A remortgage is a second mortgage which replaces the current one. When you remortgage your home, you end your old mortgage deal and switch to a new one.
This can be when the terms of the original mortgage are renegotiated, such as if a borrower wants to increase the amount that they have borrowed. Homeowners may wish to do this so that they can repay their unsecured debts, such as credit cards or unsecured loans.
Although one form of remortgage is negotiating a better deal with your lender, you can also remortgage with a totally different company because they are offering a more competitive interest rate.
There are many different situations where a homeowner may wish to remortgage.
Most people are suitable to remortgage, but if you have missed payments then you might find it difficult to be accepted for a new deal. However, Refused A Loan specialise in helping those with a bad credit rating, so please get in contact with us. Even if you have been refused a loan in the past, we might still be able to help.
Refused A Loan can offer you free advice on your remortgage plan and can answer any questions that you might have. Call now on freephone 0808 131 9104.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
For mortgages and re-mortgages the overall cost for comparison is 8.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.
RefusedALoan.co.uk is a trading name of Ask Finance Ltd, which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.