Remortgaging Frequently Asked Questions in 2024

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How Do Re-mortgages Release Equity?

The more payments you make to your mortgage, the more ownership you have. Until your mortgage is fully paid, it’s jointly owned between you and your lender. The more you pay, the more you own.

Until you do, it’s shared ownership. Your share is the total amount you’ve paid towards your mortgage, which is known as your home equity. The more you own, the more you can sell that back to your lender to release cash based on what you’ve already paid.

Who Offers 95% Remortgages?

​Quite A List…

• Aldermore
• Bank of Ireland
• Bank of Scotland
• Barclays
• Bath Building Society
• Cambridge Building Society
• Chelsea Building Society
• Cheltenham and Gloucester
• Chorley Building Society
• Clydesdale Bank
• Cumberland Building Society
• Danske Bank
• Darlington Building Society
• Family Building Society
• First Trust Bank
• Furness Building Society
• Halifax
• Hanley Economic Building Society
• Hinckley and Rugby Building Society
• HSBC
• Ipswich Building Society
• Leeds Building Society
• Lloyds Bank
• Loughborough Building Society
• Mansfield Building Society
• Melton Building Society
• Monmouthshire Building Society
• Nationwide
• NatWest
• Newbury Building Society
• Newcastle Building Society
• Norwich and Peterborough Building Society
• Penrith Building Society
• Post Office
• Principality Building Society
• Royal Bank of Scotland
• Saffron Building Society
• Santander
• Teachers Building Society
• Tesco Bank
• Tipton & Coseley Building Society
• TSB
• Ulster Bank
• Vernon Building Society
• Virgin Money
• Yorkshire Bank
• Yorkshire Building Society

​Who Offers 90% Remortgages?

• Airdrie Savings Bank
• Aldermore
• Bank of Ireland
• Barclays
• Bath Building Society
• Cambridge Building Society
• Chelsea Building Society
• Chorley Building Society
• Clydesdale Bank
• Coventry Building Society
• Cumberland Building Society
• Danske Bank
• Darlington Building Society
• Family Building Society
• First Direct
• First Trust Bank
• Furness Building Society
• Halifax
• Hinckley and Rugby Building Society
• HSBC
• Ipswich Building Society
• Leeds Building Society
• Leek United Building Society
• Mansfield Building Society
• Marsden Building Society
• Melton Building Society
• Monmouthshire Building Society
• Nationwide
• NatWest
• Norwich and Peterborough Building Society
• Post Office
• Principality
• Progressive Building Society
• Royal Bank of Scotland
• Saffron Building Society
• Santander
• Skipton Building Society
• Tesco Bank
• The Co-Operative Bank
• The Loughborough Building Society
• The Mortgage Works
• The West Brom
• Tipton and Coseley Building Society
• TSB
• Ulster Bank
• Virgin Money
• Yorkshire Bank
• Yorkshire Building Society

Other Useful Guides:

• 2018 Remortgage Industry Report
• ​Options For Pensioners 65-85
• ​Zero Hour Contract Finance
• ​Government Mortgage Schemes
• ​Leasehold Property Good Or Bad?
• ​Near Prime Or Sub-Prime Borrowing
• ​No Credit History of Property Purchasing
• How To Get An Application Approved
• ​How To Repair Your Credit
• Credit Refinancing Post Divorce
• ​Remortgage Without The Risk
• ​Funding Lending Scheme Mortgages

​When Remortgaging Do I Need A Solicitor?

​Yes. Your existing lender will need to forward your Title Deeds over to your solicitor. They are required in all remortgages. However, some lenders may offer to cover your legal fees.

This does not mean it’s free though. It just means the legal fees are added to your total cost of remortgaging. It will be possible to take a non-legal deal with a lender by arranging for your own solicitor.

When remortgaging who values your house?

It is the lender. This is done to ensure the property is adequate security to cover the amount of borrowed they loan.

Why remortgage your home?

