Remortgage Information

When you consider Re-mortgaging , We at Property Link make every effort to ensure that the re-mortgaging process is  smooth and of course you end up being profitable and cost saving. Our expert team will advise and evaluate all the options available that will make you feel confident and relaxing. In today’s cut-throat competition prevailing mortgage industry, Property Link is well equipped to embrace the competition by offering our clients extraordinary customer service   with a personal touch, a service that we are proud of.

 Re-mortgaging

A re-mortgage refers to the process by which a borrower pays off the first mortgage loan by obtaining financing from a second lender. This is usually done in order to obtain better interest rates, pay off a mortgage loan early or reduce monthly mortgage payments.

Common Questions about Re-mortgages

When Can I Apply?

The general rule is that you can apply to re-mortgage once you have at least a period of 12 months completed into the term of your mortgage.

What Type of Mortgage Do I Apply For?

Depending on your circumstances you can apply for any of the below:

1. Annuity Mortgage
2. Interest only mortgages
3. Tracker Mortgages
4. Endowment mortgage
5. Pension Mortgage

How Much Can I Borrow?

You can only re-mortgage to 90% in most cases, but be advised that some lenders will only allow for 80% re-mortgage.

What steps do I need to take to get a re-mortgage?

• You need to calculate how much you wish to re-mortgage for.
• You need to ensure that you will qualify for this level of borrowing.
• You can only re-mortgage to 90% in most cases, but be advised that some lenders will only allow for 80% re-mortgage.
• You will need to present the appropriate documents and forms to your mortgage lender.
• Your application will be processed.
• You will next be issued with a formal letter outlining the terms and conditions of your mortgage.
• Your solicitor and mortgage broker will offer you advice in regards to the terms and conditions set out in your letter of offer.
• Next you will sign your acceptance and you will usually receive a cheque within 14 days.

 Benefits of Remortgage

The following are some of the benefits that can be reaped through remortgaging.

Save up on money

By going for a lower interest rate you can save up on the money you are presently paying to your mortgage lender.

Use home equity

Remortgaging can help you make use of your home equity and get better deals at cheaper rates.

Clear up debts

Remortgaging helps you to get a bigger loan at lower interest rates that will help you clear up debts and save up on interests.

Take advantage of current trends

Remortgaging helps you to take full advantage of the current market trends especially when the markets are booming and interest rates fall off to all time lows. You can also go for newer programs and policies.

Move to a more flexible mortgage plan

If you find that you current mortgage plan in very rigid then you can always go for a flexible and better plan through remortgaging. This can also help you incase you are dissatisfied with your present lender.

Reduce the loan payoff duration

In case your earnings have increased, you can use remortgaging to pay off your loans early by going for a more flexible plan with lesser interest rates.

With so many advantages, remortgaging seems to be a feasible option to go for when the markets are at all time lows. But it's always advisable to research using mortgage rate sheet software and do lots of consulting before taking any further steps in this regard.