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. The term is mainly used commercially in the United Kingdom, though what it describes is not uniquely British.
Remortgages can be used to swap your mortgage deal but when you remortgage you could raise additional finance depending on the equity in your home
Wednesday, 27 May 2009
Remortgages
What are Remortgages?
Remortgages are the replacement of an existing mortgage agreement either at the end of or during a lending term. Remortgages can be renegotiated with your original lender or replaced by a remortgage with a new lender.
Why Remortgage?
If your mortgage term is coming to an end and you have an outstanding balance you will need to arrange a remortgage. Alternatively, you can look to Save Money by renegotiating your mortgage package midterm. This can result in– lower monthly payments or additional equity (in the form of a secured loan) to use for home improvements, other loan or credit repayments, a car or even a holiday.
Things to know
Remortgaging can save you money!
If you have had a mortgage for several years you will have built up equity in your home which can result in:
a) A reduction in the total amount you need to borrow from a lender which can result in better interest rates and lower monthly remortgage payments
b) An increase the amount of equity for you to tap as a secured loan
It’s a good idea to compare your current mortgage rates with those in the market periodically. A great remortgage opportunity may not stick around long. Be aware that there will be fees involved! Arrangement fees, valuations and the like will need to be considered when you are comparing remortgages .Remortgages can take about one month to complete.
Where to find Remortgages
Lenders often advertise online and there are some sites who offer comparisons so you can check rates yourself. Of course you can take care of the whole process yourself but it can be time consuming and frustrating. Online offers sometimes are not updated regularly and comparing several offers can require a lot of number crunching. Using brokers for remortgages will make the process quicker and easier. Certified brokers will constantly be on the lookout for good opportunities and can make the process much smoother and easier for you.
How is the current mortgage market?
The mortgage market landscape has changed drastically since 2007. The number of lenders offering mortgage or remortgage products is significantly smaller than it was in its heyday. People in the UK searching for mortgage deals have had a tough time post crush with a reduced number of lenders, changing interest rates and the fact that those lenders still in the market have tightened their purse strings. Lenders cautious and less willing to take risks when lending have hurt the chances of first time buyers. Bank rate changes have also affected numbers for remortgages too.Remortgages make up half of all the mortgages taken out in the UK. Despite the changes over the last 2 years there are still savings available for those seeking remortgages
Financial Brokers in Blackburn
Nationwide Asset Finance Ltd
Kingfisher Centre, Burnley Road, ROSSENDALE, BB4 8EQ
Financial Brokers in Blackburn
A S C Lancashire & Cumbria
57 Bank Parade, BURNLEY, BB11 1UG
Financial Brokers in Blackburn
A S C Finance for Business
57 Bank Parade, Burnley, BB11 1UG
Financial Brokers in Blackburn
AMW Finance
Glenfield Park One, Unit 115/116, Philips Rd, Blackburn -
Cheap Remortgage Blackburn -
20 Knowsley Rd, Wilpshire, Blackburn
ASC Finance for Business -
57 Bank PArade, Burnley -
Ocean Finance launches dedicated TV channel - Brand Republic News ...
16 Sep 2008 ... Ocean Finance launches dedicated TV channel - Brand Republic News. Read Ocean Finance launches dedicated TV channel and other marketing news ...www.brandrepublic.com/News/846412/Ocean-Finance-launches-dedicated-TV-channel/ -
Monday, 18 May 2009
What is a Finance Broker
A broker who arranges finance. A broker is a party that mediates between a buyer and a seller. A broker who also acts as a seller or as a buyer becomes a party to the deal
Fisa To Stop Trading
The current economic slowdown and subsequent recession has claimed several victims over the past year, particularly in the finance sector and amongst companies who offer secured loans, with the lenders such as Picture Loans & First Plus stoping lending and many others restricting there lending criteria.
The latest organisation to feel the effects of the credit crunch is the Finance Industry Standards Association (FISA), the self regulating body which was set up to promote higher standards amongst secured loan brokers and intermediaries within the finance industry, as well as offering an advice service to consumers.
