Martin Bright could not have done anything better, he listened to my needs, acted upon them promptly to get me the best and the right deal.
Martin was a tremendous help with mortgage and life insurance advice. His knowledge and expert advice was a real guiding light throughout the complexities of navigating both these areas for the very first time. We wouldn’t hesitate to recommend him. He is personable, conscientious and everything you could hope for in an advisor.
Remortgage Broker in Essex & Suffolk – Our Tailored Approach
The difference between Fees Free Mortgages and the ‘big boys’ is an independent service tailored to your actual situation. Click the button below to complete our Remortgage questionnaire. These initial questions give us a good overview and the end result will be a call to introduce ourselves, finish off the ‘fact find’ and then we’ll go and personally research your best options.
Remaining on the same deal for the full term of your loan could see you losing out on the opportunity to reduce the total amount paid back, in some cases leading to significant savings.
We guide you through the entire remortgaging journey, so that you can secure a lower interest rate on your mortgage, saving you money.
Mortgage lenders tend to offer better rates as the loan-to-value gets lower, as they view the loan as less risky. This can translate into a significant saving on your mortgage repayments.
Avoid Moving Home
It can be cheaper and more convenient to adapt or add an extension to your existing home, paid for by remortgaging or a further advance, than to move home.
We’re an independent remortgage broker, which means we’re not tied to any lenders.
We look at the whole market to deliver the best remortgage rates, allowing you to find the very best deal.
Suit Changing Circumstances
If your financial situation has changed and you now need a mortgage that can accommodate, remortgaging can get you a deal that better fits your lifestyle.
Fees Free Mortgages can help you secure the mortgage to suits you now, not when you bought your home.
We take your new circumstances into account to find the best remortgage deal that suits you best.
Higher income or a rise in your property’s value means you could increase your mortgage to help pay for major outgoings, rather than borrowing separately, and in some cases more expensively, from other sources.
If you’re remortgaging to raise money, the last thing you want is to pay any remortgaging fees for arrangement upfront.
We talk you through the available options and work out which remortgage deal will be cheapest overall, completely fees free!
Consolidate Your Debts
Remortgaging can allow you to release some of the equity you hold in your home and consolidate other debts, which can attract higher rates of interest than that of your mortgage.
At Fees Free Mortgages, we help people save money in interest or reduce their monthly outgoings drastically, with our fees free remortgage advice.
The impact of consolidating debt can really change the lives of those who have gotten into increased levels of debt and are struggling to keep up.
Fees Free Mortgages Services
We love providing whole of market mortgage advice in Colchester and believe that any interaction with us will be a positive experience because we do our best to help you achieve all your mortgage goals!
We love helping you get on to the property ladder. We’ll oversee your first purchase from start to finish!
Is it time for a change? We’ll provide you with support from start to finish to achieve your dream home!!
We’ll review your options with your existing lender and compare them against the market for you.
What’s your next project? We can advise on capital raising for new cars, holidays or home improvements.
Eye-watering repayments? Speak to us about re-financing your outstanding debts to reduce your outgoings.
We provide regulated advice for Life Insurance, Income Protection and Critical Illness Cover.
A professional, calm, honest and genuine approach makes us the top remortgage broker in Essex & Suffolk.
If you are considering remortgaging, make sure to contact our fees free independent remortgages advisors, who will consider all your circumstances as well as available deals before offering impartial advice about which remortgage options are right for you.
Your Fees Free remortgage broker in Essex & Suffolk won’t be paid a commission based on the size of your loan, or the choice of lender. So their only motivation is to get you the most suitable mortgage deal.
1. Initial Discussion
Our friendly fact find process will allow us to understand your goals and objectives. It’s also vital to understand any hurdles to remortgages at this stage. We’ll explain exactly who we are and what you can expect from our service.
2. Review the market on your behalf
We get straight to work. We explore the maze of mortgage lending criteria for you. We’ll make affordability and credit assessments ensuring the recommendations we make are suitable to your individual needs.
3. Share our recommendations with you
We’ll illustrate the facts and figures in an easy to understand presentation, including the justifications behind the recommendations.
4. Package & submit a full mortgage application
Our mortgage submission route is much easier than as ‘in branch’ experience. Why sit through a 2 hour interview with the bank when we can do this for you!
5. Oversee the process to completion
If solicitors are introduced, don’t worry. We’ll assist you with their paperwork and we can talk to them on your behalf. We’ll act as the middle man right through to completion.
Benefits of Fees Free Mortgages
We’ll find the best mortgage deal that suits you and give you expert financial advice while taking care of your whole mortgage application. Best of all, we’re FEES FREE! Putting the Free in Fees Free Mortgages.
No mortgage broker fees – Many firms charge upfront fees, or fees on completion.
No call centres and only 2 points of contact (Mortgage Broker & Case Manager)
We review the whole of the market, giving unbiased and independent mortgage advice.
