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Re-Mortgages

Re-mortgaging seems very daunting for many, however the process can simply involve finding a better deal for you, maybe saving money or reducing the term - we have all the attributes to enable you to find the best mortgage.

Re-mortgage explained

Well, simply put, a mortgage is a loan secured against the property. It is an agreement to borrow money in order to buy a property, with the property belonging to the lender until it has been repaid. This will be done over an agreed time period, together with the added interest.

Once repaid, the property then belongs to the borrower.

At Penny Mortgages, we offer advice on mortgages from the whole of the market place and are not restricted, or limited, to particular lenders. Being an independent soul trader gives our clients a wider choice of lenders and access to exclusive deals not necessarily available on the high street. We are also able to offer secure loans and other alternatives.

Image by John Schnobrich

It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APR, you must take into consideration the facts that:

  • The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.

  • If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

  • Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

  • Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.

  • You may have to pay an early repayment charge to your existing lender if you re-mortgage.

Image by Alexei Scutari

How we can help

At Penny Mortgages we will take the hassle out of comparing new mortgage deals for you when looking to move to a new lender. Application fees or booking fees vary between lenders amongst the extensive range of mortgages we have access to, some of these products offer Free Legal Services and a Free Valuation.

When using our remortgage service we also deal with your application from day one right up until your new mortgage completes, liaising directly with the lender and reducing the time and hassle for yourself.

Contact us today to discuss your remortgage requirements further.

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