It's Free to Speak to an Advisor, 7 days, 8am - 10pm

The Different Types of Remortgage Available in Middlesbrough

Navigating the mortgage process can be a bit tricky, and when it comes to remortgaging in Middlesbrough, there are 10 different popular options, each designed for specific financial needs.

To make sure you’re making the right choice for your unique situation, it’s important to chat with a trusted mortgage broker in Middlesbrough. With our know-how, we’re here to guide you through the different remortgage options, helping you pick the one that fits your personal circumstances best.

The Main Different Types of Remortgages

Remortgage for a Better Deal

As your current fixed-rate deal approaches its conclusion, especially if there are less than six months remaining, it presents a prime opportunity to secure a new mortgage deal.

Our team is adept at comparing the various options at your disposal, including assessing any product transfer mortgage deals you may be offered, ultimately saving you both time and money.

In the usual course of events, your current lender may suggest a product transfer deal, and we will diligently compare this with the offerings available from other lenders. More often than not, opting for a switch to a new lender proves to be the more cost-effective choice for you.

Capital Raising Remortgage  

When opting to remortgage to release equity in Middlesbrough, you gain the flexibility to secure additional funds for various legitimate purposes.

These purposes encompass, but aren’t confined to, making significant purchases, offering financial support to family members entering the property market, acquiring a buy-to-let property, or consolidating existing debt.

Our service meticulously compares any additional advance mortgage proposals presented by your existing lender with those offered by alternative lenders. The aim is to pinpoint the most advantageous option tailored precisely to your individual needs.

It’s crucial to bear in mind that a remortgage involves an extended period of interest payments. Therefore, ensuring that the funds are borrowed for valid and prudent reasons becomes imperative.

Making well-informed decisions regarding the purpose of borrowing holds paramount importance, considering its long-term impact on your financial well-being.

Remortgage for Home Improvements

Considering home upgrades? Remortgaging for home improvements emerges as a viable avenue. Investing in your property can yield significant returns, especially when certain improvements like extensions or loft conversions enhance its tangible value. Kitchens and bathrooms, over time, may lose their allure, making remortgaging an ideal solution to fund both cosmetic enhancements and structural modifications.

In instances where the borrowed amount is substantial, lenders may request estimates for the planned works. Notably, there is no obligation to choose the contractor who provided the estimate to execute the actual renovations.

Interestingly, some individuals opt for borrowing for home improvements even when an immediate increase in the property’s value isn’t anticipated. This trend is particularly common among those who have deemed their residence their “forever home.” If financial capacity allows, there’s no downside to borrowing for this purpose.

Debt Consolidation Remortgage

Navigating the intricacies of debt consolidation through a mortgage requires careful consideration. It’s imperative to consult with our specialised mortgage team promptly. Undertaking a debt consolidation mortgage without the guidance of a reliable broker may lead to increased interest payments and potential home loss.

When incorporating unsecured debt into your mortgage, the risk of paying more interest arises. This is primarily due to the extended duration of a mortgage term compared to a personal loan, even though the term is flexible.

Moreover, it’s crucial to acknowledge that by securing unsecured debt against your home, you expose yourself to the possibility of repossession if future mortgage affordability becomes challenging.

Understanding the interest rates applicable to the debts you plan to merge into your mortgage is vital. For instance, if you possess 0% credit cards, amalgamating them into your mortgage may trigger interest charges.

You should consider all options before deciding to remortgage for debt consolidation, such as asking family members for assistance if possible and reducing as much non-essential expenditure as possible.

Once you have considered all of the above and decided a remortgage for debt consolidation could be right for you then it’s vital you speak with a mortgage advisor. The advisor will take responsibility for the recommended remortgage advice and help you with your application.

Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoing. Some customers end up reducing their payments by hundreds of pounds.

Equity Release Remortgage (Age 55+) 

Individuals aged 55 and above often consider remortgaging to unlock capital from their property for various reasons. This includes supplementing pension income, helping family members, funding significant purchases, or settling outstanding debts.

For those who already have an equity release plan in place, exploring the option of remortgaging on equity release in Middlesbrough is viable. Our proficient late life lending team can assess the potential for remortgaging, ensuring you secure the best possible deal and addressing any additional funding requirements.

In recent years, mortgage lenders have introduced innovative products tailored to older homeowners seeking remortgage opportunities. The landscape has evolved, offering a range of choices to meet the diverse needs of this demographic.

Determining whether you qualify for a regular mortgage, a mortgage extending into retirement, or an equity release plan hinges on factors such as age, income, and your plans for the property. Our Head of Later Life Lending, Dan Osman, can guide you through the nuances of these diverse mortgage types.

To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.

Buy to Let Remortgage 

Buy to let remortgages in Middlesbrough encompass various objectives, including seeking a more advantageous deal, raising capital, or extending the mortgage term.

In the realm of buy to let remortgages, both the property value and the rental income generated play pivotal roles in the evaluation.

