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Welcome to myremortgage.blogspot.com

If you are looking for a remortgage then this site should help your search much easier. You can discover what is a remortgage, , Fast remortgage, Adverse remortgage , , IVA Remortgage, Remortgage Repossession,Poor Credit Remortgage, a glossary covering remortgage jargon,Purpose of Remortgage, how the process works and Remortgage FAQ's.

Everything you need at your finger tips...

Remortgage to save money
Whether you have a similar remortgage but at a better rate or swap from a fixed rate to a tracker you can save on monthly repayments helping to release monthly cashflow.

Remortgage to pay off your loan earlier
You could pay off your mortgage sooner by getting a far lower interest rate remortgage so paying back more of the debt than the interest.

Remortgage to raise money
Release equity in your home by borrowing more over an extended period helping to pay for home improvements or new extension because it can be cheaper to extend than move home.

Remortgage to consolidate debts
Use a remortgage to cut your monthly debt repayments considerably by consolidating or combining your credit card, personal loans and other debt into one manageable monthly repayment.

What is a Remortgage

A Remortgage is when you change your mortgage without changing your home. A mortgage is simply a secured loan on property or land. By the nature of the mortgage market place the types of mortgage available are numerous.

Lenders have had to adapt to the needs of customers to ensure that there is a mortgage to suit everybody. If you have a mortgage on a property there is nothing to stop you looking for a better deal. You could find another mortgage that has a lower interest rate, this would inevitably save you money as it would reduce your monthly outgoings.

Although it’s much cheaper to remortgage than to agree a fresh mortgage, you may have to pay the following remortgage costs:

Valuation charge
Legal fees
Arrangement fee (to lender)
Broker fee
Early repayment charge

Even after these costs it is often cheaper to remortgage but you should calculate them before committing to remortgage.

If you have had your current mortgage for a while then the odds are that your property has risen in value. This rise in the value of your property means that you could remortgage in order to release some of the equity you now have in the property.

For example if you had a mortgage on a property worth £100,000 five years ago then it could be worth £150,000 now if the market has moved in your favor. If you have added an extension or say converted the loft then you would have added value to your home. You could then remortgage your home for more than the £100,000.The process of paying off one mortgage with the proceeds from a new mortgage using the same property as security

It is always important to remember that each individual's and circumstances are different, so your decision should be based on the above factors as well as the benefits of each financial product.

Fast Remortgage

We have assisted many borrowers in their pursuit of a fast remortgage service. By offering a quick and efficient service coupled with a no nonsense work ethic, we have developed a strong reputation within the industry for a fast remortgage service.

We would be delighted to assist you with whatever you are looking to achieve. If you feel from past experience that locating a finance company to offer you a fast and efficient service is an impossible task - then why not enquire to Adderson & Co. today to see how we could assist you?
Many requests for a fast remortgage service are driven by the need for a quick injection of finance. There may be the need to complete some half finished home improvements, or the need to consolidate some pressing debts, or even take advantage of a new business opportunity - We understand that speed of service is the key to customer satisfaction.

From an applicant applying for a quick remortgage, to a mortgage broker arranging the mortgage; the speed of service is all important.

Our fast remortgage service is achieved by keeping a close relationship with our select panel of mortgage brokers and lenders coupled with a wealth of knowledge and experience of the mortgage market.

We can help to arrange a quick remortgage service for many different types of borrower. At Adderson & Co. we will look at every case on its individual merits, even if you have been declined for a remortgage in the past due to a poor credit record or an insufficient proof of income.

Adverse Remortgages

An adverse remortgage may be arranged on behalf of those UK homeowners who have some form of adverse credit. Perhaps you are looking to raise some additional finance, or just simply secure a more competitive rate of interest on your mortgage - an adverse remortgage could offer you the financial solution to your requirements.

