Review your mortgage around your next plans
A mortgage review can help when a deal is ending, your finances have changed or you need to consider additional borrowing. The right route depends on the existing mortgage as well as the new objective.
TLA Finance can compare a remortgage with relevant alternatives and explain the costs, restrictions and risks. We will look at the overall position rather than assuming that changing lender or raising more money is the right answer.
From Amersham, TLA Finance supports clients in Buckinghamshire, London, the Home Counties and across the UK.
Your home may be repossessed if you do not keep up repayments on your mortgage. Borrowing more or extending the term can increase the total amount you repay.
What is a remortgage?
A remortgage replaces an existing mortgage with borrowing from a different lender on the same property. A product transfer changes the deal with your current lender. A further advance is additional borrowing from that lender, usually on its own terms.
Each route has different checks, charges and practical implications. We start with your current balance, rate, remaining term, repayment basis and early repayment charges, then consider what you want to achieve.
When a review may be useful
Start the discussion early enough to gather information and assess your options. The available application and offer periods differ between lenders; an early review does not require you to complete immediately.
Capital raising starts with the purpose
Capital raising means borrowing more against a property to release funds, subject to lender approval. The amount available depends on affordability, the lender’s valuation, existing secured borrowing and its rules on the proposed use.
Tell us the amount needed, how it will be spent and when it is required. Home improvements, family arrangements and business-related purposes can be assessed differently. We will not assume that an increase in property value guarantees more borrowing.
Compare the full cost
A lower headline rate can be outweighed by fees or charges. We will consider the period over which you expect to keep the mortgage and the costs of leaving the current deal.
Adding fees to the mortgage means interest may be paid on those fees. Extending the term can make monthly payments look more affordable while increasing the overall cost.
Debt consolidation needs particular care
Using a mortgage to repay unsecured debts changes the risks. Your home becomes security for borrowing that may previously have been unsecured. A lower monthly payment can also mean paying the debt over much longer and paying more interest overall.
We will consider the underlying budget and alternatives before discussing this route. If repayments are already difficult, free debt advice may be more appropriate than further borrowing.
Information for your review
Where income is self-employed, variable or taken from a company, we will explain the evidence needed. A new lender will normally undertake its own affordability and property assessment.
How TLA Finance helps
We establish the objective, review the existing mortgage and discuss the alternatives available through our service. Where a mortgage is suitable, we explain the recommended terms and help progress the application and lender queries.
The legal work and completion must satisfy the lender’s conditions. Continue making payments under your existing arrangement until the change is confirmed. Do not rely on an illustration or initial indication as evidence that funds are available.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Consolidating debts or extending the mortgage term may increase the total cost of borrowing. All options are subject to suitability, affordability and lender criteria.
Frequently Asked Questions
Is a product transfer the same as a remortgage?
No. A product transfer changes the deal with your existing lender; a remortgage normally moves the borrowing to a different lender. The checks and costs can differ.
Can I remortgage before my current deal ends?
It may be possible, but early repayment charges and other costs could make it unattractive. The timing and overall cost need to be assessed.
How much extra money can I raise?
That depends on the lender’s valuation, current borrowing, affordability and the permitted purpose of the funds. Equity alone does not guarantee approval.
Will a remortgage always save me money?
No. Fees, early repayment charges, the repayment term and the new payment can affect the outcome. We compare the overall position rather than the rate alone.
Can I use a mortgage to consolidate debts?
Some lenders may consider it, but securing debt on your home adds risk and can increase total interest if repayment is spread over longer. Suitability and alternatives need careful review.
Can I review my mortgage if my income has changed?
Yes. We can discuss the change and the options that may be available. A new application remains subject to the relevant lender’s assessment.
Speak to TLA Finance
Review your current mortgage, upcoming deal end date and any additional borrowing.
Request a mortgage review
Provide your basic contact details and select your preferred time and method of contact. We will explain the next steps and how to supply supporting documents securely.
Please do not include bank-account numbers, identity documents, credit reports or confidential business records in this general enquiry form.