As specialists in buy to let mortgages in Middlesbrough, our dedicated team is poised to navigate you through the entire process, ensuring a comprehensive understanding and tailored guidance to meet your specific requirements.

Remove a Name from a Mortgage 

In the event of a recent separation or divorce, it is possible to remove a name from the mortgage during the remortgage process, provided the individual taking over the mortgage passes the necessary lender checks.

The process involves the submission of essential documents, such as payslips and bank statements, to verify income. Additionally, adherence to the mortgage lending criteria is imperative.

As a trusted mortgage broker in Middlesbrough, our dedicated team is here to help you in exploring the available options for this type of remortgage. We will guide you through the process, ensuring that you are informed about the necessary documentation and providing clarity on the anticipated new monthly repayments.

In many cases, clients opting to remove a name from a mortgage also seek to release equity from the property to settle financial matters with the ex-partner.

Our expert mortgage advice team can seamlessly coordinate these aspects in a single transaction, streamlining the overall process for your convenience.

Change the Term of your Mortgage 

Clients often choose to adjust their mortgage term for three primary reasons: firstly, to decrease their monthly payments; secondly, to expedite the repayment of their mortgage; and thirdly, if their interest-only mortgage is approaching its conclusion.

It’s crucial to note that each mortgage lender has distinct criteria regarding the maximum age for term adjustments. Therefore, engaging the services of a mortgage broker, such as us, is advisable. We specialise in later life lending mortgage products, offering a comprehensive range of options tailored to your needs.

Navigating the landscape of term adjustments involves considering potential risks and exploring alternative products. Seeking mortgage advice is essential to thoroughly understand and evaluate all available options, ensuring that you make informed decisions aligned with your financial goals.

Remortgage a Specialist Finance Product 

Remortgage options extend beyond traditional mortgages to include specialised financial products like secured loans, houses in multiple occupation (HMO), or commercial mortgages.

Classified as specialist finance, these avenues require the expertise of a trusted mortgage advisor, like our team, to streamline the process, ensuring efficiency and cost-effectiveness in your financial decisions.

Engaging with professionals in this field can save you valuable time and money, providing tailored guidance that aligns with your unique circumstances and goals.

How to know which remortgage type to go for?

Choosing the right remortgage type hinges on your unique circumstances, goals, and overall situation. Relying solely on your current mortgage lender for a new deal might mean overlooking potentially lower rates available elsewhere. Mortgage lenders often benefit when customers don’t explore other options, leading them towards higher standard variable rates.

While many mortgage lenders streamline the process for securing a new deal through online banking platforms, it is strongly recommended not to proceed without consulting a mortgage broker in Middlesbrough, such as our team. We have the expertise to sift through thousands of deals and find the options that best suit your needs.

Specialising in various remortgage types, we provide comprehensive support and guidance throughout the entire mortgage advice process. Your well-being is our priority, and we are dedicated to helping you in making informed decisions tailored to your specific needs and aspirations.

Do You Need a Deposit to Remortgage in Middlesbrough?

Remortgaging in Middlesbrough often raises questions about the role of a deposit, which can be confusing as deposits are more commonly associated with property purchases rather than the process of refinancing an existing mortgage.

Understanding the Basics: What is a Remortgage in Middlesbrough?

Before delving into the deposit aspect, let’s first clarify what a remortgage involves. A remortgage is the act of transferring your existing mortgage to a new lender or renegotiating the terms with your current lender.

Homeowners typically contemplate remortgaging in Middlesbrough for various reasons, including securing a more favourable interest rate, releasing equity through a remortgage, or adapting their mortgage type to better align with their changing financial circumstances.

The Role of a Deposit in Remortgaging in Middlesbrough

The reassuring news is that, in most instances, providing a deposit is not a requirement when remortgaging your property.

Unlike the process of buying a new home, where a deposit is typically essential to secure a mortgage, remortgaging primarily revolves around the equity you’ve accrued in your current property.

Leveraging Your Home Equity

When embarking on a remortgage journey in Middlesbrough, the significance of your home’s equity comes to the forefront. Equity represents the portion of your property’s value that you wholly own, and it increases as you make mortgage payments.

To illustrate, if your home is appraised at £300,000, and your outstanding mortgage balance stands at £200,000, your equity amounts to £100,000.

The Loan-to-Value Ratio (LTV)

In the realm of remortgaging in Middlesbrough, deposits often take a back seat to the loan-to-value (LTV) ratio. This critical ratio compares the amount you wish to borrow with the current value of your property. To secure favourable remortgage terms, many homeowners aim for a lower LTV.

Deposit for Specific Remortgage Situations in Middlesbrough

While the majority of standard remortgages do not necessitate a deposit, there are specific situations where it might come into play:

Adverse Credit History

If you have a history of credit issues, lenders may request a deposit to mitigate their risk.

Releasing Equity

If your intention is to remortgage in Middlesbrough to release a substantial amount of equity, lenders may require a deposit to reduce their exposure.

Additional Considerations

It’s crucial to acknowledge that remortgaging in Middlesbrough entails various costs, including arrangement fees, valuation fees, and legal expenses. These expenses should be factored into your decision-making process.

