Remortgage With Negative Equity
Getting a remortgage with negative equity can throw up many possible difficulties. It is important to read more...
Remortgage With Adverse Credit
Getting a remortgage with adverse credit used to be nearly impossible. Traditionally lenders would be read more...
When you remortgage property you want to be sure you are getting the right deal at the right price. How read more...
Getting a quick remortgage can be a great way for home owners to get a fast injection of useful cash. read more...
Online Remortgage Quotes
Finding online remortgage quotes is a great way to make sure you get the best deal when you remortgage read more...
Fixed remortgage rates offer stability and consistency to those who wish to purchase a second mortgage read more...
Remortgages For People With Bad Credit
Remortgages for people with bad credit are available from numerous lenders and financial institutions read more...
Poor Credit Remortgages
A poor credit remortgage may be the best option available for those who have low credit ratings but still read more...
Remortgage deals may convince you that you could be paying less for your mortgage. The interest you pay on your mortgage loan makes up a considerable percentage of the final amount you'll pay for your house. If you suspect that your monthly repayments are too high, or you want to renegotiate the terms of your mortgage, you have a nearly unlimited choice of lenders who are keen to offer you remortgage deals.
Taking out a loan to purchase a house is a serious financial commitment, but you aren't necessarily wedded to the same contract, or to the same lender, for the entirety of your mortgage. In our competitive economic climate, remortgage deals are widely available. Building societies, banks, credit unions and other financial institutions offer competitive rates to home owners who are thinking of remortgaging. Compare quotes from trusted, FSA regulated lenders before you accept higher rates for your current mortgage.
When to Consider Remortgaging
When you take out a standard mortgage repayment loan, you are required to repay a percentage of the capital and the interest each month. Most contracts specify that you must pay off the interest at the agreed upon rate for one or two years. After this time, you have the option to renegotiate your contract. If you aren't happy with your current bank's offer, you are at liberty to search for remortgage deals from other lenders.
A remortgage allows you to replace your current mortgage with a new loan that better suits your financial needs. If you've been paying the Standard Variable Rate, or SVR, your bank or credit union may increase that rate at any time. With remortgage deals, you may be offered lower rates than you're currently paying. Cheaper deals translate into lower monthly outgoings and an overall savings on your mortgage.
The potential benefits of remortgaging aren't limited to saving money on your monthly repayments. A remortgage gives many home owners the resources they need to finance improvements to their home, which can increase the property's value. With the extra funds in hand, you can improve your financial health by consolidating high interest loans or credit card bills and paying them off at a lower interest rate. When you find the best deals, a remortgage can help you get your finances sorted out and place you that much closer to your goals of owning a home and reducing your debts.
Many mortgage terms begin with fixed or discounted promotional rates, which kept your repayments at a manageable level for the first few years. Once your mortgage reverts to the SVR, however, you may see a sharp increase in the amount you owe. If you feel that your mortgage repayments have suddenly gone out of control, now is the perfect time to search for remortgage deals.
Finding the Best Remortgage Deals
When you're shopping for remortgage deals, look for loans with fixed or discounted rates. These remortgages offer a reasonable set rate for a certain period of time, generally 1 to 5 years. SVR remortgages are based on the Bank of England's base rate for monetary policy, and your lender may adjust them at will. Most remortgages return to the SVR after the first few years. During the initial period, you can take advantage of these deals by paying lower amount of interest.
If you have an adverse credit history, specialist lenders may give you access to more affordable deals. Rates may be higher than a traditional mortgage if you have fallen behind on your current repayments. However, the right remortgage may help you keep your home.
Upon switching lenders, you may be charged transition fees in order to secure the best deals. These fees could include fees for valuation of the property, for a solicitor and broker and for the discharge of your existing contract. However, the remortgage application process is generally easier than applying for your initial mortgage. You will be required to provide information on your salary, credit history and the value of the property. A new valuation may be necessary if you're remortgaging through a new bank or credit union.
Reliable Remortgage Specialists
Look for FSA regulated mortgage brokers or lenders when you search for remortgaging deals. These trusted professionals are authorised by the Financial Services Authority, or FSA, an independent agency that monitors financial services providers in order to prevent scams. When you request quotes online from our network of trusted companies, you know you'll receive quality service from reliable lenders.
Whether you have a traditional residential or a buy to let mortgage, you can benefit from a quick search for remortgage deals. Our free request form makes it easy to receive quotes from remortgaging specialists in your area. Our lenders are happy to provide you with the information you need to make an educated decision about remortgaging your home.
We were hoping to remortgage our home and get some better rates, and this site made that process very easy. It would have been much more difficult otherwise. Thanks.
Jack and Lily, Cardiff UK