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Remortgages

There are several reasons why people opt for a remortgage, perhaps the most popular reason is to obtain a better rate of interest, especially if your mortgage is about to revert to be standard variable rate. Another reason is to consolidate a number of personal debts is into a single lower monthly payment. The other main reason is to release any equity that may be stored in the house in order to give the homeowner ready cash to use for all sorts of applications.

A remortgage may be a suitable option at any stage of an existing mortgage, depending on a person's financial situation or needs. It should be kept in mind however that ending a mortgage usually has associated costs payable to be original mortgage company.

These costs are usually far outweighed by the benefits of a remortgage for most home owners. Until recently homeowners would remortgage their home to perhaps pay for an extension or other home improvements, or possibly a new car or a luxurious holiday.

With the current economic climate remortgages tend to be sought in association with a financial need rather than to finance luxury spending. If your credit record has become damaged, perhaps through no fault of your own, you may need to apply for a sub-prime remortgage, this is a remortgage is aimed at those with less than perfect credit, and can be helpful for all kinds of situations. It should be said that although the situation is improving, sub prime remortgages are not easy to find in the current financial crunch, although it certainly is not impossible for many people to acquire a sub prime remortgage.

The easiest way too remortgage is to stay with your existing mortgage company, however for many reasons this may not be a practical option, and seeking a remortgage with a different company may be the best solution. In this case, it is in your own financial best interests to see the assistance of a professional regulated by the Financial Services Authority to seek out the best remortgage deal on your behalf.

Latest Remortgages news

Homeowners carrying less debt

According to latest reports, household debt has gone down slightly, and that is with mortgages included. This has been noted since April, according to Credit Action.

Remortgages increasing in 2010 with debt management

Recent figures have revealed that there have been an increase in remortgages going into 2010, this could also mean more homeowners may need debt mangagement advice.

House prices going down

The mortgage lender Halifax has shown that house prices decreased between January to February this year. This will be the first time this has happened since June 2009.

Debt help for first time buyers

Having too much debt and not enough deposit seems to be prevalent among many first time buyers hoping to get on the property ladder. Some are suggesting they need to pay off a large chunk of their debt as well as saving a bigger deposit before getting a mortgage.

Mortgage providers could reduce lending

According to a number of mortgage providersm there could soon be less mortgage products available, or at least less mortgage providers willing to lend because of lacking confidence in mortgages. Apparently it may take time for the confidence to be rebuilt.

Experts warn of mortgage credit crunch

Experts have forewarned of another credit crunch that may hit in 2010. This could cause additional concerns about house prices going into turmoil yet again.

Facing repossession?

Homeowners who may be facing repossession could help their situation by talking to a qualified debt adviser who could suggest some solutions for getting out of debt. This could free up necessary cash so families can pay the monthly mortgage instead of facing repossession.

Remortgaging to pay off debt?

There may be more homeowners thinking of remortgaging to pay off debt in the UK after concerns of debt increasing, and running out of ways to pay off debt quickly. However, where people who own a home, and are finding it difficult to pay the mortgage there could be a tricky path to getting more money out of their home.

Mortgage deals creating more debt?

More and more people nowadays are increasing their mortgage term, which means a longer time paying off their mortgage debt. Presently, there are a large number of Britons getting ready for retirement and using the equity built up from their home to help them into retirement.

Protection from repossession?

Homeowners with massive debts may soon get better protection from repossession after the Ministry of Justice looks further into how much leverage creditors have over turning unsecured debt into a secured one.

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