Speaking with a Mortgage Advisor in Middlesbrough

Navigating the intricacies of remortgages can be complex, making it prudent to seek advice from a qualified mortgage advisor in Middlesbrough.

They can carefully assess your unique financial circumstances, help you in identifying the most suitable remortgage option, and provide guidance throughout the entire process. In summary, the majority of remortgage scenarios do not necessitate a deposit.

Instead, your existing equity and the loan-to-value ratio take precedence in the process. Nevertheless, it’s advisable to obtain expert remortgage advice in Middlesbrough from mortgage advisors who will thoroughly evaluate your financial situation and help you secure the most appropriate remortgage deal tailored to your needs.

What Does Remortgage in Middlesbrough Mean?

For homeowners, the term “remortgage” is a familiar one, but what does it really entail, and how does it impact your financial well-being? In this comprehensive guide, we will unravel the essence of remortgaging, highlighting its significance and the advantages it can offer.

Defining Remortgage

In simple terms, a remortgage in Middlesbrough, also referred to as refinancing, involves the process of transferring your existing mortgage to a new lender or renegotiating the terms with your current lender.

This financial strategy empowers homeowners to tailor their mortgage to better align with their current circumstances and financial objectives.

The Key Elements of Remortgaging

Let’s delve into the fundamental components that encompass the concept of remortgaging:

Changing Lenders

One of the primary motivations for remortgaging is the transition from your current lender to a new one. This decision may be prompted by the pursuit of a more favourable interest rate, enhanced customer service, or more advantageous mortgage terms.

Renegotiating Terms

If you are satisfied with your current lender but wish to modify the terms of your mortgage, remortgaging offers a viable solution. This could entail extending or shortening the mortgage term, transitioning from a fixed-rate to a variable-rate mortgage, or vice versa.

Releasing Equity

A remortgage designed to release equity is the solution for those aiming to unlock the value they’ve built up in their home. By borrowing against the increased worth of your property, you can access a lump sum or establish a line of credit to fulfil various financial objectives.

Reasons to Consider Remortgaging

Now that we have clarified the concept of a remortgage in Middlesbrough, let’s delve into the reasons why homeowners opt for this next step in their homeownership journey:

Lower Interest Rates

When interest rates decline or if your initial mortgage was secured at a less favourable rate, remortgaging can offer access to lower interest rates, resulting in reduced monthly payments.

Repayment Flexibility

Homeowners can use remortgaging to tailor their repayment structure, making it more manageable. For instance, transitioning from an interest-only mortgage to a repayment mortgage or vice versa.

Home Improvements

If you are considering a remortgage in Middlesbrough for home improvements, it can provide the necessary funds by borrowing against your property’s equity.

Debt Consolidation

Individuals with multiple debts, such as credit card balances or personal loans, can consolidate these debts into one manageable monthly payment using a debt consolidation mortgage in Middlesbrough.

Accessing Equity

Over time, your property’s value may experience significant growth. Remortgaging enables you to tap into this equity for diverse purposes, from financing your child’s education to investing in additional properties.

Speak to a Mortgage Advisor in Middlesbrough

The remortgage process can be intricate with several considerations. It is highly advisable to speak with a qualified mortgage advisor in Middlesbrough.

They can offer expert remortgage advice in Middlesbrough, valuate your financial situation, and help you in finding the most suitable remortgage solution tailored to your requirements.

Understanding the meaning of remortgage empowers homeowners to make informed financial decisions. Whether you are seeking lower interest rates, enhanced repayment flexibility, or access to your home’s equity, remortgaging serves as a valuable tool to achieve your financial objectives.

It’s essential to conduct thorough research, seek guidance from experts, and assess your individual circumstances to make sure you are making the best choice for your financial future.

What Happens When You Remortgage in Middlesbrough?

Remortgaging in Middlesbrough, a financial step that might seem a little complicated at first glance, is a significant consideration for many homeowners at different stages of their homeownership journey.

At its core, remortgaging encompasses two primary approaches: transferring your existing mortgage to a new lender or renegotiating the terms of your existing mortgage with your current lender.

The motivations behind opting for a remortgage in Middlesbrough are diverse, and this process can yield substantial financial advantages when undertaken with careful consideration.

The Remortgaging Process in Middlesbrough

To grasp the intricacies of the remortgaging process in Middlesbrough, it’s essential to dissect it into several fundamental steps:


The journey kicks off with a comprehensive evaluation of your existing mortgage and financial circumstances. This entails calculating important factors such as your remaining mortgage balance, prevailing interest rate, and monthly payments.

This initial assessment is pivotal in determining the viability of pursuing a remortgage in Middlesbrough.


Extensive research into the array of mortgage deals available in the market is a key step. It’s imperative to seek out lenders who offer competitive interest rates and terms that align with your financial goals.

Additionally, consulting with a dedicated mortgage advisor in Middlesbrough who can provide personalised guidance based on your unique situation can prove invaluable in this process.


