If your home has increased in value and you are looking to release some equity or if your current mortgage deal is coming to the end of its fixed or tracker period, then switching mortgages may save you money or be a cost effective way of borrowing larger sums of money at lower interest rates. You may have to pay an early repayment charge to your existing lender if you re-mortgage.
Remortgages – What does this entail?
If you are planning to remortgage your home, you will more than likely need remortgage specialist and legal help. The remortgaging process will enable you to switch from your existing mortgage arrangement using the same property. You have choices and you don’t have to use the same mortgage lender.
With a remortgage you do not have to move home, and you will agree on either the same or new terms for your existing property. Look to change your mortgage regularly and check if there is a more suitable interest rate option available. If you borrow more from your lender to expand your property, a solicitor is not needed.
Bank of England Base Rates and Remortgaging Rates
The Bank of England base rate is tracked by most remortgage rates in the UK. You might ask, what impact does the rate of the loan to value (LTV) of my property have on a remortgage? Mortgage lenders can offer a variety of interest rates.
Having a lower loan-to -value (LTV) rate can mean a lower interest rate mortgage for you. LTVs below 75% will offer the best interest rates.
You may have to pay higher interest rates if you have built up equity. If you have available equity in your home, you can release it if you require extra money to improve your house or for other reasons of your choice. Your LTV rate can vary, and the rate will be based on how much you borrow.
What can Prime Financial Solutions and Mortgages Ltd do for you?
Option to remortgage is based on your own personal financial circumstances. Be mindful of possible penalties and other costs. If you would like to remortgage the best advice is to take advice from a suitably qualified remortgaging professional.
Ultimately, a remortgage can be used to get a much better interest rate and a more flexible arrangement with a mortgage lender.
Remortgage applications can take up a lot of your time. Prime Financial Solutions and Mortgages Ltd is an established mortgage broker and life insurance broker, based in the centre of Wigan, Greater Manchester UK. We are respected and recognised by the FCA and we can 100% help you to find the best possible solutions in the shortest amount of time. Contact Prime today to book a free consultation.
To find out more you can contact us by email email@example.com and by phone 01942 665436 or you can use our quick contact form. You can visit us at Rodney House, King Street, Wigan WN1 1BT. If you would like to complete a quick online application for Life Insurance you can go straight here to get your free quote.