Relationships and not just transactions
We understand that your circumstances will change during the term of your mortgage and you might need to amend things.
We have listed below some reasons when our existing customers typically contact us.
This is the most popular reason why clients contact us and below are a few of the many situations when extra money is required during your mortgage -
- Home improvements (for example new kitchen, bathroom, central heating, windows, extension)
- Debt consolidation (paying off credit cards or loans)
- Personal use (raising for a wedding, new car or a dream holiday)
- Gifting family money or repaying a family loan
- Purchase of an additional property
- Business purposes (to inject money into a business, purchase commercial property, complete a management buyout or buy in to an established business)
- Purchase an additional share of your property or repay a help to buy loan
If this happens during a product period (when in the middle of a fixed or tracker rate for several years), you may have to pay early repayment charges. If this is the case, it may be prudent to borrow the money from a new lender and keep your mortgage as is. This is known as a second charge loan and please speak with your Mortgage Expert at Chartwell Funding to understand the best way for you to raise funds at any time.
Change the mortgage details
Sometimes you may wish to change the structure of your mortgage. You may want to amend the term, make regular or lump sum overpayments or convert your mortgage from an interest only to repayment basis (or vice versa). Your mortgage adviser will be best placed to guide you on how this can be achieved.
Changing the names on a mortgage
Sometimes there are situations where you would like to add someone to the mortgage and the ownership of the property and equally when you may need to remove a borrower/owner. In both scenarios your current lender or a new lender will need to agree to the changes. At Chartwell Funding all our advisers are experienced in the lenders up to date criteria and will be able to advise as to whether it will be acceptable and who can assist.
Moving your new mortgage to a new home
If you are looking to move home midway through a product period, it is likely that you will have early repayment charges if you redeem the mortgage. It may be in your interests to take your new mortgage with you to the new property (known as porting) and then effect any additional borrowing on a new rate with your current lender. This will avoid the payment of the early repayment charge; however, it does depend on your current product specifics as to whether this is the best advice. Your mortgage adviser will be able to calculate the most economical option for you and advise on the benefits of keeping or changing your current mortgage.
Chartwell Funding Limited is authorised and regulated by the Financial Conduct Authority and is entered on the FCA register (www.fca.org.uk/register) under reference number 458223. Registered office 5 Badminton Court, Station Road, Yate, Bristol, BS37 5HZ. Registered in England number 05875291.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.