More
details on Remortgages
A remortgage (also known as refinancing) is the process of paying
off one mortgage with the proceeds from a new mortgage using the
same property as security. Often the purpose of switching is to
secure a more favorable interest rate from a different lender.
The
process of remortgaging does not usually involve moving home or
taking out a second mortgage on the property; it is in effect
the transfer of a mortgage from one lender to another. Homeowners
may choose to remortgage for various reasons, including to reduce
the size of repayments, to pay off a mortgage earlier, to raise
capital, or to consolidate other debts.
Homeowners
often confuse the expression remortgage when they are simply switching
from one product to another with the same lender; this is not
a remortgage which involves the removal of one legal charge over
a property and its substitution with another in favour of a new
lender.
0-9
100 Percent Remortgages
A mortgage that will replace your existing mortgage, usually at
preferable interest rates, even if you have no equity in your
property. It will provide you with 100% of the value of your existing
property. Currently there are no lenders in the UK that will provide
remortgage funding in excess typically of 95%, however please
compare providers using our remortgage
comparison form here to secure the best remortgage deal for
your own requirements.
B
Bank
Remortgage
A mortgage from a bank that will replace your existing mortgage,
usuallly at a better interest rates than your existing lender.
A remortgage simply replaces your existing lender without having
to move home.
Building
Society Remortgage
A mortgage from a building society that you will utilise to replace
your existing mortgage, without moving property.
Business
Remortgages
Commercial mortgages that will replace your existing commerial
mortgage without having to sell your business or commercail premises.
The main purpose of businessremortgages is to either raise capital
or reduce mortgage repayments.
C
Capital
Raising
Capital raising is used to find additional funds for debt consolidation
purposes Capital raising usually occurs when a property is remortgaged
and more funds than are necessary to pay off the existing mortgage
are taken.
Cash
Back Remortgage
A mortgage interest rate product that will pay you a cash lump
sum for switching your mortgage from your existing lender.
Commercial
Remortgages
A mortgage designed to replace an existing mortgage, without the
need to sell your existing property,that was originally used to
assist in the purchase of a business or commercial property.
Consolidation
Remortgage
A mortgage that allows you to consolidate outstanding debts such
as loans and credit cards without having to move house. This type
of mortgage allows you to reduce your monthly expense by adding
expensive short term debts such as credit cards onto your mortgage
whilst changing lenders.
D
Debt
Remortgage
A mortgage that allows you to consolidate outstanding debts such
as loans and credit cards without having to move house. This type
of mortgage allows you to reduce your monthly expense by adding
expensive short term debts such as credit cards onto your mortgage
whilst changing lenders.
E
Endowment
Redress
An endowment redress is the process of righting or compensating
for an endowment that has not fulfilled it’s intended purpose.
Equity
Release
Equity Release Schemes typically lend you a percentage of your
home property's value in exchange for a share of the proceeds
when you die. In almost all cases you will need to be at least
60 years of age, your property should be unencumbered (have no
outstanding mortgage), and be in a satisfatory condition. Equity
release schemes can give you a lump sum payment, a regular income,
or in some instances both. Equity Release is not for everyone
and you should seek advice from your IFA to help establish if
Equity Release is right for you. To
compare equity release providers, click here.
M
Mortgage
Refinance
Mortgage refinance is when you choose to select another mortagge
lender and switch your mortgage account without moving or selling
your home.
N
No
Fee Remortgage
If you choose to switch your mortgage advance from your existing
lender a No Fee Remortgage will allow you to do this without incurring
any up front costs.
P
Property
Finance
Property finance, commonly referred to as a mortgage or remortgage,
is a loan that is secured on a property. Also referred to as homeowner
loans, home loans, etc.
R
Refinance
Mortgage
A term used to describe switching your mortgage from one company
to another without moving or selling your home.
Remortgage
Interest Rates
The interest rates options that are offered by lendersfrom whichyou
can select when choosing a remortgage.
Remortgage
Lenders
Mortgage lenders who specifically lend in the remortgage market.
Remortgage
Rates
The interest rate options available from lenders who are providing
mortgages for the remortgage market.
|