High Street mortgage lenders have long been the home of prime lending and as such, many would be very reluctant to consider an application for an adverse remortgage.
There are many benefits that can be achieved by arranging an adverse remortgage - These benefits go beyond simply arranging a more attractive rate of interest, it can also offer you the opportunity to reassess your personal and financial circumstances. Perhaps you are looking to raise money in order to consolidate existing credit? Raise money for home improvements? Or buy a new car? Subject to sufficient equity within your property, this is all possible! Even if you have a poor credit rating, you could still qualify for a remortgage with adverse credit.

We will arrange for a mortgage advisor to compare a range of suitable mortgage products from across all the major adverse remortgage companies. They promise to look beyond just simply the interest rates on offer - they will also look to tackle the terms and conditions in order to find the most suitable benefits to match your requirements. There are no interviews involved and they can provide a quick decision in principle from all of their lenders.
Whether you have had CCJs, defaults, mortgage arrears, rental arrears, IVAs, or even a previous bankruptcy or property repossession; Adderson & Co. can still help to secure adverse remortgages.

IVA Remortgage

Individual voluntary arrangements (IVAs) are formal arrangements made between a borrower and his or her creditors. An agreement is made for the borrower to make reduced payments towards the total amount of their debt in order to pay off a percentage of what they owe. In most cases, the debt will usually be classed as settled after 5 years.

If you have had an IVA in the past, or even if you currently have an arrangement in place, At Adderson & Co. we can help you in your search for the most competitive IVA remortgage. In some cases the IVA may place conditions on the subsequent raising of any funds from a remortgage however it is still necessary to be paying the most competitive rates on your mortgage.

Finding the best rates available for an IVA remortgage is a simple process through Adderson & Co. We work alongside a select panel of specialist mortgage brokers and lenders alike in order to source the very best deals aroundThe rates for an IVA remortgage will be based on your circumstances as a whole – your income, available equity, credit history and so on. Enquire today to see what we have on offer for you. At Adderson & Co. we will initiate contact in order to assess your details along with what you are looking to achieve.

Remortgage Repossession

One of the harshest consequences of failing to pay your mortgage on time is that of your lender taking possession of your property. Unfortunately, this is not a myth and the process of repossession is a legal remedy that the lender WILL exercise in the event of a mortgage default - This applies to both a first and a second charge mortgage.

If you are being threatened with a repossession order from your lender then now is the time to take action.

If you feel as though the time is right to switch lenders, by approaching a specialist mortgage broker it may be possible to arrange a repossession remortgage in order to wipe clean the mortgage arrears and prevent any subsequent Court intervention.
Whatever stage of repossession you currently find yourself in, it may be possible to move your mortgage by utilising the available equity to pay off any arrears and charges.
Even if your case has already gone to the County Court, we can still help! We specialise in stopping a possession order and helping you to find a suitable remortgage repossession in order to start afresh with a new lender.

Time is a key factor when dealing with a reposession case. The more time we have to act, the more action we can take to rectify the situation. Action is required today if you are worried about losing your home!

Our number one priority is to help you keep the rights of ownership over your property. We will make sure that we do everything in our power to prevent your home becoming repossessed! Take action now and apply for a remortgage repossession!

Poor Credit Remortgage

At Adderson & Co. they can assist you with any type of poor credit remortgage you require - Whether you are looking for a fixed rate, discounted rate or capped rate - anything is achievable.

Having a poor credit record can be caused by a number of different factors; these will include mortgage arrears, defaults, CCJs, IVAs and a discharged bankruptcy. Most mortgage lenders will require a thorough credit search to be carried out before an application is made in order to ascertain which products will best suit your needs - many of these adverse credit factors will nearly always be highlighted subsequent to a full credit search being carried out.
If you have poor credit then it is highly likely that you may have been refused from one of the mainstream High Street lenders in the past. A previous mortgage refusal does not of course mean that all future applications will result in the same response. Subject to status, it is now very possible to be able to secure a poor credit remortgage on competitive terms regardless of any previous application refusal.

