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| Remortgages |
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| A remortgage is essentially
no different to a normal mortgage, with one crucial difference - you
are not buying a house. All you are essentially doing is taking out
a new mortgage to replace the old one, while shifting your debt from
one lender to another. |
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| There are currently millions of borrowers
paying their lender’s Standard Variable Rate (SVR). The SVR
is the rate which lenders apply to their ‘premium’ home
loan product. It may include features such as a redraw facility, portability,
salary account and mortgage offset. No lenders SVR will be the best
deal they can offer. Unless you have just come out of a special introductory
deal like a fixed rate or a discounted rate, there is nothing to stop
you switching from the SVR of your current lender to a lower rate
or a more suitable deal. |
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| More and more UK homeowners are moving their
mortgage to save money. Which is a good thing, considering that mortgage
rates have dropped considerably over the past sixteen years. (Official
Bank of England Interest Rates show the interest rate on Fri, 06 Oct
1989 at 14.88%). If you are looking to replace your existing mortgage
for one with lower repayments, why not let us find the best mortgage
for your needs. |
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| RT Financial make remortgaging as simple as
possible. Remortgaging isn’t nearly as much hassle as most people
think. |
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| Why switch your mortgage? |
| In today’s competitive market, many borrowers
choose to switch their mortgage every few years in order to take advantage
of the new rates on offer. However, a remortgage also allows you to
release the equity that has accumulated over the years. Equity is
the difference between your current mortgage and your property's value.
If you consider how house prices have increased in recent years, this
could be a substantial sum. The extra cash you release could be used
for any purpose such as a wedding or your child’s university
costs. It might even be enough for you to consider buying another
property to rent out (or using as a deposit for a buy to let mortgage). |
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| Fallen behind with mortgage payments at
some stage? |
| We understand that for no fault of their own
some clients fall behind making their mortgage payments or may have
CCJ's and defaults registered against them. Normally this is for reasons
beyond their control. Maybe their overtime was cut at work. Or a customer
paid them late. As brokers, we have access to lenders who will consider
the your circumstances even if the have CCJ’s, defaults…etc.
These lenders do not rely on inflexible computer systems to assess
your application. |
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