Remortgages and Second Charges in Bishop’s Stortford
Remortgage and second charge advice for homeowners in Bishop’s Stortford, Sawbridgeworth and Thorley.
Deal review
We look at your current mortgage and when it ends
Costs and risks explained
Early repayment charges, fees and the risks to your home
Routes compared
Remortgage, second charge or staying put, set out side by side
If your mortgage deal in Bishop’s Stortford is ending, or you want to borrow against your home, it is worth looking at your options before your lender moves you to its standard variable rate. A remortgage can also release money for an extension, a loft conversion or other plans.
We compare staying with your lender, switching to a new one and, where it may suit you, a second charge.
Remortgaging in Bishop’s Stortford
Many homeowners in the town have seen the value of their homes change since they bought, which can affect the loan-to-value band your mortgage falls into and the rates open to you. We explain what the figures mean, and what a lender will look at, including your income, your outgoings and the valuation of your home.
Rather than move, many families in Bishop’s Stortford extend or convert their homes, and borrowing for it is a common reason to remortgage. If you are planning building work, check whether you need planning permission, and take care to borrow only what you can repay over the whole term. If you own a leasehold flat, a lender will also check the lease length, so a short lease may limit your options, and we can explain what that means.
How it works
Initial conversation
We look at your current mortgage, what you want to achieve and how much you want to borrow.
Costs and options compared
We set out the costs of staying, of remortgaging and of a second charge, and the alternatives.
Recommendation
We explain what we would recommend, and why.
Application
We help you complete the application and provide the documents the lender needs.
Valuation and legal work
The lender values your home, and legal work is completed where needed.
Completion
Your new mortgage or loan starts and, for a remortgage, your old mortgage is repaid.
For the full guide, see our Remortgages & Second Charges page.
Frequently asked questions
Can I remortgage a leasehold flat in Bishop’s Stortford?
Usually yes, but lenders check the lease length, the ground rent and the service charge. A short lease can limit the choice, so check it early and tell us if you are unsure.
Is it cheaper to remortgage or take a second charge?
It depends on your current rate, any early repayment charge, and how much you want to borrow. We compare the total cost of each route so you can decide.
Is a second charge the same as a remortgage?
No. A remortgage replaces your existing mortgage. A second charge is an additional loan secured on your home, and your existing mortgage stays in place.
When should I start looking at a new deal?
It is sensible to start a few months before your current deal ends. Many lenders allow you to arrange a new deal in advance. We will check the timing for your mortgage.
Important information
- Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
- You may have to pay an early repayment charge to your existing lender if you repay your mortgage early, and a fee may be payable to a new lender.
- Think carefully before securing other debts against your home. Making debts longer term may increase the total amount you repay.
The information on this page is general and is not advice. Advice depends on your personal circumstances.
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