Remortgages and Second Charges in Stansted
Remortgage and second charge advice for homeowners in Stansted Mountfitchet, Birchanger, Elsenham and Takeley.
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 Stansted Mountfitchet 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 home improvements 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 Stansted
Many homeowners in and around Stansted bought some years ago, and their homes may now be worth more, which can move you into a lower loan-to-value band and open up better-priced deals. We explain what the figures mean and what a lender will look at, including your income, your outgoings and the value of the home.
If your income includes shift pay, overtime or bonuses, for example from work at the airport, lenders vary in how much of it they count, and we can show you how they are likely to assess it. A second charge can suit someone who wants to keep a good rate on their main mortgage while borrowing a little more, but it adds to your total borrowing, so we compare it with a full remortgage. Check what leaving your current deal early would cost before you decide.
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
Will my overtime and shift pay count if I remortgage?
Lenders differ. Many count part or all of it if you can show a track record, and we can explain how each treats it and which may suit your circumstances.
Can I switch to a new deal before mine ends?
Often you can arrange a new deal a few months ahead, but you may face an early repayment charge if you leave before the end date. Check your terms and we can explain the options.
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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