When you move a mortgage on your current property to a new deal, this is considered a remortgage. This transfer can be with the same lender or a different one.

The best time to remortgage is generally around six months before your initial mortgage deal ends. You do have the option to remortgage at any time; however, this may come with an early repayment charge if you choose to do so.

Many people choose to remortgage when their initial mortgage is coming to an end; however, there are other reasons beyond their deal ending. A remortgage could save you money and give you the option to potentially release equity, which could go towards home improvements. In addition to this, many people look at remortgaging to switch from a standard variable rate to a fixed rate mortgage.

A remortgage is much quicker than a purchase mortgage as it involves less legal work. Usually, processing a remortgage to a new lender can take around 4-6 weeks to set up and be ready for completion. However, the process can be much quicker if you are remortgaging with the same lender.

The majority of mortgages will allow you to port them, which means you can transfer your current mortgage to a new property. This means you will have to reapply for that deal, so if your situation changes at all, you will no longer qualify and be subject to a new credit score.

The amount you can borrow on a moving home mortgage does come down to a few factors:
• The amount of equity and deposit you are willing to put down as a deposit on your new property
• The amount of income and affordability
• Your current credit commitments, including any other mortgages, loans, credit cards, etc.
• The number of financial dependents you have
• Your credit score
• Age

When it comes to a moving home mortgage, a minimum of 5% deposit is required and can be from the equity in your current home, savings or a family gift. If you are interested in keeping some of your equity back, your mortgage broker will discuss your options. One option could be to consider a debt consolidation remortgage to reduce your outgoings.

Leveraging the equity in your home as a deposit for your next property is a popular strategy. This entails selling your current home and using the proceeds as a down payment for the new property, which can have an impact on your mortgage choices.

Buy to Let mortgages are loans used by landlords to purchase properties for renting out to tenants. These are interest-only loans for a maximum of around 80% loan-to-value, requiring a minimum deposit of 20% or more. They are considered higher risk and are generally more challenging to get approved for compared to residential mortgages.

When looking to buy a property to rent out, start the Buy to Let mortgage application process; the amount you can borrow depends on the rental income, which must exceed the mortgage payment by at least 25%. Work with a Buy to Let mortgage broker in Hull to find out how much you can borrow and how much deposit you'll need to put down.

Buy to Let mortgages typically have higher fees and interest rates than residential mortgages due to their complexity and higher risk. You'll also need to put down a larger deposit, usually 20% or more of the property's valuation, which can help reduce your interest rate.

The costs of a Buy to Let mortgage include a deposit of 20%+, mortgage fees, survey, legal fees, stamp duty, and letting agent fees. Compared to residential mortgages, Buy to Let mortgages have higher costs due to the complexity of administration, higher-risk lending, and additional underwriting and processing.

If you're considering applying for a commercial mortgage, you will typically need to:
• Show your experience in the relevant sector
• Have a stake of 20% to 40% in the business/property you're buying
• Be able to demonstrate your ability to repay through past financial records, future financial projections, or a strong business plan

Your eligibility for a business mortgage will also be influenced by your company's trading history. The lender needs assurance that you can afford the mortgage and adhere to the repayment terms. Therefore, they will request two to three years of filed accounts. It's important to note that a commercial mortgage is a type of secured finance.

When buying commercial property, expect to pay a deposit of 20% to 40%. Factors like the type of property and your financial situation can affect this. Lenders assess your ability to manage payments and may offer a smaller loan, requiring a higher deposit. Negotiating a lower deposit is possible, but there are other fees associated with a commercial mortgage.

You can finance the acquisition, refinancing, or redevelopment of any business property. This includes any building or land to be used solely for business activities or that represents an entire business.

Life insurance is a type of financial cover that is purchased from an insurance provider. If you keep up with your monthly payments and meet the terms and conditions that were agreed upon when the policy was taken out, a lump sum will be paid out to your estate in the event of your death.

There are various options available, and our protection advisors will ensure that any plans they recommend are the most suitable for you. We also offer over 50s life insurance and over 60s life insurance.

When deciding whether to get critical illness coverage, it's important to consider your individual circumstances, financial situation, and personal needs. This type of cover can offer you and your family financial security in the event of a critical illness or disability diagnosis. The value of this cover may vary from person to person.

If it's important for you to leave a lump sum of money to a family member when you die for peace of mind, life insurance will be worthwhile. The demand for life insurance and mortgage options for the over 50s is increasing as half of the UK population is now over the age of 50.

Having an over-50s life insurance plan in place will help your family members financially, provide stability, and give them time to grieve and organise their finances after you're gone.

In certain situations, Family Income Benefit Insurance may be less expensive than Life Insurance. Life Insurance provides a payout if you pass away from the time the policy is taken out until the end of the coverage period.

Family Income Benefit Insurance, on the other hand, only provides a payout during the policy's term, which is typically shorter than the duration of Life Insurance coverage.