Guides

What are the different types of house survey?

House Surveys House surveys are essentially assessments of a property that identifies major issues for a prospective buyer. House surveys are undertaken by chartered surveyors, who will visit and inspect the property and write up a report outlining any issues they have found. Homebuyers typically do a house survey after a mortgage offer has been accepted. Types of house surveys There are two main accrediting bodies for surveyors – RICS (Royal Institute of Chartered Surveyors) and the RPSC (Residential Property Surveyors Association). It is important to check that the surveyor belongs to one of the two bodies. In terms of […]

Stamp duty explained

What is stamp duty? If the property you are buying is worth more than £250,000, then you will have to pay Stamp Duty Land Tax (SDLT). What is stamp duty payable on? Stamp duty is payable on both freehold and leasehold properties costing in excess of £250,000. First-time buyers do not need to pay SDLT on properties worth up to £425,000. Over that amount, SDLT is due. For example, if your property is worth £525,000, you would pay stamp duty on the remaining £100,000. SDLT for new-build properties remains the same, but some builders may offer an incentive by contributing […]

What does remortgage mean?

What is remortgage? A remortgage is the process of switching your existing mortgage deal to a new deal and potentially a new provider. You’re not moving house and the mortgage is still secured against the same property. You can remortgage to get a better rate or to raise capital. Why should you remortgage? Here are some reasons that you may decide to remortgage; To take advantage of a new, lower rate To consolidate debts To fix and reduce your monthly outgoings To raise capital for home improvements or property investment Taking a new deal can potentially save you money, depending […]

Should I remortgage?

“Should I remortgage?” – the answer is yes, under certain circumstances. The main reason to remortgage is to reduce your monthly repayments. Reasons why you shouldn’t include an increase in interest rates or having to pay an Early Repayment Charge (ERC). Why do people remortgage? There can be various reasons to remortgage but usually it is to get yourself a better deal such as a lower interest rate or a mortgage that suits your situation better like fixing the interest rate for a certain amount of time. It may be that you wish to take out some of the […]

How much does it cost to remortgage?

How much does it cost to remortgage? When it comes to remortgage costs, you should take into account the monthly repayments as well as any associated fees and early repayment charges that may apply. This will help you work out exactly how much you will be saving by remortgaging. Below are some remortgage costs that may apply: Remortgage Arrangement fees Many lenders charge an arrangement fee to set up a new mortgage. The amount charged varies depending on the lender – with some not charging a fee at all. Some will be a fixed amount whereas some will be charged […]

What information do I need for my remortgage?

What information do I need for my remortgage? There are several things you need in order to remortgage. See below our remortgage checklist. Existing Mortgage Details You need to have several documents in place before you can consider applying for a remortgage. This includes your current mortgage details, including outstanding balance, term of your mortgage and the monthly repayments. We will also need to know of any early repayment charges that may be payable. Income details It is important to check affordability of a mortgage and this can be done done through looking at income proof. This can be provided […]

Things to consider when remortgaging

What is a remortgage? Remortgaging means moving your current mortgage to a new lender whilst you remain in the same property. The main reason to remortgage is to ensure you are not paying more than you need to. Moving to a new lender with different interest rates could save you a lot of money in the long run so it is worth considering. You could remortgage to fixed your monthly repayments for a certain period of time – this will ensure your monthly repayments will remain the same during this time. Many people also remortgage to raise capital to pay […]

How does remortgaging work?

How does remortgaging work? Remortgaging is usually simpler than buying a new house and the chain of events is often shorter. It will often start by discussing what it is you would like to remortgage for whether it be to secure a lower interest rate or raise capital for home improvements or to consolidate unsecured debt. The size and remaining term of the mortgage can affect whether or not it is worth switching. If the cost of switching is greater than the saving, then it not worth remortgaging. How long does it take to remortgage? Once we have discussed your […]

How do I remortgage my home?

You may want to remortgage for a variety of reasons including securing a lower interest rate, consolidating debt or raising capital for home improvements. There are several stages in getting a new mortgage however we are here to help every step of the way. Below are briefly the main points of how to go about remortgaging your property. Firstly, a discussion around how much you can afford to pay each month should take place – including considering how much you could potentially afford if the repayments were to increase. You may not necessarily be looking to reduce your payments but […]