Would you like to reduce your payments or consolidate your debts?We are cups, constantly and quietly being filled. The trick is knowing how to tip ourselves over and let the beautiful stuff out. - Ray Bradbury
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Remortgage for Better Rates

Would you like to reduce your payments or consolidate your debts? The solution is a remortgage. It is also called refinancing and means that you transfer the mortgage to another lender. It is mostly used in the United Kingdom, but the term is also known worldwide.

Would you like to reduce your payments or consolidate your debts?

There are misunderstandings regarding the meaning of remortgage. Remortgage doesn’t mean a change between two lenders about a product. When your mortgage comes to an end and you would like to save money on monthly repayments, you apply for remortgaging.

There are many reasons to remortgage. If you want a better rate, it makes sense to remortgage. Mortgages may have penalties. It is difficult to get a mortgage if you have received a Country Court Judgment or you have previously suffered bankruptcy. Specialist will provide you with a sub-prime mortgage. In this circumstance, if you make the monthly payments and you succeed in keeping up with the rates you are likely to be approved for a standard mortgage. Currently lenders have denied the sub prime mortgage market and this fact has made it difficult for people to remortgage.

From the spring 2008, borrowers couldn’t get more in a loan than the equity in their house. This means that all 125% mortgages were cancelled. So if you want to remortgage, you need a more valuable property. Lenders will offer a larger loan to a value of up to 80%. A larger loan to value is the lent percentage of a property’s value. Due to the present economical situation, don’t expect that you will get the same rates this time as previously when you had first mortgaged.

If you are to remortgage, your lender will contact you before your mortgage is going to end. You will face some options, and if you are at a loss, you can ask for help from an experienced broker. You may not know the mortgage which is best for you, but brokers have access to products which are hidden from customers. The brokers have taken part in the Financial Services Authority, which indicates that they must offer the best deals for their customers.

There are many types of remortgage products: capped rates, fixed and flexible rates, discounts, cashbacks. Consider well all the details about the possibilities and make sure that the adviser explains to you all the necessary information. If you aren’t pleased, apply for debt consolidation help or credit counseling.


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