Adderson & Co. specialise in assisting borrowers in their search for the most competitive poor credit remortgage. Borrowers should be aware that in most cases, a higher rate of interest is applied to a poor credit remortgage as this is intended to reflect the increased lending risk involved - compared to prime mortgage lending.
In today's mortgage market, with the emergence of a large number of specialist lenders, the rates for a poor credit remortgage have become evermore competitive - great news for many borrowers!
Enquire today to find out what great rates are on offer. A mortgage advisor will be more than delighted to assess you details and source a suitable product.

Remortgage Glossary

Don't be baffled by all the finance jargon to do with Remortgages. The list below contains defintion to many of the commonly used:

Adverse Credit
This term is used to describe Credit Problems due to a poor credit history. CCJ's, Mortgage Arrears and other credit debt repayment problems leads to Adverse Credit. When used to describe: Adverse Credit Mortgages or Adverse Credit Loans they mean Mortgages or Loans for people with Credit Problems or Poor Credit Rating Mortgages

APR
APR or Annual Percentage Rate takes into account the amount of interest you will pay and the term of the mortgage. So the higher the APR the more you will pay, the lower the APR, the less you pay.

Arrangement Fees
Lenders are known to charge arrangement fees or fees for setting up your mortgage to cover any work involved in arranging your mortgage. These fees are usually added to your mortgage.

Capped Rate Mortgages
An interest rate that is set for anything from a few months to several years. This means that if the interest rate went up above the set limit you wouldn't pay any more with a Capped Rate Mortgage. However, unlike a fixed rate your interest rate can go down. The lenders make their money by locking you into a capped rate mortgage for a minimum limited period and may include a penalty clause if you try to swap.

Capital and Interest Mortgage
More commonly known as a repayment mortgage your monthly mortgage repayments to your lender covers the capital, the actual money you borrowed, and the interest the lender charges you for borrowing the money.

CCJ or County Court Judgment
If you have not made payment on any debt you have then you will be taken to Crown Court. If the debt isn't satisfied then a decision or judgment made in the County Court, normally for the non-payment of that debt will be registered on your credit file as a CCJ. If the debt is paid or satisfied and a satisfaction certificate obtained it will be noted on your credit file.

Defaults
If you have defaulted on a loan or mortgage it means that you are more than 30 days behind the date your repayment was due. This will be marked on your credit record and would lead to a CCJ if no payment was received or received very late.

Deposit
The amount of money you put towards the purchase of the property. Most lenders will require at least 10% deposit of the purchasing price. However some lenders will lend 100% or more but only to Status Applications with no credit history.

Discounted Rate Mortgage
This means interest charged on a mortgage is at the variable base rate and applies to the mortgage, less a discount for a set period. This means the rate and so your monthly repayment will go up or down depending on the variable base rate changes. This will remain until the end of the discounted rate period. These type of mortgages tend to lock you into the discount rate mortgage for a minimum limited period and may include a penalty clause if you try to swap.

Early Redemption Fee
This is often associated with fixed, capped or cash-back mortgages. If pay off your mortgage early or want to changes lenders then you may be charged a fee. The lender gives you a package with benefits but you must keep the mortgage with them for a minimum length of time. Some mortgages don't have any early redemption penalties.

Endowment
An Endowment Mortgage is savings based mortgage with life assurance. Part of your repayment pays the interest only and the other is invested by the lender. These were designed to allow you to pay a smaller monthly premium. At the end of the policy your invested amount should be enough to pay off the balance of your mortgage. However current Endowment Mortgage Policy Holders have been notified that the final invested amount is unlikely to cover the final balance of their mortgage.

Equity
This is the difference between the amount you owe on your current mortgage and the current value of your property. This amount can be used in a remortgage to allow money for home improvements, a new car, holiday of a lifetime or reduce your monthly premiums.

Exchange of Contracts
The contracts are exchanged between the buyer's and seller's solicitors. Both parties are now legally bound to the sale and purchase of the properties.

First Time Buyer
If you are after your first home and so your first mortgage, you are classed as a first time buyer. There are first time buyer mortgages available aimed at buyers new to the market.

