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What is Remortgaging?
‘The process of paying off one mortgage with the proceeds from a new
mortgage in order to release capital, or reduce monthly payments.’ |
Owning a
home can put you in a strong position when you are in debt as the home
itself is an asset which can generate a lump sum of money.
Thanks to the dramatic rise in house prices over the last few years, the
chances are that the value will have increased significantly. The
current market value of your home or investment directly affects the
deals available to you.
Is it right for me?
• You may take a new mortgage to get a better interest rate and
therefore reduce the payments you make monthly. The extra money
available per month can mean that people have enough money to manage
their debts.
• You may take a new mortgage to pay off the existing one and release a
lump sum of money on top. This lump sum can be used to pay off all or
part of your debts.
Remember, if you switch lenders, the saving you make on the
interest rate you pay may be partially or wholly eaten up by the
transaction charges associated with moving your loan.
To find out if this is right for you need to find out:
• The current value of your home – this can be from an estate agent
valuing your home for sale Instant current valuations are available from
Mouseprice.com. This valuation is not a substitute for a RICS registered
surveyor who would visit and re-value your property in the event of
remortgaging but they are a very accurate valuation.
• Your outstanding mortgage – You need to find out from your current
mortgage company how much you still owe. This goes for any secured loans
you have on the property whether they are with your mortgage company or
another company.
• Interest rate penalties? – If you have been in a fixed rate you may
have to pay a penalty if you leave that mortgage early. You should ask
your mortgage company if there are any penalties for leaving the
mortgage early – this is usually a %, but they should be able to tell
you an approximate amount.
• Your income details – you should have an idea of how much you (and
your partner) earn as this can effect how much you can borrow.
What will a Remortgage cost?
• The costs involved with a remortgage are usually added to your new
mortgage, so you will pay no up front fees to either us or your new
mortgage company.
• There are fees involved and these are outlined in the paperwork you
receive when you get a mortgage offer.
• It is sometimes more expensive than a normal mortgage because people
in debt are a higher risk and therefore the rates and fees are sometimes
a little higher. Also there is more work involved in arranging a sub
prime mortgage.
• Remember – your advisor at Vincent Bond will explain all this to you
and ensure that any offers made are affordable and part of an overall
solution.
Why get a Remortgage through Vincent Bond?
Vincent Bond works with a range of specialist mortgage lenders who
provide good products for people in debt. In the industry this is called
sub prime or adverse lending.
It is important to find a mortgage that is suitable for a client’s
specific needs. Indeed often we assess how much client’s can afford and
try to shape the solution around that. That way the client’s are left
with a solution that is affordable long term.
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Vincent Bond on the BBC more |
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Vincent Bond on the BBC more |
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