Two Ways to Remortgage Your House in Bristol
When considering remortgaging in Bristol, there are two primary approaches to consider:
Remortgage With a Bank in Bristol
Nowadays, it’s easy to search for mortgage rates online and find the cheapest deal. It’s your responsibility to ensure you qualify for the deal and that it suits your needs.
If you’re comfortable with the terms and conditions, you can search and apply directly online.
Remortgage With a Mortgage Broker in Bristol
For peace of mind, using a mortgage broker is often the best option. Mortgage brokers in Bristol can recommend the best remortgage deal based on your situation.
They have access to exclusive deals and can search the market to find a deal that matches your requirements.
Finding the Best Remortgage Product in Bristol
In addition to fixed-rate mortgages in Bristol, there are other products that might be suitable for your situation, such as tracker mortgages and offset mortgages.
Mistakes can be costly, and applying for deals online that you do not qualify for could hurt your credit file in the short term, making remortgaging in Bristol harder.
Accumulating many credit searches and declines within a short time can negatively impact your credit score.
The 10-Step Process to Remortgage Your House in Bristol
Six months before your current mortgage deal ends is the ideal time to start exploring your remortgage options.
Many lenders allow you to switch to a better deal if rates fall during your remortgage process. A mortgage broker in Bristol can help you with this.
1. Assess Your Current Mortgage
Determine if you want to change your current mortgage terms, raise capital, or adjust your mortgage term. Consider any complexities in your situation.
2. Future Plans in Bristol
Reflect on your future with the property in Bristol. Will you be living there for the next five years?
3. Choose the Right Mortgage Product
Decide whether a fixed-rate, variable-rate, tracker, offset, or another type of mortgage product suits your needs. For older borrowers, explore products tailored for those over 60 in Bristol.
4. Submit a Mortgage Application
Once you’re happy with a product, apply for a mortgage through a mortgage broker in Bristol or online.
5. Provide Documentation
Submit proof of earnings, bank statements, and identification to your new lender.
6. Engage a Conveyancer in Bristol
You’ll need a conveyancer for the legal work. Many remortgage lenders in Bristol offer this service free of charge.
7. Valuation
A valuation will be conducted. Depending on your loan-to-value ratio, this could be a desktop valuation or an in-person visit in Bristol.
8. Additional Checks
The lender might request further checks, such as a survey or inspection in Bristol, based on the valuation results.
9. Receive a Mortgage Offer
If all documents are satisfactory and criteria are met, you’ll receive a mortgage offer.
10. Completion
Completion occurs once the legal process is finished, typically aligning with the end of your existing deal in Bristol to avoid early redemption fees.
Date Last Edited: August 6, 2024
