Remortgaging advice

If you already have a mortgage, we might be able to help you get a cheaper deal from a different lender and save you some money. Some of the lenders will even contribute towards the costs when you switch your mortgage.

Reasons to remortgage:

Home improvements

It can be cheaper and easier to extend or improve your home rather than moving. If you need to raise funds for an extension or a new kitchen, a remortgage could be the answer.

Reducing your monthly mortgage payments

You might be paying your lender’s Standard Variable Rate (SVR), or are coming to the end of your fixed rate or tracker deal. If so, we can research to see if we can find you a better deal, with a lower interest rate than your current lender.

To raise money

Aside from wanting to make home improvements, you may also need to raise money for a car, a wedding or a child’s university costs. It may be cheaper to remortgage and increase the mortgage amount than to take out a separate loan.

A deposit for a buy to let investment

You might be considering purchasing a property to rent out, but are short of the funds to provide the deposit for the rental property. If so, we can assess whether this would be a viable option.

Debt consolidation

You may want to reduce your monthly outgoings and consolidate your debts into one, more affordable payment. You can do this by using equity in your home to pay off your debts. We can review your current finances and find a suitable solution.

To meet a shortfall on an endowment policy

Instead of increasing your savings or investment contributions you may find that switching all or part of your borrowing to a repayment mortgage is a better way to meet any endowment shortfall.

If you’d like any further information, or you’d like to talk things over with a mortgage adviser, please get in touch on 07789 900359.

“I didn’t think I would ever get on the mortgage ladder but Angela at Penda came up with a
radical plan and now I have my first home.” Ms Singleton, Wallsend

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.