Once you’ve selected a mortgage deal that suits your needs, the subsequent step involves filling out a comprehensive mortgage application.

During this stage, the lender will carefully assess your application, considering various factors including your credit history, income, and the value of the property in question. This thorough evaluation is a pivotal part of the process.


To ascertain the current market value of your property, it may be necessary to undergo a valuation process. Normally, the lender will arrange for a qualified appraiser to conduct an assessment of your home. This step is essential in gauging the property’s worth in the current market.

Legal Process

Legal procedures are an integral component of the remortgaging process in Middlesbrough. It may be necessary to enlist the services of a solicitor or conveyancer to oversee legal matters, which encompass property searches and the secure transfer of funds.

These professionals play a pivotal role in ensuring that all legal aspects are properly addressed during the remortgage process.


Upon satisfying the lender’s requirements, you’ll be presented with an official mortgage offer. It’s imperative to meticulously review this offer to confirm that it aligns with your financial objectives and expectations.


Upon the successful completion of all essential checks and paperwork, your new mortgage deal is formally concluded. This finalisation stage may entail the payment of arrangement fees and any other associated costs.


Now that your new mortgage is in place, you begin making your monthly payments in accordance with the terms of the new deal. It’s important to ensure that you make these payments on time, as this contributes to maintaining a healthy financial profile.

Reasons for Remortgaging

Homeowners consider remortgaging in Middlesbrough for a variety of reasons, each situation being unique. One prevalent motivation is the desire to secure a better interest rate. Lowering your interest rate can result in substantial savings over the lifespan of your mortgage.

Moreover, remortgaging is frequently employed to unlock the equity tied up in your property. This equity can be utilised for various purposes, including home improvements, debt consolidation, or pursuing a range of other financial objectives.

Changing your mortgage type is another factor that prompts homeowners to consider remortgaging. As your financial circumstances evolve, your current mortgage type may no longer align with your needs, and transitioning to a different type can provide greater flexibility or more advantageous terms.

Lastly, some homeowners opt for remortgaging as a means of consolidating high-interest debt, such as credit card balances or personal loans, into their mortgage. This move can lead to lower monthly payments and simplified financial management.

Benefits of Remortgaging in Middlesbrough

Remortgaging can bring forth several advantages, including the potential for reduced monthly payments, access to home equity for financial pursuits, the opportunity to consolidate high-interest debt, and the flexibility to tailor your mortgage to better align with your financial needs.

In summary, remortgaging is a process that allows homeowners to transition their mortgage to a new lender or renegotiate the terms of their existing mortgage.

Individuals opt for remortgaging in Middlesbrough for a myriad of reasons, spanning from securing more favourable interest rates to unlocking the value of their home, and this journey encompasses several steps, including assessment, research, application, property valuation, legal procedures, and finalising the terms of the new mortgage.

When contemplating remortgaging, it’s imperative to conduct a thorough evaluation of your options. In cases where necessary, seeking expert remortgage advice in Middlesbrough can be instrumental in making well-informed decisions that set a positive course for your financial future.

Should I Remortgage in Middlesbrough?

As a homeowner, it’s inevitable that the introductory period of your mortgage will eventually come to an end. Like many homeowners, you might be contemplating the option of remortgaging your property.


The decision to remortgage in Middlesbrough depends on your specific goals and aspirations. While many homeowners see it as a natural progression to enhance their lifestyle or maximise the potential of their property, it may not be suitable for everyone.

At our dedicated remortgage advice team, we take the time to thoroughly assess your situation, understand your objectives, and determine if remortgaging is the most suitable path for you.

We believe in providing transparent service, so if it’s not the right option for you, our mortgage advisor in Middlesbrough will openly communicate this and explore alternative solutions if available.

Why do people remortgage in Middlesbrough?

Naturally, when it comes to any mortgage decision, thorough consideration is essential. There are numerous factors that may influence someone’s choice to remortgage their home in Middlesbrough as their introductory period draws to a close.

To Avoid Any Increases in Mortgage Payments

In recent times, one of the primary reasons homeowners consider remortgaging in Middlesbrough is the anticipation of rising interest rates. While historically interest rates are lower than they used to be, the likelihood of them increasing is higher than decreasing.

Therefore, it can be advantageous to remortgage as soon as possible and secure a fixed rate for a specific duration. Most individuals opt for 2-5 year fixed rates, although longer-term options may also be available.

By doing so, you can take advantage of the current low rates and potentially save a significant amount of money in the long run, even if interest rates rise during that time.

For a Better Rate

Sometimes the motivation to remortgage is not driven by rising interest rates, but rather the desire to access a better rate that may be available to you. Over time, as equity builds within your property and its value increases, you may qualify for a lower loan-to-value ratio.

This improved equity position enables you to secure more favorable rates, potentially leading to cost savings or a shorter mortgage term, if that aligns with your goals.

For Home Improvements

Additionally, some homeowners choose to release equity through their remortgage in Middlesbrough as a means of funding home improvements, modifications, or renovations.