Fixed Rate Mortgage
This is what it says. A fixed interest rate set for an agreed period of time. If the interest rates went really high then you don't pay a higher interest rate. However you don't pay any less if the interest rates go really low on a fixed rate mortgage.

Flexible Mortgage
This type of mortgage allows flexibility of repayments. Normally, a borrower will be allowed to overpay, underpay, take payment holidays. You can sometimes offset savings against the mortgage to help with payments. Certain flexible mortgages will offer daily interest rates so any overpayment will show benefits straight away.

Joint Application
A Joint Application is a Loan or Mortgage application by two people or applicants. This is sometimes called a dual application.By applying jointly you can increase the amount you borrow because both applicants credit history and earnings are taken in to consideration.

Local Authority
SearchWhen you buy a property the conveyancing process is carried out by your conveyancer, usually a solicitor. This search is based on your local council's services may affect the property. Such as proposed road improvements, and details of any planning permission given for the property or nearby property.

LTV
This term is used to describe the Loan to Value. The size of the mortgage you require compared to the value of the property. A £80,000 mortgage on a house valued at £92,000 would mean a LTV of 85%. You would then require a 15% deposit.

Mortgage Deed
This is the legal document establishing that you have a mortgage on your home or property.

Mortgage Term
The length of time in years which you take out to pay back your mortgage. Most commonly people take out a term of 25 years but it could be 5 years if you borrowed a small amount.

Negative Equity
This means the value of your property is lower than the amount you owe on your mortgage or secured on it. This will be a problem if you want to move or maybe considering either a Online Personal Remortgage.

Remortgage
A remortgage is a new mortgage with arranged through a different lender. You use this by getting a new mortgage on your house. The difference between what you have already paid of your last mortgage and the current value is classed as equity in your property. You can have a new mortgage on your existing home either the same size and have a lower repayment or make it bigger and have funds for home improvements or a holiday.

Repayment Mortgage
Sometimes called a Capital and Interest Mortgage. Your monthly mortgage repayments to your lender covers the capital, the actual money you borrowed, and the interest the lender charges you for borrowing the money.

Right to Buy Mortgage
If you have lived in a Council Property for a number of years you have the right to buy that property. The council give you a discount to buy the property. I can get you the mortgage. For how much longer councils will let you do this is a political agenda.

Self Certification Mortgage
The lender relies on you to certify your income and will not check to confirm this with an employer. If you are self employed and have less than 3 years accounts then you would need a Self Certification Mortgage. It is also called a Self Cert Mortgage and Self Certified Mortgage.
Self Employed Mortgage
Being self employed can make it harder to get a mortgage. If you are lucky you could be certified with over 3 years accounts but if you have less than 3 years accounts then you are classed as Self Certified (see above).

Stamp Duty
A Government tax you have to pay on the purchase price of any property with a value of £100,000 or more.

Valuation Report
Lenders arrange a valuation to find out the value of the property you require the mortgage on. They will ascertain if the agreed asking price is above or below the value and lend on the lowest of the two figures.

Variable Rate Mortgage
A variable base rate is a level of interest charged by lenders that depending on current market conditions can go up or down. So your interest rate on your mortgage could be within your budget and then if the market changes the interest rate could rise stretching finances. The best tactic is not to borrow to your limit but at a level that you can cope with fluctuations in interest rates.

Any Purpose Remortgage

You can use the released equity from a Remortgage for any purpose. Here are just a few uses Remortgages have been used for.

Home Improvements
Moving home has become so expensive, it's often cheaper to stay where you are and extend. Add a conservatory, new extension, new kitchen or bathroom, double glazing, garden landscaping or decorate from top to bottom.

Debt Consolidation
Why struggle with different loans when you can pay them all off in one go with and you could find yourself with more money in your pocket every month.

New Car, Caravan, Motorbike, Boat or Holiday
Why wait? If you want a faster car, bigger car or you dream of a family holiday abroad or in a new caravan then remember, interest rates are still low - so this is the best time to buy!

Wedding Loans
If a full white wedding is your dream then remember on average it costs about £10,000 to £15,000.

