Remortgage Guide

You’ll need to be mindful of how much debt you’ll be rolling into your mortgage, as if your monthly repayments increase by too much then you risk not being able to afford them. If you are able to raise enough money from remortgaging your home to pay cash for a second property, then this is certainly possible. In fact, you might find that maximising borrowing on your current mortgage is cheaper than a buy to let or second home mortgage. The maximum LTV you can borrow also depends on your situation, such as your age and credit history, and the purpose of the loan.

If you 物業轉按 with a different lender, the new lender effectively pays off your old mortgage and your debt transfers over to them. This will usually involve more admin and additional fees, which you’ll need to factor into your calculations. Many borrowers remortgage every three or five years to take advantage of cheap fixed rates.

Paying off any debts you have and getting on the electoral register can boost your score. However, there are bad credit mortgage lenders which specialise in helping people who are struggling to get a mortgage from mainstream lenders. Find out exactly what fees you’ll have to pay to your current and future lender before going ahead with a remortgage. This is because, just like when you first took out a mortgage, when you apply for a remortgage, a lender will assess your affordability. There are strict rules lenders must follow when deciding whether to let you borrow money. If you’re looking to remortgage, don’t leave it until the last minute – ideally, give yourself three to six months before your deal ends to consider your options and shop around.

Remortgaging can help you save money if your fixed rate or deal is about to end. Rather than go onto your lender’s SVR, which is normally significantly higher than their introductory rates, you can change lenders and take out a new deal. There are many reasons for people to remortgage their home, whether its to save money, release money or clear debts. One thing to keep in mind is that it may be best to remortgage at the end of your mortgage product otherwise you may be charged an ‘early repayment charge’. First, research which remortgage deals you may be eligible for, which, as well as the affordability of the loan, largely depends on your LTV.

Repayment and interest-only mortgages, or a combination of both. If you earn a minimum of £300,000 a year, have a net worth in excess of £3m and want an exceptional mortgage service that is designed to suit your individual needs, get in touch. The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. National Bank and its partners in contents will not be liable for any damages that you may incur from such use.

In order to compare interest rates, you need additional information. Lenders offer better rates as the mortgage sum is lower compared to the value of the property. In that case there is a chance that you are now in a more favourable risk category, and that lenders will offer you a lower interest rate.

Read on to find out more about each type of agreement and how to secure the best deal for your needs and circumstances. Your solicitor registers the mortgage holder’s details with the Land Registry. If applicable, the title deeds are transferred to the new lender.