Who We Are
Robin Mortgage Design are a whole of market mortgage & protection brokerage. Mortgage brokers who are whole of market have access to the largest pool of mortgage providers such as banks, building societies and pure mortgage lenders. When you choose us, you’ll be treated as an individual from the very start. We’ll take the time to understand your situation and propose suitable options for your mortgage & protection needs.
On this page, we’ll help you understand understand how you could get a mortgage and what you can do to prepare for your application. If you’d like to speak with an actual human at any point, then we can get you in touch with your personal mortgage consultant who will be on hand to guide you through every stage of your journey.
Remortgage for home improvements
This is a common area for many mortgage advisers as raising money on your property can seem like the cheapest and easiest route to releasing funds to help create your dream property. Your mortgage advisor will be able to work out which option is actually the most suitable route for you.
Below are some of areas to consider before raising capital for home improvements.
Things you should consider
When raising capital on your property here are some things you should consider;
Do you currently have a mortgage and if so are you still tied into any penalties?
Is the amount you are borrowing sufficient to cover the renovations?
Have you considered any unforeseen cost?
How much equity have you got in the property?
Have you got quotes for the work you wish to carry out?
Does your insurance cover the building while the works are being carried out?
Do you require planning permission or additional checks to be carried out?
Once you know the answer to these questions you can start to look at your options.
When should I remortgage, before or after the renovation?
This is a very good question and one that is rather difficult to answer because it depends on a few factors. Such as cost & property valuations.
For example, if you have a property valued at £200,000 and you wanted to raise £30,000, but you had a mortgage of £170,000 then this might not be available through a conventional first charge mortgage. So you'll need to consider other options, such as secured loans, personal finance or renovation mortgages. Once you have then renovated the property and the value has increased, then you might be able to remortgage, but bear in mind that if you have taken debts, this might affect your ability to re-finance.
Before you undertake any works on your property, you need to do some research and this will include, potential future valuation, current credit worthiness and how much you actually need.
Remortgage for Debt Consolidation?
Need to get your ducks in row?
For many reasons, you may have built up a fair amount of debt for things like holidays, cars, property works or maybe a life event. You may have decided that you’d now like to consolidate that debt.
There are few ways of doing this, you could use other personal loans, utilising equity in the property, savings or debt management facilities; all of which have their own parts to play.
Although you may have already come to the conclusion that consolidating debts to the mortgage is the right move for you, our trained advisers will still consider all the options available to you. They’ll be able to help you make sure that it’s the right move and that you fully understand the costs of consolidating debts onto the mortgage.
Things to consider before you consolidate debts
Here are some things to think about if you’re considering adding debts to your mortgage:
You’re increasing the level of debt held against the property and this might have an impact if you wanted to move home, or if you didn’t keep up to date with your payments. Reduced equity may limit your future choices.
Make sure you consider the interest rates and the APR on the current debts. For example if you have a 0% credit card, should this be consolidated?
Make sure you know the true cost to redeem the debts. The current balance on the statement may not include any fees for redeeming the debt.
What is the purpose for consolidation, long or short term savings or are you struggling to make the payments?
The equity in your home is very precious and that’s why when looking to debt consolidate, your adviser might ask a lot more questions. They may even advise you not to consolidate the debts, but ultimately it’s your choice and they will always be on hand to help at every stage.
The true cost of consolidation?
This is a great question. The cost of debt consolidation can be explained in a variety of ways but here are some things to consider.
The fees associated with the mortgage product: Some mortgage products come with fees and these can range from £0 to in excess of £2,000 for setting up and redeeming the mortgage.
Associated fees: These include valuations, legal work and broker fees, all of which should be taken into account when applying for your mortgage. These can again be in excess of £1,000.
Long term cost: Consolidating debts is usually considered to lower your outgoings, however, if you're consolidating the debts to a longer-term loan, then remember that interest is payable for the duration of the loan. Also, by adding to your mortgage, you will be reducing the equity, which could mean you will pay higher rates on all your mortgage debt.
Why use a mortgage broker?
This is a really good question. Like most occupations, people can be very good at what they do with some being the ‘jack of all trades’. But normally, if you want something doing you choose an expert. A mortgage broker is no different.
Mortgages and associated services is what we do, and we have the experience, knowledge, and qualifications to help secure your mortgage from the whole of market, not just a select panel, like some agents, comparison sites and single ties such as banks.
So, if you’d like honest, unbiased advice, suited solely to you, then a mortgage broker is just what you need.