Rather than moving to a different property, they prefer to enhance their current home, where they have established a life and potentially raised or plan to raise a family.

Popular choices for utilising released equity include renovating the kitchen, creating a home office, adding an extra bedroom, expanding living spaces, constructing a conservatory, and more.

Not only do these enhancements cater to specific needs, but they can also increase the property’s value, which can be beneficial if you intend to sell in the future.

To Consolidate Debt

Throughout the duration of your mortgage term, you may have accumulated unsecured debts that have made it challenging to manage all your payments effectively. While it comes with certain risks, many homeowners opt to remortgage in Middlesbrough for the purpose of debt consolidation.

Debt consolidation involves merging all your unsecured debts into your mortgage, resulting in a single monthly payment. This approach offers several benefits, including freeing up more funds each month and reducing the number of outgoing payments you need to manage.

Additionally, consolidating your debt extends its repayment duration over the course of your mortgage, which means you’ll end up paying more in overall interest.

It’s important to carefully consider the pros and cons of this strategy, as while it can provide short-term relief and simplify your finances, it may result in a higher total interest cost in the long run.

Consulting with a professional mortgage advisor in Middlesbrough can help you assess the viability of debt consolidation through remortgaging and explore alternative options based on your specific circumstances.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.

Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.

Alternatives to Remortgage in Middlesbrough

Before your introductory period ends, it’s crucial to seek remortgage advice in Middlesbrough to determine the best course of action for your specific situation. Consulting with an expert in the field will help you make an informed decision.

Your mortgage advisor in Middlesbrough may suggest a product transfer as a more suitable option. This involves obtaining a new mortgage deal with your current mortgage lender, which can be beneficial if you’re content with your current property but seeking a different mortgage product.

On the other hand, if you’re looking for a new home with more space, moving house might be the better choice. In rare cases, falling onto your mortgage lender’s Standard Variable Rate (SVR) of interest may be considered, although this is typically more expensive in terms of monthly mortgage payments.

If you’re aged 55 or above and your property is valued at £70,000 or more, it may be worth exploring equity release options with a qualified later life mortgage advisor in Middlesbrough.

They can provide valuable insights into lifetime mortgage options, discussing the advantages and disadvantages associated with them.

Take advantage of our online booking feature to schedule a free remortgage review today. During this review, a trusted and experienced mortgage advisor in Middlesbrough will thoroughly assess your circumstances and provide clarity on the most appropriate option for you.

To understand the features and risks of equity release and lifetime mortgages, ask for a personalised illustration.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

Why Do People Remortgage in Middlesbrough?

The act of taking out a remortgage in Middlesbrough is where you will be taking on a new mortgage to pay off and replace an existing mortgage that you have. This can be done for a wide variety of reasons.

A remortgage in Middlesbrough may not always be the appropriate decision for a homeowner, though it can be a great way for many homeowners to achieve any particular goals they have in mind, such as the ones we will cover here.

Reaching The End of Your Fixed-Period

As a general rule, when it comes to your mortgage, you will have some form of introductory or fixed period attached to your deal. Homeowners quite often will fix in for 2-5 years of their full term length, as this allows them to keep their interest rates and mortgage payments consistent for that duration.

When that period is set to come to an end, a homeowner will then usually look at the steps they have next, which most often includes a remortgage in Middlesbrough.

We personally will look to remake contact with our customers about 6 months before their deal is set to conclude, so we are able to run through the process in the background. This will hopefully allow for a seamless transition as your new mortgage starts as the old one finishes.

It’s important that you don’t look to remortgage in Middlesbrough any earlier than this (unless you have discussed with a mortgage advisor in Middlesbrough and it is deemed beneficial), as otherwise you would likely face early repayment charges.

Alternatives to a Remortgage in Middlesbrough

Before we look at why people may remortgage in Middlesbrough, it’s also important that you are aware of the alternatives. For example, some homeowners could instead look at their options for a remortgage in Middlesbrough to create more space within their home.

Whilst this could be a possible option, other homeowners may just look at moving to a new home instead.

Further to this, there is something called a product transfer. Whilst taking out a remortgage would see you taking out a new mortgage in Middlesbrough with a new lender, a product transfer is where you will switch onto a new deal, but stay with the same mortgage lender.

Last of all, if you are over the age of 55 and you happen to own a property that is worth at least £70,000, you could look at taking out an Equity Release plan. It is important that you have a chat with a qualified later life mortgage advisor in Middlesbrough to see if it is the right choice for you.

To understand the features and risks of equity release in Middlesbrough and lifetime mortgages, ask for a personalised illustration.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

That being said, a remortgage in Middlesbrough can still prove to be your best option and they can be useful for a variety of reasons. Below are some of the most popular reasons we hear of for homeowners taking out a remortgage in Middlesbrough on their home.

Remortgage in Middlesbrough for a Better Term or Deal

One situation that we come across quite frequently is a homeowner taking out a remortgage in Middlesbrough with a view to find a much better mortgage term or mortgage deal.