Funerals
It's hard to save up for some things, especially something unexpected like a funeral and with costs usually over £3,000.

Remortgage process

Re-mortgaging, just like a mortgage, can be time consuming to arrange and potentially difficult to understand. We think breaking the process down into 4 small steps should help you understand re-mortgaging better.

Remortgaging may involve getting a better deal from your current lender, or it may mean changing lenders if a rival is offering a more competitive rate. The remortgage usually will involve a fresh survey of the property taking place, and an updated valuation of the property, which will take into account any changes in value due to home improvements, or due to fluctuations in the local or national property market.

Step1: Mortgage Penalties
Contact your mortgage lender and inform them that a home re-mortgage is being considered, they may offer a better deal to stay with them. Find out if there are any early redemption penalties, these are sometimes called early repayment charges. How much will you have to pay out in any redemption penalties? Hopefully there will be no redemption penalties, but these will be recouped over time. Calculate how much your current mortgage costs over 1 year, including any penalties.

Step2: Locating a New Mortgage
The next step in re-mortgaging is to find a new mortgage, you want smaller monthly repayments and extra flexibility if you require it. There are plenty of companies and web sites online that you can use, but you could be turned away if you have problem credit.The Grabber has provided a form to help with your re-mortgaging, it is easy to complete and you aren't turned away for having less than perfect credit ratings. You can use the competitive, no obligation quote to compare against your existing lender to see if it could save you money. Calculate how much the new mortgage costs over a 1 year period.

Step3: Re-mortgage Fees
Ask the new mortgage lenders if any legal, valuation or registration fees are involved in the new mortgage. Any costs involved will be recouped over time but some companies may even waive the fees as part of their marketing gimmicks. Add these fees to the new mortgage costs over the 1 year period.

Step4: Savings versus Fees
Compare the cost of your current mortgage including any fees involved, against the cost of the new mortgage including any fees. Ideally the re mortgage should save you money straight away over the 1 year period. With costs involved it may take some time to recoup this initial layout, but annually you should be looking at making a saving. It is possible that you may have to compare differences over a 2 year period before you begin to see savings but the length of time over which you are willing to wait will depend on your personal preference and your circumstances.

On top of redemption fees, most lenders charge a sealing fee and/or a fee for releasing the deeds, which can add up to around another £100. The total legal costs should be much lower than when you bought the property, as there are no contracts to prepare and there is no stamp duty to pay. However, you should still budget to spend £300-£500, unless your new deal comes with the legal costs paid by the mortgage company.

Re-mortgaging
Re mortgaging, should save you money perhaps not straight away, but within a short span of time. A re-mortgage on the home is a large investment, so you should make sure to be certain before accepting and signing any paperwork on the mortgage. Once the paperwork or contracts have been signed they become legally binding.

FAQ'S

a) Do you charge for arranging my mortgage ?
No, we do not charge any fees. We are paid a fee by the mortgage provider and full details of that fee are provided to you in writing before we arrange your mortgage.

b) Does it cost me to get mortgage advice ?
No. Any advice that we provide customers is free and is given in good faith on the basis that if you are happy with the advice then you will ask us to arrange your mortgage.

c) Do I have to take insurance to get a mortgage ?
The only insurance you require to take is house buildings insurance. The other insurances that are associated with a mortgage are there for your protection. You need to decide if they are appropriate in your circumstances.

d) Can I get a mortgage if I have a bad credit record ?
There are a number of specialist lenders that we deal with who may be able to help.

e) Are you tied to one or a panel of lenders ?
As independent mortgage advisers we can deal with any lender and will guide you to pick the lender that best suits your circumstances.

f) What does it cost to arrange a mortgage ?
It is not so much what you see as what you don’t see. There are a number of expenses involved from survey and legal fees to arrangement fees and lenders mortgage charges. We will go through all the cost in detail when we meet so that you do not get any surprises.

g) Do we have to see you at your office during the day ?
No, where possible we will arrange to see you at a time and place that suits you.