In the UK remortgage has become very popular. While spending a large amount to pay a high interest rate on the present mortgage, one can change this situation by opting for remortgage. With remortgage, one can replace his present mortgage with a new one that is available at a lower interest rate.
By comparing various remortgage quotes UK, one can get a better deal. UK remortgage provides a borrower the option to bring down the monthly installments of the mortgage loan by availing the lower interest rates. UK remortgage works as a debt consolidation plan because the numerous debts can be consolidated into one and then this debt can be handled easily.
There is a trend among the home-loan borrowers to use the remortgage option to stabilize the debts. In UK, remortgage is a favorite of the borrowers. This is a process in which the borrower opts for a new mortgage loan to clear the dues of the first mortgage.
The new mortgage usually comes with a lower interest rate than the old one. In this way the borrower can save a good amount of money from his monthly installments.
The sophisticated UK mortgage market is one of the best markets in the world. This market offers a wide range of remortgage loan products to the borrowers. The borrower needs to gather information on various remortgage plans and also about the remortgage loan lenders. This can provide the borrower some options and he or she can choose the best from those.
A mortgage broker can play a major role in the remortgage loan process. The mortgage brokers can provide the borrowers with all the necessary information and can suggest the perfect loan plan that would suit the profile of the borrower. Again, a borrower with bad credit history always needs a mortgage broker in order to avail the remortgage loan.
There are several fees which are applicable to the remortgage process in UK.
These fees are as follows:
Application fee: Generally remains around 300 and sometimes a bit more.
Solicitors fees: It may cost up to 400
Surveyor s valuation fees: It charges around 300
Paying off the old mortgage: It charges around 200
Broker s fee: It costs 1% of the remortgage loan amount
There are several remortgage loan lenders who pays all the charges, partly or completely, on behalf of the borrower but charges higher interest rates on the principal loan amount. Sometimes, some of these costs are added to the loan amount. This can bring initial relief for the borrower, but one must not forget that he or she is going to pay interest on the included money for the entire loan term.
Some of the remortgage providers in UK are:
Remortgages and loans 19 Tarrant Road, Muscliff, Bournemouth, BH9 3PX
Best 4 Loans Ltd 3rd Floor Dale House Tiviot Da, STOCKPORT, Cheshire, SK1 1TB
Best Advice Financial Solutions 204 Stockport Road, Altrincham, Cheshire, WA15 7UA 0800 019 0659
First Step Loans & Mortgages 1st Floor Office, 3 Wigan Road, Westhoughton , Bolton, Lancashire, BL5 3RD 0800 028 5589
Home Loans Made Easy 379 Southchurch Road, Southend on Sea, Essex, SS1 2PQ 01702 316304
Last Updated on : 24th August 2013