We are directly authorised by the FCA and fully accountable for the mortgage advice we give.
Free financial advice, including; mortgage, life insurance & protection.
We handle all the hard work and keep you updated until your mortgage completes.
To get a mortgage with bad credit may be more tricky. Having bad credit somewhat limits the mortgage options available to you and increases the interest rate. However, there are still options available to you and we advise you to get in touch so that we can present you with the best options available to you.
How do I know if I have bad credit?kat-admin2020-06-04T19:58:52+01:00
Having bad credit could affect your mortgage application. You can, and should, check your credit rating before you apply for a mortgage. This will help you identify whether you will need to apply for a standard or poor credit mortgage, which increases the chance of your application being accepted. Experian, Equifax and Noddle are websites where you can obtain a copy of your credit report.
What are mortgage broker fees?kat-admin2020-06-04T19:55:48+01:00
The mortgage broker fees depend on the broker you are using. Not all mortgage brokers even charge fees! Some brokers will charge upfront fees, completion fees or percentage fees. Fees Free Mortgages are completely fees free as we get paid by the banks that we recommend.
What do mortgage advisors do?kat-admin2020-06-04T19:53:13+01:00
You do not need a mortgage advisor. However, there are many benefits to using one.
Using a mortgage broker ensures you get a fully comprehensive financial assessment and provide you with mortgage deals that you are almost certainly eligible for. Apart from saving yourself a huge amount of research time, you are also benefiting from the larger range of mortgage providers that are available exclusively to mortgage brokers.
With our independent status, you can be sure when working with us, we are providing you with unbiased advice.
Can you get a mortgage without a deposit?kat-admin2020-06-04T18:56:18+01:00
Getting a mortgage without a deposit is now very rare, however not impossible. The only type currently available is guarantor mortgages. This involves adding a family member who already owns a house to your mortgage to be the guarantor.
If getting a mortgage without a deposit is an option you are looking to explore, get in touch and we can explain the available options.
How much money do you need to get a mortgage?kat-admin2020-06-04T18:44:34+01:00
In order to get a mortgage, you will need to be able to have some of your own financial input. Deposits are specific to each individual scenario. Typically, you could put down a deposit of as little as 5% of the property value. This is subject to meeting specific lending criteria which we will be able to assess for you.
Do I need to pay Stamp Duty Land Tax (SDLT) on a Buy To Let property?kat-admin2020-06-04T18:40:14+01:00
The different type of survey that your lender may request to be done on the property you are planning to buy will depend on the type of property it is. It may be beneficial to carry out a full structural survey on your property before you commit to buying it.
The different types of surveys include:
A home condition survey is usually used for new-builds and is the most basic and cheapest one available
Homebuyers report evaluates both inside and outside
A building survey is the most comprehensive as it assesses the full structure of the property and is often used for older properties.
Our mortgage brokers can help you understand what type of survey you may need for the property you are considering.
What insurance do I need to buy a house?kat-admin2020-06-07T16:17:32+01:00
There are different insurance options that you can consider to buy a house.
You will most likely be encouraged by your lender to have buildings insurance before the exchange of the contracts. It is not compulsory to have insurance when buying a property but there are policies that can help in difficult situations. An example is income protection which would cover your mortgage repayments for a fixed period of time, should you find yourself unable to work. We can help you understand the different insurance policies that you may need or want to buy a house, so that you can make the best-informed decision.
What are the associated costs with buying a house?kat-admin2020-06-05T08:36:14+01:00
There are some government incentives out there to help if you are a First Time Buyer. There is a Help To Buy scheme created by the government and it consists of two parts; Help To Buy Shared Ownership and Help To Buy Equity Loans. Shared ownership means you can buy shares (25%-75%) of a new or existing property and pay rent on the remaining portion.
The equity loan option means you can get a loan of up to 20% of the purchase cost from the government. This means your deposit only needs to be 5% and your mortgage will be 75%.
Additionally, there is the help to buy ISA, which rewards you with a bonus of up to £3000 if you pay in £1200 in the first month and £200 a month thereafter. If you’d like to know more about these government incentives, please get in touch with Fees Free Mortgages.
How much does it cost to remortgage?kat-admin2020-06-04T13:47:17+01:00
The best time to remortgage is not when the mortgage term comes to an end. You need to start looking for a new mortgage deal at least three months before the expiry date of your current mortgage. However, if for any reason you feel you’d like to find a better mortgage deal for yourself earlier than three months prior to the end of the term, please get in touch and we can help you find the best solution.
How can I remortgage my home?kat-admin2020-06-05T08:33:04+01:00
The first thing to consider when planning for a remortgage your home is to calculate how much you can afford to pay. Consider any additional fees you may need to pay such as an arrangement fee to your new lender or an early repayment fee for leaving your current lender. There may also be legal and valuation fees. When working with Fees Free Mortgages, we take all of that into consideration when presenting you with the best options for your remortgage.
