of your monthly payments.

Why should I shop around for a remortgage?

Lenders want you to stay with them, they don’t like their borrowers shopping about for better deals even though it would benefit you more if you did! Shopping around rather than staying with your current lender could open you up to deals that are way better than your current one. Lenders will not reward you for being loyal, they will probably be offering better rates to their new customers over you. This is why you should have a look around as there are tonnes of remortgage deals out there for you.

You will find that some people don’t want the hassle of looking through hundreds of remortgage deals so they just do it on their own online and switch over there and then. This is an execution-only mortgage, the downside is that you get no consumer protection, whereas you would’ve had you had taken Remortgage Advice in Grimsby. We also see that people who do everything online can easily trip up ending up on a much higher rate than what they could’ve got, lenders love this, as harsh as it sounds.

There are lots of different types of mortgages out there and some of them are more popular than others. We have also made some “Mortgages Explained” YouTube videos on moneymanTV, be sure to check them out if you are interested.

Remortgage Advice in Grimsby for home improvements

If you feel like your home would benefit from some upgrades, remortgaging for home improvements could be the best option for you. You may want to increase the value of your home or you may just simply want a makeover with a loft conversion, an extension. You can increase your mortgage to pay for cosmetic alterations as well as structural work

If you are planning on borrowing quite a lot of money, your lender has every right to ask you for estimates for the works you intend to have carried out. You don’t necessarily have to use the contractor that provided the estimate to do the actual works.

Capital raising Remortgage Advice in Grimsby

You can raise capital on your property when you remortgage for almost any legal reason. This could be for large consumer purchases, gifts to help family members, to purchase a Buy to Let property or for debt consolidation.

You will still be paying interest on a remortgage for a long time after you take one out. This means that you have to be sure that you are borrowing for all of the right reasons and that you will be able to keep up with these monthly payments throughout the whole of your mortgage term.

Debt consolidation Remortgage Advice in Grimsby

Adding unsecured debt to your mortgage could potentially result in you having to pay back more interest overall. This is because the length of a mortgage term is usually a lot longer than the length of a personal loan (this is not always the case though).

Taking unsecured debt on your home will not sit easily with everyone, for example, lenders may look at it that you are under the risk of possession if you can’t afford your mortgage payments in the future.

You will need to know that if you own 0% credit cards, the interest rates that apply to the debts that you are thinking of transferring onto your mortgage will start gaining interest too.

Remortgage options

If you don’t know what you doing, remortgaging can become complicated very quickly. There are lots of different routes to go down and it’s hard to see which one will benefit you the most. This is why going through all of your options with a Mortgage Advisor in Grimsby could benefit you most. Here at Grimsbymoneyman, an advisor will recommend you the best way to go about remortgaging regarding your personal and financial situation. They might even recommend that you don’t take a debt consolidation remortgage, they will always work with your best interests at heart.

Often, consolidating debts into your mortgage can decrease your monthly outgoings. Sometimes borrowers can end up saving hundreds of pounds because of this.

Find out if remortgaging your property is the best option for you and speak to a Remortgage Advisor in Grimsby today, we can’t wait to help!

Remortgage Advice in Grimsby

Sales Tactics of Estate Agents & Builders

Mortgage Broker in Grimsby

Whether you are a First Time Buyer in Grimsby actively viewing properties or a home mover with your house on the market, you may have noticed that some of the larger estate agents and builders are very keen for you to use their in-house mortgage advisor and conveyancing services. 

Being part of a stand-alone mortgage business we receive lots of feedback as to what sales tactics can be used, examples of this are:

  • Refusing to put your offer forward to the vendor if you have not taken in-house mortgage advice or favouring another offer over yours because you already have your mortgage sorted.  Please note these situations are illegal. 
  • Quoting extortionate conveyancing fees, I recently had a client who was quoted more than £1,500 for a straight forward purchase with an estate agent.  They got this down to £750 with our help by using another conveyancer local to them. 
  • From the big well known colourful online agents, within minutes of making your offer they may call you wanting the name of your conveyancer, not just the company, the actual individual acting for you! At the same time pushing their extortionately overpriced quotations, and refuse to take the property off the market without this. Don’t worry, we can help you be ready for this.

Don’t be fooled, popular estate agent & builder sales quotes include:

“Keeping everything under one roof is easier with one point of contact”

“If you use our services it will give the vendor peace of mind that everything will go through smoothly”

“You need to come in and see our mortgage advisor for your offer to be qualified”

“Your offer is more likely to be accepted if you use our mortgage advisor”

“We get better deals than most brokers”

“Everything is likely to go through quicker if you use us”

“We will do all of the chasing of the solicitors for you and they’ll be more responsive to us due to the amount of work we send them”

“We’ll give you a free carpet/washing machine if you use our (extortionately priced) recommended conveyancing service”

Remember, when negotiating a purchase price, do you really want the seller of your property having access to your personal financial situation and potentially knowing your maximum borrowing? 

Grimsbymoneyman.com & Grimsbymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Grimsbymoneyman

Grimsbymoneyman, 13 Dudley Street Business Hive, Grimsby DN31 1UL

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo