remortgages
| self certification mortgage |
standard mortgage |
bad credit mortgage |
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| remortgage | yes - click here | yes - click here | yes - click here |
why remortgage?
The number of borrowers switching deals has trebled in last few years. This has happened principally because of four factors or reasons:
- Ease of switching
The streamlining of legacy processes and the increasing role that technology has to play in the conduct of financial services business means that it is now easier to switch mortgages than at any point in the past. - To Save money
A gradually increasing financial sophistication amongst the UK public has meant that people are slowly waking up to the savings remortgaging a property can achieve in terms of monthly outgoings. The temptation of saving hundreds or even thousands of pounds each year is enough for many people to abandon their high-interest Standard Variable Rate and switch to a more competitive deal. - To Raise capital
Soaring house prices have left many homeowners sitting on a large amount of equity. Releasing some of this equity can be one of the cheapest methods of gaining large amounts of secured loan finance. Assuming you stay within the permissible Loan-To-Value range, then if you remortgage your property for a sum that is greater than the amount needed to repay the original mortgage, then the borrower gets to keep the difference. For many people, this can be the best way of paying for DIY projects, a new car, school fees or some other major expense. - Changing product type
A reasonable number of people remortgage in order to change product type. It may be that they wish to move to a current account mortgage, or perhaps get rid of a poorly performing endowment. Remortgaging gives you all the same choices as if you were taking out a mortgage for the first time.
self certification remortgage
Self Certification is a method for self-employed business people and directors of small Limited Companies to "self declare" their income rather than proving it. It is widely used by self-employed people who have plenty of equity but do not have three years audited accounts.
standard remortgage
This type of mortgage is commonly available on competitive terms from well known mortgage providers. Usually, the applicants have to be able to fully prove their income. Previous credit problems may make this type of mortgage difficult to obtain.
adverse credit remortgage
These types of mortgage are provided by Specialist (Sub-Prime) lenders and are aimed at people who have had past credit problems. Interest rates tend to be higher than a standard mortgage. These mortgages may appeal to people who have previously been declined by a "high street" lender.
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