Your home may be repossessed if you do not keep up your repayments on your mortgage
Dear
Thank you very much for choosing to work with us for your Remortgage or Product Transfer. The remortgaging process can seem both unnecessary and prolonged. But financially it is important to ensure you maintain your mortgage at good acceptable rates throughout the term. Otherwise all the hard work of securing a good low initial fixed rate is undone very quickly as under current lending conditions the Standard Variable Rate (SVR) tends to be higher than other possible available options. Again this is something we can process for you, whether it is a new lender or a better option with the current lender. And there are times your current lender will offer better options through us than if you went direct.
So if it is a residential mortgage, it is important to ensure you are on the most appropriate rate so that more of your money can go towards reducing the capital element rather than interest.
If it is a Buy to Let (Investment) property, having a better rate of interest may mean a potential improvement in the returns and the overall yield – a key aspect. Furthermore with the changes in the way gross rental income is added to your other personal income and the reduction in tax relief on the mortgage interest itself, it is even more important to ensure the mortgage interest being charged is in line with your circumstances to ensure you can maximise your investment returns. Simply trying to increase the rent to offset costs is not always the answer or feasible. Sometimes its a combination of increasing income and reducing costs to help improve overall profits.
And most remortgages will offer a free valuation and free legals (or in some cases cash back on completion if you want to use an alternative panel solicitor that we can suggest)! Pretty straightforward.
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A Max Mortgages Advisor will assess your case. As we know how lenders work, we will not carry out a credit check at this stage but confirm your mortgage capability and overall costs. We do always suggest you download a credit report from agencies such as Equifax and Experian to get a picture of what is held on you.
Any questions, please do not hesitate to contact us.
We look forward to working with you.
Best Regards
Team Max
* This is our standard TOBL, but based on your situation, our fee may vary and an updated TOBL will be sent to you which will override this version. However any such variations will be discussed with you beforehand.