It is important when you are nearing the end of a promotional deal that you look into options that will avoid you going on to a lenders Standard Variable Rate (SVR). A lenders SVR can be considerably higher than a market leading deal and can cost you a lot of money. There are occasions when it makes sense to stay on a SVR, for example if you are considering selling the property or if you have a very low variable rate but for most people it makes sense to consider other options.
The quickest and easiest solution would be product transfer with your existing lender. This is a simple process and very little effort is required. Before you decide to do this, it is a good idea for a whole of market broker to research what other lenders offer as you might be able to save a considerable amount of money by switching lenders.
Medifinance Mortgages are able to scan the entire market and make recommendations on the best course of action. If we recommend that you stay with your existing lender then we can complete the product transfer on your behalf and we will not charge you a fee for doing this. If you decide to switch lenders, then we will prepare for you a personal illustration with all the key facts of the deal we are recommending. We can then go ahead and prepare a full application for you and guide you through the process of switching lenders.
You will be allocated a dedicated broker and case manager who will be available to support you throughout the process. With your permission they can also keep other parties up to date in the process e.g. the old/new lender and your solicitor. We recommend you approach us 2-3 months ahead of your existing deal expiring but if you have left it later than that we will do our best to accelerate you through the process.
When you re-mortgage, it is an opportunity to consider paying off some of your mortgage if you have any savings or conversely you may want to borrow more money for home improvements for example. You may also want to adjust your mortgage term to try and pay your mortgage off quicker. Our broker will discuss these scenarios with you to ensure your new mortgage is tailored to your personal requirements.
You may have to pay an early repayment charge to your existing lender if you remortgage
Being a first-time buyer can be a daunting process, especially when you are a busy Healthcare Professional. As a whole of market mortgage broker, who pride ourselves on delivering excellent service, we can help you by guiding you through the entire process. This includes meeting with you at the start, ensuring we fully understand your personal situation, advising you on your budget and explaining any special government schemes that might be available to you e.g. Help to Buy or Shared Ownership.
Once you have decided what your preferred option is we can help with the first stage in the application process which is to arrange an Agreement in Principle with the lender, so you are in a great position to proceed (most estate agents will require this to validate you are a proceedable buyer). Assuming your offer is accepted we can then handle your full mortgage application and introduce you to other trusted professionals such as solicitors or surveyors should you so wish. A unique part of our service is we will co-ordinate all the different parties throughout the sale process by allocating you a personal Case Manager.
We know the journey from initial conversation to submitting an application may take many months which is why we do not charge anything until your application is ready to be submitted. This means you can take advantage of our experienced team in advance of making an application at zero cost.
If you are thinking of moving home, you are likely to require professional support to understand what the impact will be on your current mortgage and also to advise you on what you can afford with your next purchase. As somebody who has purchased a property before, you will be familiar with the challenges of buying a new home and the different parties involved. But it might be the first time you have sold a property, and we can provide you with advice on what you need to do.
We can cater for lots of different scenarios and many healthcare professionals are keen to grow their property portfolio. This may involve keeping your existing property and renting it out as well as buying a new property. Our experienced team can advise you on the best mortgages for you.
Once we have gathered information about your personal circumstances, we will be able to advise you on the best course of action to take with your existing mortgage (assuming you have one) and recommend the best option for a future mortgage. We will research the entire market and make a personal recommendation of what we believe is the best solution for you. This will mean you are best placed to determine your budget and find a suitable next property with the knowledge that you will be proceedable.
Once you have had an offer accepted on your next purchase we can then support you with your full mortgage application and liaise on your behalf with the different parties involved e.g. estate agents, lenders and solicitors. Your dedicated Case Manager will be the key liaison point and will keep you up to date during every step of the process.