If, under the Rehabilitation of Offenders Act 1974, your conviction is spent, you are not obliged to disclose anything about historical cautions or convictions. This means lenders will not be able to take them into consideration. With unspent convictions, you will have to declare it if asked. Think Plutus can walk you through this and show you the options available to you. Once again, there will be different requirements from different lenders.
Deals will vary and what’s best for someone else might not suit you – and vice-versa. In today’s competitive market, many borrowers choose to switch their 物業轉按 every few years to take advantage of the new rates on offer. But, if the surveyor disagrees with your valuation and instead decides your home is only worth £200k, this reduces your equity to £50k. Moving to a new house without selling your existing property is certainly possible.
In this guide, we go through how it works and when you should – and shouldn’t remortgage. One of the biggest reasons people look to remortgage their home is to provide themselves with sufficient cash-flow in order to carry out an extension. Once you’ve got an idea of your property’s value, punch that number into our remortgage calculator and see how much you could save. A down valuation can be particularly annoying if you’re remortgaging to unlock some of the money tied up in your property for home improvements or renovations. First of all, you have to consider what you expect interest rates to do.
But, moving is still treated as a new mortgage application so you will need to meet the lender’s affordability checks and other criteria to be approved for the mortgage. Big changes in your life, planned or unexpected, could mean that your current mortgage no longer suits your needs. Whether you’re starting a family or expecting a significant change to your income, remortgaging gives you a chance to find a deal with us that’s a better fit for you now and in the future.
The remortgage deal you will get and how much you can borrow depends on the amount of equity you have in your property, and if mortgage lenders think you can afford the repayments. Most lenders now let you get an online Agreement in Principle . It’s a way to find out if a lender is willing to lend the amount you need, without a full credit check. You don’t need to choose a specific remortgage deal and it’s not a guarantee you’ll be approved for a remortgage – but it will help you understand your options.
If you are in the fortunate position to be able to do this, it can shave years off your mortgage term and save thousands of pounds in interest. Interest rates vs product fee- Understand the total remortgage costs, for example, taking into account a higher interest rate without a product fee vs a lower interest rate with a product fee. Just enter a few details into our mortgage calculator to find out how much your monthly repayments might be. It only takes a few minutes and it could help you decide how much you would like to borrow. In most cases, remortgaging an inherited property is not a problem. The probate will need to have been completed so that you are the undisputed legal owner of the property.
You can use remortgage calculators on lenders’ websites to see how much you might save on a different deal. Have the figures ready for how much is left to pay on your mortgage, what you currently pay monthly and what your property is worth, along with the initial rate term you are looking for. As well as cheaper interest rates or the chance to borrow more, remortgaging can also provide access to a more flexible mortgage deal. This could help you to repay your debt faster and save money in interest.