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What is a remortgage

A remortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. The term is mainly used commercially in the United Kingdom, though what it describes is not uniquely British. Often the purpose of switching is to secure a more favourable interest rate from a different lender.  This is where you should contact us and we will do the professional searching for you.  Or if you like search through our internet live mortgage table of lenders.

The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. Homeowners may choose to remortgage for various reasons, including to reduce the size of repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other debts.

Homeowners often mis-use the expression remortgage when they are simply switching from one product to another with the same lender; this is not a remortgage which involves the removal of one legal charge over a property and its substitution with another in favour of a new lender.

Find the best remortgage around.  Whether it is for a house purchase, or re-remortgage or an equity home loan, there is a remortgages out in the market place to better suit your needs.  A remortgage broker will compare and negotiating to save you pounds on your remortgage payments and will help you to get the best deal.  We will always compare all the costs involved, comparing, and negotiating may save you money.

 

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  • Remortgaging - what you need to know

     What is remortgaging?

     'Remortgaging' is taking out a new mortgage with a lender without moving home. It can be used if you want to borrow more money (perhaps for home improvements) or to reduce payments. You can reduce payments by switching to a mortgage with lower interest rates, or extending the period of the loan, or to consolidate debts (including those involving credit cards which attract a higher rate of interest).

     You will need to have equity in your home to qualify, however, if you intend to have a separate rather than replacement loan. As a rule of thumb, if the value of your home exceeds any outstanding charges on it, a lender will offer you a loan of up to two-thirds of the balance.

     Remortgaging is a growth industry and there are many lenders offering deals which may look attractive. With mortgage interest rates about the lowest they have been in years, the Consumers' Association reports that 37% of new mortgage loans are for people switching their mortgage.

     Competition is great, and as a 'homeowner' if you shop around you may be able to make savings on your monthly mortgage repayments by switching to one of the many deals offered. Before signing up, however, you should consider the points in this leaflet.

     Different types of remortgage

     A mortgage is made up of the capital - which is the amount of money borrowed, and the interest - the amount of money which is charged on the capital until you pay it back. There are different types of mortgages, e.g. repayment, endowment, pension and interest only.

    •  The interest rates on these can be as follows:

    •  Variable - this rate may go up or down when the lenders change their interest rates.

    •  Discounted - the discount is normally for a short period and then your payments switch back to the lender's usual variable rate.

    •  Fixed - for a specific period, e.g. one to five years or even longer. After this period the rate normally changes back to the lender's usual variable rate.

    •  Capped and Collared - the maximum (Capped) and minimum (Collared) rates of interest are fixed for a certain length of time.

     The costs of remortgaging

    •  Fees

     Lenders may offer to pay your valuation and legal fees and even offer cash-back. However, if these are not offered it is worth bearing in mind the costs of the following:

    •  Valuation fees

    •  Legal fees

    •  Other fees - these may be payable for local authority searches, Land Registry (search, re-registering with the new lender's details and copy entries), Land Charge Search Fee and bank charges. In addition, arrangement/application fees may be charged by the new lender Your existing lender may also charge Reference and Deeds Release fees.

    •  Insurance

     The homebuyer should consider up to four types of insurance cover:

     

    •  Mortgage indemnity insurance

     You may have to pay this premium where the loan exceeds 75% of the value of the property, and it can be costly.

     

    • Mortgage protection

     Borrowers should consider taking some form of mortgage protection insurance (a life assurance policy), so that in the event of their death the mortgage will automatically be paid off.

     

    • Payment protection insurance

     If you remortgage, you will not receive any help from the state with your payments for the first nine months, if you fall ill or lose your job. This insurance will cover mortgage payments in the event of an accident, sickness or redundancy usually up to a period of twelve months. It is often compulsory where the amount borrowed exceeds 90% of the value of the property, but it is wise to check exactly what the insurance does cover.

     

    • Buildings and contents insurance

     Your lender will require the property to be covered by buildings insurance, and some may suggest a combination of both contents and building insurance through a household policy. With some lenders this is compulsory and the lender may charge an administration fee. If you go elsewhere, but shop around - you may find the money you save makes it worthwhile.

     

    Other possible costs

     

    •  Redemption penalties

     Penalties for early settlement of a mortgage may be high and can vary between lenders. They can include repaying the valuation and legal fees, and any cash-back to the lender, together with additional charges which could amount to between three and six months of extra interest. Amounts vary, but they could be as much as £5,000 on the average property if remortgaged to the maximum. In addition, check for any redemption conditions before you enter into the mortgage as you could be 'locked-in' to these deals at their usual variable rate for many years.

     

    Challenging contractual terms

     If a redemption penalty appears to be excessive or you feel that you are otherwise being treated unfairly, you may challenge the lender's decision by referring the matter to the Financial Ombudsman Service (details below) which oversees most of the major banks and building societies. The service may be able to resolve the dispute between you and the original lender without court action and at no cost to you.

     A particularly restrictive term may also be deemed unfair if it fails tests under the Unfair Contract Terms Act 1977, or the Unfair Terms in Consumer Contracts Regulations 1999, and could be challenged in court or by referral to the Office of Fair Trading (details below). The Office of Fair Trading's review and recommendations to the lender are also at no cost to you.

     

    What should I do?

     Shop around, consider telebanks, financial advisers, using the Internet, as well as high street banks and building societies. Ask for all the facts and figures to be put in writing.

     Check out remortgage deals carefully - you may not save as much as it first appears. Watch out for redemption penalties and long 'lock-in' periods. Is there an early settlement fee payable on your existing mortgage?

     Compare the costs with the savings, and remember costs need to be paid up-front whereas savings will not be immediate but made over a period of time.

     Consider that you may get a better deal (and lower interest rates) by paying your own fees.

     Generally, a better deal can be obtained where the borrower owns a reasonable amount of equity in the property.

     Beware of 'best buy' mortgage tables in the press - they may not give you the complete picture.

     You may wish to approach your existing lender to see if they can offer you a better deal!

     Above all do not over commit yourself - remember that your monthly repayments will almost certainly go up at the end of the discounted or fixed rate period.

    Contact www.mortgage-remortgage-online.co.uk for more info

     

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