Mortgage Guide
Remortgages
UK remortgages are on the increase. Whether you are a parent of a first time buyer trying to help out or a new home owner you need to know how they can save you money. Seek remortgage advice. A set period after you buy your first home, make sure you remortgage so you can make savings. Ask your mortgage advisor to contact you when it's time to remortgage.
Remortgages, or further advances are a way of increasing your mortgage with your existing lender or a different lender. If you remortgage with a new lender you should use the opportunity to obtain a better deal. Remortgaging can be an excellent way of releasing equity and helping your children buy their first home. Even if you are first time buyer, you should consider the benefits of remortgages a few years into your first mortgage. You may save some money. Simply seek mortgage advice.
Even if you have carried out remortgages in the past or have taken a further advance in the past, house prices have gone up at such a rate it is likely you will still have equity to tap in to.
Please be aware that your home is at risk if you do not keep up repayments on a loan secured against it.
There are large number of remortgages available, from 100% remortgages, 125% remortgages, buy-to-let remortgages, cash back remortgages, consolidation remortgages, no fee remortgages and fixed rate remortgages. You would need to know which is the right remortgage product for you buy contacting a remortgages broker. There may be tax implications if you make a gift to your child so seek tax advice to limit tax liabilities.
Remortgage advice can be given in person, on the phone or even by email. Online remortgages can often be a little cheaper.
The other role for remortgages is to get a more competitive and cheaper deal for your mortgage. You might remortgage with your existing lender or your advisor might find a more competitive mortgage. You may have to pay early redemption penalties if you remortgage before a certain period has elapsed but it may well be worth it.
Review your mortgage with a review to remortgaging every few years to make sure you always get the best remortgage deal.
Remortgaging now accounts for a huge proportion of lending so the process is more straightforward than ever. However, it may not be worth remortgaging if you are tied into your mortgage and will have to pay redemption penalties to leave. You will also need to consider any costs involved in remortgaging as opposed to taking a further advance. If for any reason you are no longer receiving an income, it is unlikely you will be able to get a remortgage but an equity release scheme may be suitable.
Request no-commitment, independent, first time buyer mortgage advice
Other mortgage guides, advice and useful pages:
Mortgage Comparison - First Time Buyer Mortgages - About First Time Buyer Mortgage Advice - First Time Buyer Mortgage Brokers - Buy to Let Mortgages for First Time Buyers - Shared Ownership Mortgages - Help with Mortgages for First Time Buyers - Mortgages for Parents of First Time Buyers - Shared Appreciation Mortgages - Joint Mortgages - Financial Advice for First Time Buyers - Overseas Mortgages for First Time Buyers - Request First Time Buyer Mortgage Advice - Find your First Property - New-Build Gifted Deposit Deals - Best First Mortgages Comparison Table
Features, advantages and disavantages of specific first time buyer mortgages:
100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Mortgages at University l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Shared Ownership Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages
Useful websites:
www.cml.org.uk – council of mortgage lenders.