Can I remortgage my home?kat-admin2020-06-04T12:00:18+01:00
Most people are able to remortgage their home and there are plenty of incentives to do so. We can help you explore the different options available to you and help you sift through the numerous deals to find the right one for you when you are ready to remortgage your home.
What happens to my mortgage when I move home?kat-admin2020-06-04T10:13:42+01:00
Unfortunately, your mortgage does not disappear when you move home. Mortgages can be transferred from property to property. It is likely that when buying a new property, you will need to borrow more money. Your lender will ask to value the new property. When moving home, you should check if there are early repayment charges or exit fees with your current lender. When working with our fees-free mortgage brokers we can help you find a deal that helps to cover any of these potential fees that could apply when you move home.
How does the mortgage application process work?kat-admin2020-06-05T08:29:51+01:00
Here is a rough guide on how the mortgage application process works when you work with a mortgage broker.
The more you can save for your deposit, the better your mortgage rate can be. However, as a minimum, you will need 5% for the deposit. Once you have a property you’d like to buy, Fees Free Mortgages brokers can assess your needs and circumstances to recommend a mortgage deal that is right for you. When you are happy with the deal, you will receive an Agreement in Principle (AIP) giving you an approximate sum of how much the lender is willing to let you borrow. This allows you to place an offer on your chosen property and if accepted, you will need to appoint a solicitor to handle searches, surveys and contracts. At Fees Free Mortgages we help you throughout the entire mortgage application process.
Will I be accepted for a mortgage?kat-admin2020-06-05T08:28:34+01:00
It may require more effort to get a mortgage when you are self-employed because you have to prove to the lenders that you are able to afford a mortgage. On top of having to provide all the essential documents, business owners, including sole traders, limited company owners, contractors and freelancers will need to provide extra information. Sole traders are required to also provide a minimum of one year’s finalised accounts or an SA302 from HMRC that is dated less than 18 months old. Contractors and freelancers working through a limited company will need to show their current contract, or alternatively personal tax returns or company accounts. Limited company directors will have to provide their latest year’s company accounts or personal tax return as a minimum. Some lenders may ask for two or three years’ accounts. Speak to our advisors to understand what your options are if you are looking to get a mortgage when self-employed.
What type of mortgage do I need?kat-admin2020-06-05T08:25:45+01:00
There are different types of mortgages available. First-time buyers mortgages are more favourable for first-time buyers than all the other mortgage types mentioned below, which would still be available if you were buying your first house. There are also government incentives that help first-time buyers. Buy to let mortgages enable you to buy another property for renting purposes only. The rent payments you expect to receive will determine the amount you are allowed to borrow. Repayment mortgages are where you pay instalments with interest on a monthly basis so that by the end of the mortgage term you would have repaid the entire loan. Interest-only mortgages allow you to only pay the interest on a monthly basis and repay the capital at the end of the mortgage term. This can be a risky option unless you know you will be able to pay off the remaining money when the term comes to an end. Fixed-rate mortgages mean you will be paying the same amount each month for a fixed period of time. If the interest rate falls you may, however, be overpaying. Variable-rate mortgages are also known as Standard Variable Rate (SVR). Your mortgage rate will be determined by your lender but never higher than the base rate set by the Bank of England. Tracker mortgages are determined by the Bank of England’s base rate. Discount rate mortgages are only available for a fixed period of time but maybe one of the cheapest options available, as they are linked to SVR. Cashback mortgages mean that you get a percentage of the loan back in cash from your lender. It is possible though, that these would not be the most attractive deals due to the interest rate and additional fees. Offset mortgages combine your savings and mortgage together. These deduct the amount you have in your savings, meaning you only pay interest on the difference between savings and mortgage. 95% mortgages are a good option for those with only a 5% deposit. If house prices go down, there is a higher risk of going into negative equity when using this type of mortgage. Flexible mortgages allow overpayment when you can afford it and may allow for missed payments if you’ve chosen to overpay. The mortgage rate, however, does tend to be higher on flexible mortgages. Our mortgage advisors can assess your situation and make appropriate recommendations for the correct type of mortgage for you.
What information does a mortgage advisor need?kat-admin2020-06-05T08:23:31+01:00
When working with our free mortgage advisor, the information they need begins with getting an overview of those who wish to be named on a mortgage. We would then perform affordability checks, assessing household income and outgoings. To provide you with the best deal options our mortgage advisor would need to understand what your objectives are.
