Hot Topics

What Happens If I Want To Move Home?: Moving home is basically the same as moving into your first home, in mortgage terms. You are free to find yourself another mortgage with either your existing lender or another lender – and can shop around for the best deal on the market.
What Are Capped Rate Mortgages?: A capped rate mortgage puts a limit on maximum interest payable on your mortgage over a predetermined period. If the mortgage rate is BELOW the cap the borrow will enjoy the lower interest rate available.
What Are ISA Mortgages?: If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.
What Are Buy To Let Mortgages?: A buy to let mortgage is an excellent opportunity to cash in on the property boom at the moment – because while many homeowners can afford a 2nd home, there’s also a booming market for those who cannot afford to get a mortgage, and need to rent. Find yourself a good location and reliable tenants and your monthly repayments on your mortgage will be covered by their rental yield.
What if I have mortgage arrears?: If you have mortgage payments that have not been made by the due date in accordance with the mortgage deeds, you will have gained a bad credit history on your credit report. This may hinder you when trying to obtain further credit such as a credit card, loan, or another mortgage.

What Is A Remortgage?

‘Remortgage’ is basically the term for switching your mortgage to another mortgage lender.

It’s all about saving money, and that’s why people remortgage, because they have found a cheaper mortgage deal somewhere else. Remortgaging does not necessarily mean that you have to change your lender however, your lender may offer you a more attractive deal and you might stay with them – this is still remortgaging as it will be a new arrangement.

It’s always a good idea to look out for good remortgaging deals – even a 0.5% improvement in interest payments can result in large savings each year. Be aware however that you could be liable for a range of costs including set-up costs (including any high loan to value premium), ongoing interest charges and any changes, and redemption charges on your existing mortgage.

The good thing about remortgaging is that the process is a lot quicker than the first time around. Get all your paperwork ready including bank statements, salary details, existing mortgage statements and proof of identity documents and anything else you are likely to need – and you should have a new mortgage within four to six weeks.

If you are interested in saving money by remortgaging simply click on request a quote, complete the details and a mortgage adviser will phone you back to discuss your options and find you a great deal.

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