Remortgages & Mortgages

The term ‘Remortgage’ quite simply means switching your mortgage deal or mortgage lender, and what better way to find your bad credit remortgage with LCUK. Remortgages have risen in the UK steadily & for fair reasons. Bad credit mortgage loan is especially designed for those borrowers who wish to mortgage their existing home to get cash or want to purchase a new home mortgaging the same but have a poor credit rating. Lenders of bad credit mortgage loan offer loan based on your financial status and individual circumstances. It will be easy for you to avail a loan if you have a stable income or some valuable property to put forth as collateral. There are hundreds if not thousands of ill-reputed websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. LCUK can better help consumers with bad credit scores to increase the viability of getting a remortgage regardless of their credit history. Banks, building societies, specialist lenders and mortgage brokers can all accommodate your remortgage needs but LCUK can effortlessly put you in touch with your perfect remortgage match!

REMORTGAGE RATES

These are the most common types of interest rate

Variable rates for remortgaging: The rate varies at the discretion of the lender.
Standard variable rates for remortgaging: The default variable rate the lender offers to mortgage borrowers with a standard mortgage.
Tracker rate for remortgaging: A variable rate that is linked to an underlying public interest rate (typically Bank of England repo rate) by a predetermined margin.
Fixed rates for remortgaging: The interest rate remains constant for a set period; typically for 2, 3, 4, 5 or 10 years. Longer term fixed rates (over 5 years) whilst available, tend to be more expensive and therefore less popular than shorter term fixed rates.
Discount rates for remortgaging: Where there is reduction in the standard variable rate (e.g. a 3% discount) for a set period; typically 1 to 4 years. Sometimes the rate is stepped (e.g. 3% in year 1, 2% in year 2, 1% in year three).
Capped rates for remortgaging: Where similar to a fixed rate, the interest the rate cannot rise above the cap but can vary beneath the cap. Sometimes there is a collar associated with this type of rate which imposes a minimum rate. Capped rate are often offered over periods similar to fixed rates, e.g. 2, 3, 4 or 5 years.

Consolidation of debt entails taking out one mortgage loan to pay off various other previously incurred debts. Often a way for home-owners to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one mortgage loan.

Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, however quite often it can involve a secured loan against an asset such as your home. In this case, a mortgage is secured against the house. These remortgaging rates are typically lower because your lender has security in the way of your property.

REMORTGAGE TO RAISE EQUITY FROM A PROPERTY

You are most likely aware, through the media, the soaring debts in the United Kingdom and culture of easy borrowing and use of credit cards. However, the size of these debts can be balanced by the assets many house owners have `on paper’ locked up in the equity in their homes. Steady rises in property prices all over the country, the value of property is maybe far greater than the amount you paid for it and almost certainly far higher than the amount owed to a mortgage company.

It simply makes sense to review your mortgage arrangements regularly to see if you can save money by getting a better deal by remortgaging and there are many remortgages available at very competitive rates. So why not use the opportunity to raise some cash at the same time? You can use the money however you wish - clear debts or take a much needed break to a sunnier climate, or invest in a business opportunity or maybe a second property to provide you with a second income for your future.

REMORTGAGE FOR HOME IMPROVEMENTS

The UK population who want to raise money for home improvements, buying a new car or for any other purpose often realise that with a remortgage they can raise the money in a cheaper fashion rather than say taking out a personal loan or using existing credit cards. This is because interest rates on mortgages are amongst the lowest of all the different types of loans, and again this is typically because the remortgage is secured against your home.