In an announcement this week, FISA said that it was being forced to close down its business activities as from the middle of April this year, as a “direct consequence” of the difficult market conditions within the secured loan sector. As the number of secured loan brokers and intermediaries has fallen over recent months due to firms closing down, so has the number of FISA members and the FISA board have said that there are no realistically viable options for the organisation to be able to continue trading.
Finance Brokers
A finance broker is a company who help consumers arrange finance usually via a loan or remortgage, Finance Brokers usually have a panel of lenders and will examine their panel to find a loan for their client.
The chief executive of FISA, John Parker commented on the decision. He said “It is a direct consequence of the extremely tough lending conditions which has meant that there are not as many lenders lending and the number of brokers in existence is reducing severely. As all FISA does is work in the secured loan sector, obviously the severe reduction in the number of firms has had a direct impact on our revenue. The board has looked at a number of options to see whether we could carry on operating and still provide a meaningful service to members, but really none of the options were viable.
Mr Parker also said that it was important that the work FISA did to promote better standards in the secured loan sector continued and this work will now be taken over by the Association of Finance Brokers (AFB), who have offered any secured loan brokers who are already existing FISA members, six months free membership of the AFB.
The latest organisation to feel the effects of the credit crunch is the Finance Industry Standards Association (FISA), the self regulating body which was set up to promote higher standards amongst secured loan brokers and intermediaries within the finance industry, as well as offering an advice service to consumers.
In an announcement this week, FISA said that it was being forced to close down its business activities as from the middle of April this year, as a “direct consequence” of the difficult market conditions within the secured loan sector. As the number of secured loan brokers and intermediaries has fallen over recent months due to firms closing down, so has the number of FISA members and the FISA board have said that there are no realistically viable options for the organisation to be able to continue trading.
Finance Brokers
A finance broker is a company who help consumers arrange finance usually via a loan or remortgage, Finance Brokers usually have a panel of lenders and will examine their panel to find a loan for their client.
The chief executive of FISA, John Parker commented on the decision. He said “It is a direct consequence of the extremely tough lending conditions which has meant that there are not as many lenders lending and the number of brokers in existence is reducing severely. As all FISA does is work in the secured loan sector, obviously the severe reduction in the number of firms has had a direct impact on our revenue. The board has looked at a number of options to see whether we could carry on operating and still provide a meaningful service to members, but really none of the options were viable.
Mr Parker also said that it was important that the work FISA did to promote better standards in the secured loan sector continued and this work will now be taken over by the Association of Finance Brokers (AFB), who have offered any secured loan brokers who are already existing FISA members, six months free membership of the AFB.
Tuesday, 12 May 2009
MPs' Expenses: John Gummer claimed £36,000 for gardening and mole-hunting at his estate
Former Environment Minister John Gummer claimed more than £9,000 a year in gardening expenses over a four-year period – including £100 to rid his lawn of moles in one year alone.
The senior Tory claimed hundreds of pounds to tackle wildlife on his Suffolk country home, with bills to remove jackdaw nests, combat insect infestations and an annual ‘rodent service’ contract.
His claims make a mockery of Commons rules which state that an MP should only recoup costs essential to their parliamentary duties.
Mr Gummer claimed close to the maximum Additional Costs Allowance every year – but leaked correspondence from the Commons Fees Office published last night show he was less than meticulous in submitting receipts to support his expenses claims.
In one letter, he admitted that he drew up some paperwork himself, saying he had to ‘create receipts from the people who work for us in Suffolk as we have not previously had any such system’.
The senior Tory claimed hundreds of pounds to tackle wildlife on his Suffolk country home, with bills to remove jackdaw nests, combat insect infestations and an annual ‘rodent service’ contract.
His claims make a mockery of Commons rules which state that an MP should only recoup costs essential to their parliamentary duties.
Mr Gummer claimed close to the maximum Additional Costs Allowance every year – but leaked correspondence from the Commons Fees Office published last night show he was less than meticulous in submitting receipts to support his expenses claims.
In one letter, he admitted that he drew up some paperwork himself, saying he had to ‘create receipts from the people who work for us in Suffolk as we have not previously had any such system’.
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