When your introductory or fixed-period comes to an end, you will move onto your mortgage lenders Standard Variable Rate, which will generally be at a much higher rate of interest.

It’s incredibly rare that an SVR will actually be better for you, which is why most people just look to remortgage in Middlesbrough instead, as it will likely be a better deal. They will use the equity in their home to access a lower loan to value, which should lower interest rates and monthly costs.

If you would rather pay back your mortgage much more quickly, you may also be able to keep your monthly mortgage payments the same, whilst shortening your overall mortgage term length. This could also possibly save you money, as there will be less interest for you to pay overall.

Remortgage in Middlesbrough to Release Equity

Every home has some level of equity sitting in it. This equity in your home will be the difference between the value of the property and what is left on your mortgage balance. As the balance starts to go down, the amount of equity will go up. If the value of the property goes up, so too will the equity amount.

Homeowners could also look at using this equity with a remortgage in Middlesbrough to release equity, which can be used for all kinds of reasons. Below we have listed some of the more popular options that homeowners use it for.

Home Improvements

As you go through your term, you may find that it is necessary to make changes to your home, especially if you’d rather not move and you really want to stay. We quite regularly chat with customers who want to remortgage in Middlesbrough for home improvements.

Whether you are looking to make a new home extension for more space, alter existing space within your home or remodel a kitchen, to name just a few examples, this can be a great option for homeowners in Middlesbrough.

Please bear in mind that the majority of mortgage lenders will probably want you to provide quotes for the work that is to be carried out, if this is something you wish to achieve with your remortgage in Middlesbrough.

Energy Saving Alterations

Following on from that point, homeowners may look to spend now and save later, by making home alterations that will help with saving on energy.

Installing solar panels has become quite a popular choice for homeowners in the way they generate their energy, as well as devices that convert wind into power. Wall insulations, replacing doors and windows are all great ways to reduce costs and be a little greener.

Debt Consolidation

Another common occurrence when looking at why some may look to remortgage in Middlesbrough to release equity, is for debt consolidation.

Whilst a remortgage in Middlesbrough to consolidate debts can work out really well for some, it’s not a decision that should be made lightly and we would recommend that you enquire for remortgage advice in Middlesbrough ahead of time.

A debt consolidation will see you merge your unsecured debts with your mortgage, into one manageable monthly payment. Though it will hopefully lower your monthly outgoings, it will generally cost more overall on interest, as that will be extended across your term.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.

Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.

Gifted Deposit

Another frequent situation we hear of, as to why a homeowner may look to remortgage in Middlesbrough to release equity, is to provide a family member or friend with a gifted deposit. This is more likely to be found with parents helping their children buy their first home.

This gifted deposit can either be used as part of or the full amount of a home their child is hoping to buy. You will also have to sign a form that indicates it is not a loan and is solely a gift, as well as evidence of your funds and how they have built up.

Free Remortgage Review For Customers in Middlesbrough

If you are nearing the end of your introductory or fixed-period and are considering a remortgage for either of the options mentioned above, or even perhaps something else altogether, please feel free to get in touch and book a free remortgage review today.

You’ll benefit from taking out remortgage advice in Middlesbrough, that is provided by an expert mortgage advisor in Middlesbrough.

Product Transfer V Remortgaging in Middlesbrough

What is a product transfer?

When your introductory mortgage deal comes to an end your mortgage lender may offer you a new deal to stay with them, this is known as a product transfer.

Are you rewarded for being loyal?

Unfortunately, lenders do not always reward your loyalty and the offer they make you may not be competitive with deals you could get elsewhere. Even more annoyingly, these product transfer rates are not as good as the deal they offer new customers either!

Tempted by an online switch?

Whilst swapping to a new deal with your current Lender may well be fairly easy online, it is always in your interest to see what other deals you may be eligible for. Lenders will also tempt you to effect a new deal online without taking advice.

This can be really dangerous because if you do this without advice you are waving goodbye to all the valuable consumer protection you would otherwise have benefitted from.

You’ll be opting out of Mortgage Advice in Middlesbrough

We have seen numerous examples of customers affecting these “follow-on” deals and locking themselves into an inappropriate deal. Because they opted out of advice then they have waived a lot of their rights in terms of making a complaint.

We did have a recent case where a customer who was pregnant did this and was declined for a small further advance to fund some necessary home improvements a few months later. She then had to pay a hefty early repayment charge to swap to a new Lender who would grant her the additional funds.

Always Get Mortgage Advice in Middlesbrough

If we think a product transfer is the most suitable deal for you we will recommend that as a course of action for you and if we arrange the mortgage for you as a mortgage broker in Middlesbrough then all the regulation and consumer protection will apply.

In short, even if your requirement seems straightforward we recommend you always take mortgage advice in Middlesbrough– a second opinion costs nothing and making a mistake when taking a new product can be costly.

The remortgage market is highly competitive and savings can generally be made by searching the market for a new deal, this is why looking into remortgage advice in Middlesbrough is hightly reccomended.

