UK Remortgages and Loans
Why not remortgage your property for some great benefits?
You could reduce your monthly payments with lower interest rates. Consolidate debts or raise money with equity in your property. Convert a property to rent out (Buy To Let) to provide a regular income?
Whatever your needs our fully FCA regulated mortgage advisers can help you.
And don't worry if your credit score is low. Adverse credit, County Court Judgements (CCJ's) and Defaults can be considered, as will Individual Voluntary Arrangement (IVA) or Debt Management Plan cases.
Apply Now and we'll find you a great deal
It's easier than you think! Our advisers will get you quick no-obligation quotes.
And if you want to proceed they will make the whole process quick and simple for you. They will deal with lenders and solicitors on your behalf to make the application process simple and easy from start to finish.
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What steps are there in the remortgage process?
Just a few simple steps from your initial remortgage application to completion. We will take care of everything on your behalf once you are happy to proceed and the lender application begins.
Step 1: A fully qualified mortgage adviser will take a few details from you by phone to assess your needs and circumstances.
Step 2: They will search the UK mortgage and loan market to find the best deal for you and provide a no-obligation quote.
Step 3: If you want to proceed then documents will be requested from you so that they can approach the lender to start the mortgage process.
Step 4: As the application progresses your adviser will then deal with both the lender and solicitor all the way through the full application to completion. If you prefer to use your own solicitor then that is no problem.
Step 5: YOUR REMORTGAGE COMPLETES AND YOU BENEFIT!
No Hassle, No Obligation FREE Quotes.
Our panel of advisers have access to the whole of the UK mortgage and loan market, including exclusive deals that are only available to brokers. Even high street banks have some attractive rates not available to the general public.
You will never be advised to consider any products that are not beneficial to you. We are here to help you!
The right product for you, with the right service.
Everyone has slightly different needs. You will receive a professional assessment which will advise you of the best route forwards for your individual circumstances.
Your allocated adviser can search the full range of lender products, including exclusive broker-only offerings.
They also have access to specialist lenders who can accept clients with high levels of adverse credit or cases that are more complicated and unusual.
What you need to know about remortgages.
For your information here is a brief list of the most common different remortgage types, and reasons why they might be of benefit to you:
Repayment Remortgage
A Repayment remortgage, is one in which you pay both the interest and capital within each monthly payment. The outstanding balance will then gradually reduce throughout the term of the remortgage.
Interest Only Remortgage
With an Interest Only remortgage it is only the interest element of the loan that is paid off monthly (so the payments will be lower), which means that the full balance will still be due at the end of the term, so careful consideration needs to be made as to how the balance is to be repaid.
Fixed Rate Remortgage
This is very popular and lenders provide many fixed rate deals. Within the fixed period (typically 2 to 5 years) the interest rate will be fixed so that your monthly payments will not fluctuate, allowing you to budget your finances more easily knowing that you pay the same each month. You will typically save a significant amount of money during the fixed rate period, compared with being on the Standard Variable Rate (SVR). But if you were to remortgage again whilst still in your fixed rate period then you may have to pay an Early Redemption Charge (ERC) to the lender.
Standard Variable Rate (SVR)
Without a special fixed rate (or other type such as discounted rate or tracker rate) product in place then your remortgage will be on the lender's Standard Variable Rate (SVR) of interest. This rate can fluctuate as the bank base-rates change, both upwards and downwards. You will generally pay a slightly higher rate per month compared with fixed rate products, but the advantage is that you are not tied in to the lender and can remortgage again without penalty charge at any time.
Why Would I Want To Remortgage.
There are several good reasons why you might want to remortgage your property:
- Reducing your monthly payments is the most common reason.
By reducing the interest rate, and therefore your monthly payments, then you can potentially save a considerable amount of money each month. - Debt Consolidation.
Any type of credit debts you may have can be consolidated and added into your mortgage at the interest rate of the mortgage, which may be much lower that the individual credit source interest rates. This means that you can save money each month and it also keeps your finances in control with one managable payment. The credit debts can include loans, credit cards, store cards, or car finance agreements etc. - Raise Capital.
If you have equity in your property then you can remortgage the existing mortgage balance and also raise some extra capital for many reasons:- Making home improvements you have long wished for
- Going on your dream holiday
- Your perfect wedding
- The new car you have always promised yourself
- Divorce settlement
- School fees for your precious children
- Business purposes
- Converting a property into a Buy-to-Let so that you can rent it out
Frequently Asked Questions about remortgages
We hope the information above will have given you a good insight into how and why a remortgage might be good for you, but you may also have a few other questions to clarify before applying. Hopefully these will be answered for you below, and of course our fully qualified advisers are always here to help you:
Question
How long will my remortgage take?
Answer
Every case is different but they will usually take around 4 to 6 weeks from initial enquiry to completion.
Question
Can I use my own solicitor for peace of mind?
Answer
Yes, many clients have a local solicitor they prefer to use, and like the personal touch of being able to visit them in person when dealing with such a big financial commitment. This is absolutely fine as long as the solicitor is on the chosen lender's panel. Some lenders will also provide a free legal service with their own solicitor with certain products to keep the cost down, but you can still use your own if you prefer.
Question
Can I apply for a remortgage if my credit score is low?
Answer
Yes, there are few people who have no credit these days and all lenders take at least some credit issues into consideration. There are many lenders, especially ones that deal only with brokers, that will accept low scores.
Question
Can I apply for a remortgage if I have adverse credit?
Answer
Yes, there are lenders that will consider adverse credit, including County Court Judgements, defaults, IVA's, Debt Management Plans and even bankruptcy, depending on the actual circumstances. Don't assume you can't get a remortgage, let us try no matter how bad you think your finances are.
Question
Can I still get a remortgage if I am self employed?
Answer
Yes, this is very common. As long as you can prove your income with SA302's, Tax Year Overviews or annual accounts then self employed applications are welcome.
Question
I am of retirement age. Am I too old to get a mortgage?
Answer
No, many lenders will lend into retirement as long as their lending criteria is met. We can quickly find these products for you so don't be hesitant to apply.
Question
Can I still get an Interest Only mortgage?
Answer
Yes. Although not as comman as they once were, especially since the credit crunch, as long as you have a plausable repayment strategy in place to pay off the balance at the end of the term then there are still many good reasons for them.
Any Other Questions? Just Ask!
Our panel of experienced mortgage advisers are there to help and do all the leg-work for you.
So don't put off remortgaging your property for any silly reasons.
Get in touch and let us see if you can start saving money, repair your credit, or to have those extra luxuries in life that you deserve.
All quotes are obligation free so what is there to lose?
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