Remortgage FAQ
1. What is a remortgage, and how does it work?
A remortgage is a fancy word for changing your mortgage without moving your home. You would switch your current mortgage to a new deal that would reduce your monthly expenditure. If, however, you need the extra money, you could release the equity in the property. You need not close your current mortgage, though you should be aware of any exit charges that might apply. Factor these in when you are looking to find a new deal. Remortgaging normally means you end your old mortgage scheme and switch to a new one, which involves switching your lender, though it may not always be strictly true. You could stay with your current lender and merely changing your deal by opting for a fixed rate, or change to a variable rate should you be hopeful of the interest rates falling.
2. How competitive are your interest rates?
We have fostered excellent long-standing relationships with some of the top UK lenders. This puts us in a better position to find loans at very competitive interest rates. We are almost 100% certain that we could find you a loan that would suit your needs and circumstances.
3. Is it always true that consolidation will reduce my monthly payments?
Though not always 100% true, this statement does carry a lot of weight. In some cases, you could save up to 40% on your monthly payments, as the interest rates on secured loans are normally lower than that on unsecured loans.
4. You don't do credit checks. How can you offer loans without them?
Just by filling out our form, we screen you for a pre-qualification, which means that we use your information to decide if you qualify for one of our loans. Typical questions may include information about your credit standing, as well as information about your employment, what assets you own, as well as income and contact information. After filling in this information, we would normally advise you on what amount and interest rate you qualify for. As this is a pre-qualification, the offer is tentative. We would still have to do a credit check to ensure you would be able to repay the full loan amount.
5. My credit history is poor. Can I still get a loan?
Just because you have had difficulties in the past, it does not mean you will be unable to get a loan ever again. We are experienced in arranging loans for people who have had financial difficulties, so would be more than pleased if we could assist you!
6. Are there high costs attached to a remortgage?
There are costs involved, but the bulk of these costs will consist of valuation and legal fees. A large mortgage means it will be an economic move. Larger remortgages are easier to administer and everyone benefits more.
7. May I use the money raised from a remortgage as I please?
The money is yours! Feel free to use it as you please. However, it may be a good idea to avoid spending the money on drugs, gambling and fancy cars.
A remortgage is a fancy word for changing your mortgage without moving your home. You would switch your current mortgage to a new deal that would reduce your monthly expenditure. If, however, you need the extra money, you could release the equity in the property. You need not close your current mortgage, though you should be aware of any exit charges that might apply. Factor these in when you are looking to find a new deal. Remortgaging normally means you end your old mortgage scheme and switch to a new one, which involves switching your lender, though it may not always be strictly true. You could stay with your current lender and merely changing your deal by opting for a fixed rate, or change to a variable rate should you be hopeful of the interest rates falling.
2. How competitive are your interest rates?
We have fostered excellent long-standing relationships with some of the top UK lenders. This puts us in a better position to find loans at very competitive interest rates. We are almost 100% certain that we could find you a loan that would suit your needs and circumstances.
3. Is it always true that consolidation will reduce my monthly payments?
Though not always 100% true, this statement does carry a lot of weight. In some cases, you could save up to 40% on your monthly payments, as the interest rates on secured loans are normally lower than that on unsecured loans.
4. You don't do credit checks. How can you offer loans without them?
Just by filling out our form, we screen you for a pre-qualification, which means that we use your information to decide if you qualify for one of our loans. Typical questions may include information about your credit standing, as well as information about your employment, what assets you own, as well as income and contact information. After filling in this information, we would normally advise you on what amount and interest rate you qualify for. As this is a pre-qualification, the offer is tentative. We would still have to do a credit check to ensure you would be able to repay the full loan amount.
5. My credit history is poor. Can I still get a loan?
Just because you have had difficulties in the past, it does not mean you will be unable to get a loan ever again. We are experienced in arranging loans for people who have had financial difficulties, so would be more than pleased if we could assist you!
6. Are there high costs attached to a remortgage?
There are costs involved, but the bulk of these costs will consist of valuation and legal fees. A large mortgage means it will be an economic move. Larger remortgages are easier to administer and everyone benefits more.
7. May I use the money raised from a remortgage as I please?
The money is yours! Feel free to use it as you please. However, it may be a good idea to avoid spending the money on drugs, gambling and fancy cars.