Buying a Property in Joint Names in Middlesbrough

Looking to purchase a property in Middlesbrough?

Statistics show that in recent years property prices have increased at a faster rate than wages. We have found that many people look to purchase in joint names with a partner or friend in order to be able to afford a suitable home at a more reasonable price.

Purchasing in joint names usually will increase your maximum borrowing capacity, as the lender will look at all parties income and take this into account when running the affordability calculations.

How Many People Can Co-Own a Property?

Surprisingly, we work with some lenders who will accept up to 4 people co-owning a property. If for any reason, one of the co-owners of the property decides to no longer contribute to the mortgage repayments, any joint owners will still have the legal right to reside in the property unless this is ruled otherwise by a court.

If you would like to increase the mortgage at a later date, you must gain consent from all co-owners involved. It’s therefore essential that you make long term plans about what will happen in the future should you end up wanting different things. 

Joint Tenancy or Tenancy in Common?

We find the most popular Tenancy for married couples or those in civil partnerships is ‘Joint Tenancy’. With this type of tenure, if either party were to pass away, the property would be handed over to the co-owner. If you have taken out relevant life insurance, at this point, your mortgage would be repaid.

With ‘Joint Tenancy’, when looking to remortgage or sell the property in the future. It would be required that all names on the tenancy agree to this. 

When purchasing with relatives or friends, we find that ‘Tenants In common’ is the most popular tenure. You will still jointly co-own the property but are have the flexibility to do so not with equal shares. This works well if one party is making a more significant financial contribution than the other.

With ‘Tenants in Common’, another positive aspect, is that you can act independently. For example, you can choose to sell or give away your share of the property to someone else without the need to consult other parties.

Do I have to pay the mortgage if we separate?

All mortgage borrowers are jointly and severally liable for mortgage payments If you find yourself paying all future payments without a co-owner, you will still be liable. Preventing the mortgage from falling into any debt.

As mortgage arrears showing on your credit file could have the potential to stop you from obtaining a mortgage in the future. It is best to think of it like this: You don’t own 50% of a property, you own 100% jointly.

How do I remove my ex-partner from a Joint Mortgage?

Lenders will need to be confident that you can keep up with monthly payments on your own before they can approve of this happening.

When purchasing a home with a partner, it’s a whole new chapter starting in your life and can be a great way to start fresh with another individual. In all the excitement of moving home, it can make you wonder about the justifications if things go sideways.

As seen from above, a mortgage is a big financial commitment and making changes is going to be a challenge.

With physical proof that you can maintain mortgage payments since your old partner moved, the lender may agree to your request to put the mortgage into your single name. However, Lenders like the idea that there are two people to pursue in the event of arrears occurring. To remove someone, they will carry out a brand-new affordability assessment, precisely in the same way as they would at the point of purchase.

Whilst a lender may not accept a request, it’s always beneficial to speak with a mortgage advisor in Middlesbrough beforehand, as there may be other lenders who could agree to your transfer request.

It can also be worth talking to family members to see if they can help you out to make life a little bit easier. They can do so by replacing your ex on your mortgage or by gifting you a lump sum to reduce the amount owed meaning your savings are able to contribute to easing your future mortgage payments.

Can I remove my name from a Joint Mortgage?

If you and your partner split up and you leave the family home, then your responsibility is still shared for mortgage payments. Even if an agreement is settled with your ex that they will make all the payments.

If you are sending your partner money each month, you should keep an eye on your credit report to ensure they are paying the mortgage. If they default, then it will impact your own score.

Is your name still linked with an existing mortgage? Then the payments for that will be considered if you buy a new home of your own. That will mean Lenders might not lend you as much as you would like.

Buying a home with someone is different from renting with them. It’s always better to agree on what would happen to the house should things not plan out as expected.

Whether you are a first time buyer in Middlesbrough or moving home in Middlesbrough and thinking of purchasing in Joint Names. Perhaps you looking to remove a name from a mortgage by looking into a remortgage in Middlesbrough in your sole name? Book your free mortgage appointment to speak with one of our friendly mortgage team, we will be more than happy to answer all of your questions.

How to Sell Your Home Quickly in Middlesbrough

Selling your home quickly in Middlesbrough doesn’t have to be a daunting task. With the right strategies and attention to detail, you can attract potential buyers and secure a speedy sale. Here, we’ll walk you through some helpful tips and essential aspects to consider when moving home in Middlesbrough.

1. Attention to Detail: Making a Lasting Impression

First impressions matter, and this couldn’t be truer when it comes to selling your home. Start by addressing any minor repairs or maintenance issues that might catch a buyer’s eye. Fix leaky faucets, squeaky doors, and cracked tiles. A clean and well-maintained home leaves a positive impression on potential buyers.

2. Got Kids? Consider Their Impact

If you have kids, it’s essential to manage the chaos that can come with daily life. While it might be challenging, keeping the home tidy and organised can play a significant role in attracting first time buyer in Middlesbrough. Consider implementing a routine to keep toys, clothes, and other items in order. Having a dedicated storage space can help maintain a clutter-free atmosphere during showings.

