REMORTGAGE GUIDE
Remortgaging has become very popular in the UK and competition between re-mortgage lenders is fierce, so there is now a very wide range of different products available to choose from.The benefits of a remortgage have been proven many times. Call now if you want free and impartial advice from one of our specialist bokers. Bad Credit Remortages also available. |
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Why Remortgage?
There are many benefits to be gained from a mortgage change, but the ones that are right for you will depend on your existing circumstances, plans and requirements. If you tell one of our brokers what these are then they can examine all the remortgages currently available and help you find the best deal possible.
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If your financial record is not so good and you think your bad credit might stop you switching, then our specialist brokers should still be able to help you with a bad credit remortgage.They are also able to arrange a self certification or non status remortgage for anyone who cannot easily prove their income. |
Our specialist brokers can provide quotes on the very best of these refinancing deals and help you right through the whole process.
Bad Credit Remortgage
If you already have bad credit it may be in your interests to re mortgage to consolidate your debt situation by using cash back from a new mortgage to pay off existing debts.
Bad credit remortgages can help those with a poor credit history due to many different reasons:
- Any Defaults or Arrears on rent, mortgage or a secured loan
- County Court Judgement (CCJ) and Individual Voluntary Arrangement (IVA)
- Discharged Bankrupt and Repossession
- Self Employed with no accounts and Others with no proof of income
What is a Remortgage?
Re-mortgaging occurs when the current mortgage on a property is stopped and immediately replaced by a different and better mortgage deal from a different lender, or maybe even the same lender.
In effect the new refinancing mortgage pays off the previous one, so you are still left with a mortgage on the same property, but with benefits, which would not have been available if you had not switched mortgages.
Changing your mortgage like this could give you a better interest rate and lower repayments, a shorter or longer term or even extra cash for home improvements, other projects or paying off credit cards and loans.
You can refinance by changing the mortgage on any property you own such as your home or a property you bought to rent out, and we can help you do this irrespective of your credit situation, poor or otherwise.
Your new lender will normally require a new survey and valuation of the property, which will take into account any price increase due to property market fluctuations or improvements.
Remortgage To Save Money
One of the biggest benefits from a refinance loan could be obtained by changing to a discounted or fixed rate mortgage, which would save money by reducing monthly payments.
You could change your mortgage to make repayments over a longer period to reduce what you have to pay back each month.
Alternatively you may just want to change to a different type of mortgage as there are now many types of mortgage products available and each has different benefits.
Get Cash Back by Releasing Equity
A rise in the value of your property over the years would mean you could convert some or all of this added value into cash.
The ability to release equity in your property means you can get cash back to spend on whatever or however you like, and is often seen as a very attractive proposition in today’s property market place, where prices just seem to keep on rising.
Equity is a term used to describe the difference in the current value of a property and the amount of any mortgage loan outstanding, which is still secured against it.
Some lucky individuals could even find that they get money out and still make the same or a lower monthly repayment.
Pay Off Debts
If you have other higher rate debts such as a car loan, mortgage arrears, credit card balances you can use the money from equity release to pay off some or all of these other debts so you end up with just a single monthly payment to your mortgage lender. By remortgaging for debt consolidation you can lessen the burden of what you have to repay each month.
Mortgage interest rates are lower than other types of borrowing, so apart from making your finances much simpler, it could also mean that your total outgoings each month are reduced thus helping you get out of debt.
Please note that there will be costs involved in the re mortgage process and that you should do your sums carefully to ensure that there is a net gain to be had once the process is complete.
We Can Help You!
Our brokers can advise you of these remortgage costs and work out the potential gain for you. It pays to get this right as any mistakes could mean you actually end up worse off. So call us now and let them find you a great remortgage deal.
If you can you should make sure you also do the maths on any remortgage deals that are offered to you to ensure that you understand what you are getting and that you are comfortable with what it will cost. Also you should get examples of many of the remortgage deals that are available to you, so you can compare them and decide which one is right for you.
Online Re-mortgage Calculator
Use our online remortgage calculator to determine how much you can save by lowering your interest rate or what it would cost to increase the size of your loan to get a refinance mortgage to get cash out.
Annual Mortgage Review
If required our brokers can provide a free service to review your mortgage and insurance with you on an annual basis. Interest rates and deals in the mortgage market place change all the time and they will review these with your personal circumstances to ensure you are still getting one of the best deals.