Some of the documents that you’ll then have to gather include:
Last three months’ payslips
Proof of any benefits you receive
Proof of ID (passport or driving licence)
Current account bank statements for the last 3-6 months
Switching lenders may sometimes lead to early repayment charges. If your early repayment period has not come to an end before you decide to remortgage, you may be charged with a fee. The only way to avoid the early repayment charge is to wait until the deal ends. In some cases, the benefits of remortgaging to a more attractive deal may outweigh the charges incurred by exiting the current deal too early. It is always worth getting advice from an independent mortgage broker before you make the decision though.
How much can I afford to borrow?kat-admin2020-06-04T09:29:57+01:00
What mortgage you can afford to borrow will depend on several factors. The general rule is that the lender will lend you up to 5 times your salary. However, aspects such as your age, number of dependents and financial commitments will be taken into consideration to work out the realistic amount of monthly repayments you can afford, after all your living costs and other liabilities have been paid. As part of our service, we can help you understand how much you can borrow, which will allow us to point you to the correct lenders.
How much do I have to earn to get a mortgage?kat-admin2020-06-04T09:25:09+01:00
There is no specific amount that you need to earn to be eligible for a mortgage. However, your financial security does play a part when lenders are considering you for a mortgage. At Fees Free Mortgages we can help you calculate how much you’ll be able to borrow on the salary you are on now.
How to get a mortgage?kat-admin2020-06-05T08:22:20+01:00
When working with one of our mortgage advisors, we can help you get a mortgage, hassle-free. The process would start with the mortgage broker getting an overview of those who wish to be named on a mortgage. We would then perform affordability checks, assessing household income and outgoings. To provide you with the best deal options we would need to understand what your objectives are. Some of the documents that you’ll then have to gather include:
Last three months’ payslips
Proof of any benefits you receive
Proof of ID (passport or driving licence)
Current account bank statements for the last 3-6 months
The way mortgages work is just like any loan. Mortgages are loans that help you buy a property. Typically, you need to put in at least 5% of the property value of your own money and the remaining amount is covered by the mortgage, loaned to you by a lender. You’ll then begin to pay this back on a monthly basis, generally over a period of many years.
No! Coronavirus will not stop you from remortgaging. Advances in technology mean that we can conduct our initial discussion via telephone and we can email you our recommendations. The application process too can be completed with online ID checks and digital documents.
Get in touch to start your remortgaging process now!
What are the approximate timescales for a Purchase and a Sale to complete?generateleadsonlineuk2020-06-04T17:49:45+01:00
Not all mortgage brokers charge fees! Some brokers will charge upfront fees, completion fees or percentage fees. Fees Free Mortgages are completely fees-free mortgage brokers in Essex & Suffolk, as we get paid by the banks that we recommend. We are completely ‘whole of market‘, independent and unbiased, so will always strive to get you the best mortgage rates and the mortgage deal that suits you.
If you are wondering where to start buying a house for the first time, contact us for free advice. Our mortgage advisors will take the time to explain the process in simple steps. We will also help to assist with other services you will need along the way for example; valuations, insurances and finding a solicitor.
A mortgage advisor will need to get an overview of those who are named on, or wish to be named on a mortgage. An idea of household income and outgoings will assist the advisor to make affordability checks. Most importantly the advisor will need to get an overview of your objectives, finding out exactly what you’d like to achieve!
Yes, you can borrow more money on top of your current mortgage, subject to meeting mortgage lender’s criteria. Many homeowners borrow more to improve or extend their home, or to consolidate their other outgoings.
Yes, in some circumstances you can either shorten or lengthen your mortgage term. It’s recommended that a qualified advisor get to know your situation and your motives to be able to advise accordingly on this.
How much deposit you need for a mortgage is specific to your individual scenario. Typically, you could put down a deposit of as little as 5% of the property value. This is subject to meeting specific lending criteria which we will be able to assess for you.
A fee free mortgage is exactly what it says – a mortgage without a mortgage broker fee. There can be many fees which could be involved when you mortgage or remortgage, however one fee that we don’t charge is a ‘mortgage broker fee’. Fees Free Mortgages just get paid by the bank – simple!
No, not all mortgage advisors charge a fee! Some brokers will charge upfront fees, completion fees or percentage fees. Fees Free Mortgages are completely fees free as we get paid by the banks that we recommend.
A mortgage product fee is often known as an arrangement fee. Banks usually offer lower rates but with a fee which can either paid upon application or added to the loan on completion. We’ll calculate whether it’s worth paying the arrangement fee for you!
If your preferences are that you would prefer an option where you can avoid the early repayment charges, we can base our research on this preference. A small number of lenders offer fixed or tracker rates where the entire loan can be repaid, in full, without penalty.
A mortgage advisor who is ‘whole of market’ is a mortgage broker who has access to the entire mortgage market. Some advisors are ‘tied’ and only have access to a certain panel of lenders.
Our ‘whole of market’ independent mortgage brokers in Essex & Suffolk give a personal touch of humility behind our mortgage support and the fee-free mortgage advice given, ensuring every interaction with us is a positive experience.