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Mortgage Advice & Financial Advice - Mortgage Types Remortgages - Mortgages & Advice
Remortgages
Re-mortgaging, also known as refinancing, involves paying off one mortgage with the money from a new mortgage with a different lender.

Mortgage Types - Remortgages

Mortgage Advice - Remortgages

Remortgages

Re-mortgaging, also known as refinancing, involves paying off one mortgage with the money from a new mortgage with a different lender. People remortgage for a variety of reasons including the need to secure lower monthly repayments, to consolidate debts or to raise capital. By re-mortgaging you may secure a better deal and lower monthly repayments than if you continue your mortgage with your current lender.


Mortgage Advice - Remortgages When do I re-mortgage?
Your current mortgage is likely to have provided a specific rate for a specified period of time, and either you are about to reach the end of this period, or you already have. It is common for a mortgage to revert to the lender’s ‘standard variable rate’ after the initial deal, and you may now wish to review what other options are available to you, as well as any offered by your current lender.

How do I re-mortgage?
If you're looking to remortgage your home there is a lot that needs to be taken into careful consideration before making your decision. It is worth checking whether your existing lender can offer you any options. Your monthly budget is key to whether or not re-mortgaging is right for you. Some lenders may offer no arrangement or booking fees, a free valuation on your home and free conveyanceing work. Some lenders may offer a lower headline interest rate, but may charge fees.

If you have decided to remortgage your home, you need to start preparing a few months before you intend to make the switch to a new lender. Your latest mortgage and bank statements will show how much you are paying for your current mortgage. Depending on the type of mortgage you have, the cost of your repayments might have fallen - take this into consideration when deciding how much you can afford to pay on a monthly basis. It is important to speak with your lender to request a quote for the total cost of paying off your loan as this might affect your financial capability to remortgage. Once you have done this, it's time to find a new mortgage. You should also check with your current lender whether they can offer you any new products. Once you have done this it is time to see what other mortgages may be available, and whether it is worth switching to a new lender.



Disclaimer - Note


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED AGAINST IT.

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.

Secured loans are not regulated by the Financial Conduct Authority.

We will charge a broker fee of between £299 and £499, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.


Request Your Initial Mortgage Consultation Today!

Should you need help or understanding about these different mortgages, please call Trust Financial Solutions for expert advice and help and reassurance on which one is right for you. We simply aim to give you the ability to buy your home with peace of mind and to live the lifestyle of your choice.

Trust Financial Solutions can assist you in finding the right mortgage for you. We offer a confidential one-on-one service that can take the guesswork out of mortgages and help to guide you through the process from start to finish. This is what we do best and we look after you every step of the way.


  • We match your personal situation and objectives with the most appropriate mortgage deals available from our panel of mortgage lenders.
  • We will request from you all the necessary paperwork at the start.
  • We work closely & meticulously with mortgage companies to ensure the application is processed promptly, guiding you through every step of the way from first contact to completion.
  • We take pride in working to meet your timescales.

At Trust Financial Solutions we strive to be professional, courteous, prompt, trustworthy, honest, caring, but most importantly, we'll always have the best interests of you, the client, at heart.

Prefer someone to just explain all of this to you?


Remortgages - Options

Repayment Mortgage

This is also known as a Capital and repayment mortgage. This is the only mortgage that guarantees your mortgage will be completely cleared at the end of the term providing you keep up to date with all the required mortgage payments. Each monthly payment comprises part interest, and part return of capital.


Interest Only Mortgage

This is a mortgage where only the monthly payments cover the interest on the mortgage.

The loan is not decreased and at the end of the specific period the capital still remains and you will have to pay off this loan in full. In order to do this you will need an investment to cover the outstanding amount, (savings). The sale of your home is currently not allowed to pay off the loan
*Please note that we are unable to provide any advice in respect of a suitable repayment vehicle





Generic Mortgage Types - Explained

Offset Mortgages

Offset Mortgages

An offset mortgage allows you to offset your savings against the sum you have borrowed on your mortgage and you will be charged interest on the balance. It is usual for interest to be charged on a daily basis and may allow you to pay off your mortgage faster than with a conventional mortgage, and may save you money in the long run.

Fixed Mortgages

Fixed Mortgages

With a Fixed Rate Mortgage, the rate stays the same throughout the specific period, thus giving you peace of mind that your monthly payments won't change.
This allows you to budget accordingly

Tracker Mortgages

Tracker Mortgages

The Tracker Rate Mortgage follows a particular base rate such as the Bank of England Base rate or LIBOR (London Interbank Offered Rate) and can decrease or increase accordingly.

SVR (Standard Variable Rate) Mortgages

SVR (Standard Variable Rate) Mortgages

This is the Banks own lending rate without any discounts or deals. Usually this rate provides you with total flexibility and no penalties for closing the account early.



Other Mortgage Product Types

House Purchase / Moving Home

House Purchase / Moving Home Mortgage

This is the mortgage you'll require when you are buying a new home or moving to a different home and need to sell your existing house either privately or through an estate agent.

Click For More House Purchase Mortgage Info...

Remortgage

Remortgage Mortgage

This is the mortgage you'll require when you switch your mortgage (like for like) from one lender to another.

Also this is a good time to reassess your personal circumstances and make any necessary changes to your current mortgage. You may wish to borrow additional money to improve your kitchen or bathroom etc.

(You're currently viewing this mortgage type)

First Time Buyer / Buying Your First Home

First Time Buyer / Buying Your First Home Mortgage

This is the mortgage required for people who want to get on the first rung of the ladder. There are lots of options available to you and some only require a small deposit.

Click For More First Time Buyer Mortgage Info...

Further Borrowing

Further Borrowing

This is when you wish or need to borrow additional money to build an extension to you home, modernise your kitchen or bathroom, consolidate your debt, or raise money for a new investment property.

Click For More Further Borrowing Info...

Debt Consolidation

Let To Buy

Let To Buy

Let to buy is a situation where a homeowner wishes to purchase a new home to live in and rent their existing property out to tenants.

Click For More Let To Buy Info...

Buy To Let Mortgage

Buy To Let Remortgage

Self-Build Mortgage

Self-Build Mortgage

This is the mortgage you'll require to build your own home. Money is released, in stages, during the building process and valuations are done at each stage you wish to receive your money.

Click For More Self-Build Mortgage Info...

Commercial Mortgage



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