3. Upkeep: Showcasing Regular Maintenance

Buyers are often looking for a home that’s been well taken care of. Ensure your home’s mechanical systems, such as plumbing, and electrical, are in good working condition. A home inspection report can help identify potential issues and allow you to address them before listing your property.

4. Creating the Right Atmosphere: Home Staging

Home staging involves arranging your furniture and decor to showcase your home’s best features and create an inviting atmosphere. Consider decluttering and using neutral colors to make your home feel more spacious and appealing to a wider range of buyers. You don’t need to spend a fortune on professional staging; small changes can make a big difference.

5. Lighting: Brightening Up the Space

Proper lighting can significantly influence how your home appears to potential buyers. Make sure to open curtains and blinds to let in natural light. Consider replacing dim or outdated light fixtures with modern options that provide ample illumination. Well-lit rooms feel more inviting and spacious.

6. A Fresh Coat of Paint: Instant Renewal

Applying a fresh coat of paint can breathe new life into your home. Stick to neutral colors that appeal to a broader audience and help buyers envision their furniture and decor in the space. A neutral palette also makes it easier for buyers to visualise how they can personalise the home.

7. Gardening: Curb Appeal Matters

The exterior of your home is the first thing buyers see. Boost your curb appeal by maintaining a well-manicured lawn, trimming bushes and trees, and adding colorful plants or flowers. A well-kept exterior signals to potential buyers that your home is well cared for both inside and out.

8. Another Perspective: Seek Feedback

Sometimes, it’s beneficial to get an outsider’s perspective. Ask friends or family to tour your home and provide honest feedback. They might notice things you’ve overlooked or offer suggestions for improvement. Constructive criticism can be invaluable in preparing your home for a quick sale.

A Guide to Remortgages in Middlesbrough: Top Reasons to Consider

Remortgage Advice in Middlesbrough

If your current mortgage deal is coming to an end or you feel that you need to borrow some extra money then it could be near the time to remortgage in Middlesbrough. It normally happens quite often that customers leave it too late and ultimately end up lapsing on their lenders’ standard variable rate.

If by chance this happens then you may be paying more than you need to on your mortgage payments each month.  

Why Should I Shop Around for a Remortgage?

If you stick to relying on your current Lender offering you a new deal then you could potentially be missing out on lower rates somewhere else. By not shopping around, you make it easier for your lender as they are benefiting by receiving the additional payments that could be going into your savings.

If you choose to switch online and not speak to anyone, you’ll be carrying out an execution-only mortgage. That will lead to you not benefiting from the consumer protection in which you would have had by taking remortgage advice in Middlesbrough.

Again, this benefits the lender. After all, if perhaps you have taken out the wrong product, then you’ll not be able to complain because you had chosen this yourself.

If you find that you’re still on a low rate tracker deal, it is still worth having a look to see what is out there, especially if it looks like there’s a chance interest rates might go up. If this is something you feel might happen in the foreseeable future, you can always take out a fixed rate remortgage.

Remortgage for Home Improvements

If your home would benefit from upgrading then it may be good time for you to remortgage so that you are able to carry out Home Improvements and can often pay off in the long term e.g. selling your house, as some improvements can put value into your home.

If the amount that you are asking to borrow is significant then lenders reserve the right to ask for estimates around the works that you intend to carry out. This doesn’t mean you’ll need the contractor who provided the estimate to carry out the actual works.

Additionally, home improvements don’t have to carried out just for adding value to your home, it can just be for your own pleasure.

Capital Raising Remortgage

You are able to borrow extra funds for most legal purposes, an example being, raising capital when you remortgage for almost any legal reason. But it is important to remember that you will be paying interest off on a remortgage for numerous years on average so it’s really important that you only borrow for the right reasons.

Debt Consolidation Remortgage

By adding unsecured debt to a mortgage, you may end up paying back more interest overall. This is because a mortgage term tends to be much longer when compared to a personal loan.

The other thing that may be important is that you are taking unsecured debt and securing it onto your home and could mean that you’re under the risk of repossession of your home if you cannot afford the mortgage in the future.

You will need to take note of the interest rates that apply to the debts that you are considering rolling into your mortgage. If you have 0% credit cards, then adding these to your mortgage will start attracting interest.

It is advisable to consider all options before deciding to consolidate debts, such as seeking help from family members for assistance if it’s available ad reduce outgoings as much as possible.

It’s important to know that you need to speak to a qualified mortgage advisor in Middlesbrough prior to securing any debts against your home. & Middlesbroughmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at

Equity Release Council LogoSolla Later Life Logo
Facebook Image X Image Instagram Image YouTube Image LinkedIn Image SpotifyImage TikTok Image

Speak to an Advisor – It’s Free!
7 Days a Week, 8am – 10pm

Speak to an Advisor - It's Free Enquire Online 01642 988 468
We use cookies to enhance your customer experience. More detailsGot It