All About UK Remortgages
January 29, 2009 by admin
Filed under Mortgage Articles
Due to the plethora of UK remortgage offers available and the specifics of each UK remortgage, it is most likely best to begin with a neutral mortgage broker, one not employed by a specific lending institution. From this mortgage broker you will figure out what the best plans for you are. Once you have decided on a lender, you may then want to work with a UK remortgage advisor employed by that lender. This mortgage advisor will know the ins and outs of every mortgage offered by the lender.
“Remortgaging advice is governed by the FSA, and as a consequence, the mortgage broker is required to give impartial advice. They can give quotes but they can’t recommend a particular mortgage. That is for you to decide. In addition, the mortgage agent should tell you if he (is) working for a particular company and is limited in the range of quotes he could advise on,” according to Richard Pettinger, writer on the UK housing market and UK mortgages, for EzineArticles. So, in effect, if the advisor works for a specific company and can only advise on certain mortgages, you are getting biased advice.
It is of utmost importance that you understand the early repayment penalties on your current mortgage and any fees involved in your new UK remortgage. If they are unequal, and not in your favour, there may be no value in a remortgage for you at this time.
If, however, a UK remortgage will lower your monthly payments, even considering the penalties and fees, there is another possible advantage: debt consolidation. Due to rising property prices, your home may be worth more now than before, allowing you to take out a larger UK remortgage. You would be able to use the extra borrowed money to pay off other loans that are suffering from higher interest rates, such as credit card debts. As always, there is research to be done and advisors to consult before making such a complicated decision.
http://www.simplyfinance.co.uk
Do You Have the Personality for a Remortgage
January 29, 2009 by admin
Filed under Mortgage Articles
1. Can you accept change
YES. Then youre primed for remortgage! Because it involves switching lenders, youll need to keep an open mind about changing midstream, and with your personality, you shouldnt have a problem with this. You wont feel disloyal about leaving your current financial institution; after all, you have the ability to separate what is business from what is personal.
NO. If you stick with something to the bitter end, you may have difficulty dealing with the fact that a remortgage will necessitate that you use a new lender. Alternately, you may want to choose a ********* instead, which usually takes place using the same lender as you currently have. That way, you wont feel as if youre cheating on your financial institution by seeking a remortgage.
2. Has your credit history changed since you got your first mortgage
YES. For a good number of people and couples, their credit histories improve over time. Thus, the mortgage they took out in 1990 might still carry with it a very high interest rate even though they now have an unblemished credit report. Hence, a remortgage could offer the opportunity to get a significantly lower interest rate that will allow the borrower to save money in the long run.
NO. If your credit history hasnt changed much since you first borrowed money for your mortgage, you may not need to remortgage. After all, one of the primary reasons for a remortgage is to change your payments and perhaps allow you to save considerable sums.
3. Are you good at doing research
YES. You love the thrill of researching and investigating something new, so youll be into hunting for the best remortgage deal available. You also wont get discouraged if you dont find terrifically low interest rates the first time you window shop for a remortgage; youll just wait a few days and try again!
NO. If you dont like researching, you might want to reconsider getting a remortgage. Alternately, why not ask someone else to do your investigating for you That way, you can get the best remortgage deal possible, but without the legwork that isnt your forte.
4. Do you like saving money
YES. Saving here and then really makes you smile, so a remortgage is certain to elicit a wide grin! Many individuals have been able to sock away considerable amounts of money, thanks to taking out a remortgage and pocketing all they would have spent on interest. Youll also be able to pay down your principle rapidly with a remortgage, saving you even further!
NO. Are you really not that interested in saving any moolah Then a remortgage might not mean as much to you but you still should consider it after all, a penny saved IS a penny earned!
MoneyQuest places staff into consultation
January 28, 2009 by admin
Filed under Mortgage News
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MoneyQuest Mortgage Brokers has placed over 20 of its staff into consultation as part of a wider review of the business.
IFAs to foot compensation bill for mis-sold shares
January 28, 2009 by admin
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The Association of Independent Financial Advisers is worried that brokers face a huge bill to compensate customers who have been mis-sold high risk shares.
Mortgage Promotions partners with Mortgages.co.uk
January 28, 2009 by admin
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Mortgage Promotions has signed an exclusive deal to distribute to its members the Premier Profile broker listing that Mortgages.co.uk offers on its website.
Evaluate sees firms embrace online technology
January 28, 2009 by admin
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Financial services firms are increasingly looking to capture the growing number of consumers searching for products online, claims Evaluate Technologies.
Brokers selling gas and electricity to boost income
January 28, 2009 by admin
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Mortgage brokers are turning away from their standard business model and looking at cross-selling in areas such as electricity and gas, shows a report from Datamonitor.
MPs urge government to restore credit flow
January 28, 2009 by admin
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The Treasury Select Committee is calling on the government to address “the single most critical problem in the economy” and restore the flow of lending.
Network Data confirms acquisition approach
January 28, 2009 by admin
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Network Data’s share price has rocketed by 45% this morning as it officially confirmed that it had received a preliminary approach to buy the firm.
Getting a remortgage
January 28, 2009 by admin
Filed under Remortgage Articles
If you are thinking of getting a remortgage click here
Getting a remortgage is one of the biggest financial decisions you will have to make. As with a new mortgage, it’s a big financial commitment - but when it comes to remortgaging, it’s possible to save yourself a lot of money each month compared with your existing mortgage agreement.
Why do people remortgage?
End of existing mortgage deal
Most mortgage deals offer special terms that usually last a few years before reverting to the lenders standard variable rate, and once those terms are up, it’s time to remortgage.
You can either remortgage with your existing lender, or with a new lender. The most important thing for you will probably be finding the mortgage deal with the lowest interest rate in order to keep your monthly payments as low as possible.
Debt consolidation remortgage
If you are in debt, you can also use a remortgage to help repay those debts. A debt consolidation remortgage involves withdrawing some of the equity in your home (e.g. any deposit, payments you have made and any increase in your home’s market value) and using it to pay off your debts. You will then repay the borrowed amount on top of your regular mortgage payments.
Tips for getting a remortgage
If you are looking for a remortgage, it’s sensible to take a few simple steps to improve your chances of getting the best deal.
1. Check your credit history
Your credit history is a record of all your credit activity over the past few years. When you apply for credit (including a remortgage), the lender will assess your credit history, based on their own lending criteria, to decide whether or not they can lend you the money.
However, mistakes can sometimes occur - and it’s important to ensure that your credit history is up to date and free of errors in order to give the best account of your credit activity.
All the major credit reference agencies (Equifax, Experian and CallCredit) offer online credit check facilities. If you find any errors on your credit file, all you need to do is call the creditors concerned and ask to have the entry corrected.
2. Take your time
It’s important to give yourself adequate time when looking for a remortgage. Don’t leave it until the last few weeks. Two or three months should be enough to get a reasonable idea of the range of mortgage deals on offer, and where to find them.
Some lenders will allow you to ‘reserve’ your mortgage deal a few weeks in advance - so you shouldn’t have to worry about the best deals being taken off the market shortly before you start your new terms.
3. Get professional mortgage advice
It’s possible to search for a remortgage on your own, but a lot of people prefer to get help from a professional mortgage adviser. Speaking to a mortgage adviser about finding a remortgage can greatly reduce the time and effort involved in finding the best remortgage deals.
A mortgage adviser will be happy to give you free, impartial advice on your remortgage, and may be able to help you find the best deal for your circumstances.