A mortgage is the first charge registered against your property title at the Land Registry for Title Deeds and Plans for UK and Ireland. The mortgage lender therefore enjoys the maximum security for his loan and is therefore able to lend at the lowest possible interest rate. Arranging a new mortgage - called a remortgage - allows a homeowner to save and raise money. Calculate your monthly mortgage payments with our mortgage calculator.
Switching to a mortgage with a lower interest rate allows borrowers to dramatically reduce their monthly outgoings, as well as providing the opportunity to release value stored in their homes.
Be careful whom you borrow from - remember you are putting your home at risk. See our guide to UK Mortgage Lenders.
Remortgaging can save you money
The UK mortgage market has become an increasingly competitive environment, with every lender trying to gain a larger share of the market place by offering discounted interest rates and incentive deals to attract new customers. Although these deals are often aimed at first time buyers or people moving home, there are also good mortgage dealsavailable for homeowners who are willing to remortgage.
By shopping around for the best deal, you could save thousands of pounds every year even if you have to pay an early settlement charge. If you would like us to help please apply here for a remortgage.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Apply online for secured homeowner loans, unsecured personal loans, mortgages, remortgages, commercial mortgages - solutions to your personal finance problems
Equity is the difference between the value of a property and the outstanding mortgage amount secured upon it. Because of the recent rise in property prices it is estimated that there is up to £3 billion worth of equity stored in houses throughout the UK.
Homeowners can access this hidden value with a remortgage. By borrowing further against the value of their property, borrowers can raise cash to be used for any purpose – consolidate debts, pay for a child’s education or home improvements, or have just used the spare cash to gain a bit of breathing space.
However, when considering whether to increase the size of your mortgage it is important to think carefully. Your home may be at risk if you fill to keep up repayments on your mortgage.
Poor Credit Remortgages
You have the right to see your credit file - contact Experianor Equifax.
Poor credit, otherwise known as bad or adverse credit, can be a severe hindrance to anyone trying to find a mortgage or remortgage. Details of your credit history, which is kept on your credit record, are checked whenever you make an application to a mortgage lender.
If you have a blemish-free credit history then most lenders will have no problem in accepting your application. However, if you have experienced in the past County Court Judgements, mortgage arrears or bankruptcy, then lenders will see this information on your credit file and may decide that lending large sums of money to you is too risky. Your application will then be declined - which could damage your credit record even more.
With an estimated one in four UK homeowners suffering from poor credit, there are now many lenders who specialise in providing mortgages for this growing market - they are known as sub-prime lenders. These lenders are willing to accept the applications of high-risk borrowers, however they will charge slightly higher interest rates as a result. This will increase your monthly mortgage payments.
Interest Rates Explained
One of the main reasons why so many people remortgage each year is to take advantage of the lower interest rates which lenders offer to attract new customers. These periods of discounted interest rates usually only last for a limited period, before reverting back to the lender's Standard Variable Rate (SVR). The lender’s SVR is usually the most expensive option.
If you believe you could reduce your monthly outgoings by remortgaging, then we recommend you research the best mortgage deals.
Applying for loans, mortgages and remortgages could not be easier: Burtplan Personal Finance have a no hassle promise and will help you take control of your
Personal Finances today!
Instant Decisions
When we receive your loan or mortgage application you will be contacted within 24 hours with a decision. Whether you take it is up to you.
No fees or charges
We will not charge you a penny as we work on commission from the lenders. So it costs you nothing - and we do the work.
No Obligation
You are under no obligation to take the offer. But with our interest rates we doubt you could refuse.
Applying for loans, mortgages and remortgages could not be easier: Burtplan Personal Finance have a no hassle promise and will help you take control of your
Personal Finances today!
Instant Decisions
When we receive your loan or mortgage application you will be contacted within 24 hours with a decision. Whether you take it is up to you.
No fees or charges
We will not charge you a penny as we work on commission from the lenders. So it costs you nothing - and we do the work.
No Obligation
You are under no obligation to take the offer. But with our interest rates we doubt you could refuse.
8th August 2008
The latest data from the Council of Mortgage Lenders show no surprises in terms of the number of mortgage arrears and possessions cases in the first h