It can be to save money, for home improvement, debt consolidation, and/or as a fast way of raising capital for anything. However, NEVER tell a lender you’re raising capital to start a new business. They will sweat and reject your application because it’s venturing into the unknown. They’d rather give you the cash to splash on a caravan than invest in anything they consider risky, including buying shares and investing in any way.

Why should I remortgage now?

The Bank of England cut the base rate on 4th August 2017 to a historic low of 0.25% down from 0.5% – The lowest rate it’s ever been. That should see base rate tracker mortgages drop.

If your mortgage is on a fixed-term promotional interest rate that is not a base rate tracked and is due to end in the next 14 weeks, you’re likely to find yourself put on a standard variable rate (SVR) that’s likely to be higher than what’s available on the market.

Can I remortgage without a survey?

Highly unlikely because lenders need to know that if you fail to pay, your property is worth what they’re lending you. There’s good news, though, and that’s that most lenders pay the survey fee. It’s a property valuation report for the sole purposes of the lender’s security. There isn’t a structural survey involved. If for some reason the lender doesn’t cover the survey cost, it’s usually no higher than £400.

Can I remortgage without equity?

Yes, but it will be extremely difficult. Most lenders do not want to lend more than they know they can sell your property if you default on payments and they need to repossess.

Are remortgages with defaults possible?

Yes. Expect to require a specialist provider with no higher than 90% equity.

Can I remortgage without a deposit?

Not unless you want to. The equity you’ve built in your home by making payments on your existing mortgage is your deposit. You may want to pay a lump sum to take a smaller mortgage out, thus increasing your Loan-to-Value for a better interest rate.

Can you remortgage with shared ownership?

Yes. It’s the same process as a standard remortgage, but there are fewer providers, so you’ll need a specialist one. Lenders for remortgaging with shared ownership include:

• HSBC
• Nationwide
• Barclays
• Halifax

Can you remortgage without permission?

Shared Ownership Remortgaging must be done only with the permission of everyone with a financial interest in the property. All housing associations will have their own policies and procedures for remortgaging, with the majority requiring written permission with full details of the mortgage offer.

Frequently asked questions for UK homeowner loan applications in 2024

When you are considering homeowner loans for bad credit, people have lots of questions:

• Are there any redemption penalties?
• Will my personal bank account need to be data mined with the open banking system?
• How long will I need to have been in my job?

Yorkshire Building Society Remortgage Options

Before signing up for a Yorkshire Building Society remortgage, you could consider cheap houses for sale outside London instead of an expensive home inside the m25.

Understanding Homeowner Loans, RIO Mortgages, and Retirement Interest Only Mortgages

Navigating the complex world of mortgages and loans can often be challenging, particularly as one approaches retirement. Homeowners in the UK have many options, from traditional homeowner loans to RIO mortgages and retirement interest-only mortgages. This guide will shed light on these financial instruments, assisting homeowners in making informed decisions that best suit their needs.

Fixed Rate Loans
For homeowners seeking a consistent repayment structure without fearing fluctuating interest rates, fixed-rate loans uk may be the ideal solution.

With a predetermined interest rate that remains unchanged for the term’s duration, borrowers can budget effectively, knowing their repayments will remain steady throughout the loan’s life.

Homeowner Loans
Homeowner loans, called second-charge mortgages, allow homeowners to borrow money using their property as collateral. These types of loans are typically sought after when homeowners wish to consolidate debts, make home improvements, or need a large sum of money for a significant expenditure. Unlike unsecured loans, homeowner loans often offer more significant sums, with repayment terms that can extend for several years.

Retirement Interest Only (RIO) Mortgages
RIO mortgages, a relatively new addition to the mortgage landscape, are designed for older homeowners, typically those in retirement. Different from traditional mortgages, RIOs require borrowers only to pay the interest monthly. The capital is then repaid when the property is sold, usually when the homeowner moves into care or upon their passing. This setup offers older homeowners a way to access funds without the burden of monthly capital repayments.

Remortgages For Over 55S
For those over the age of 55 but not quite ready for an RIO mortgage, there are options like over 70 mortgage, which cater to those in the latter stages of their mortgage lifecycle. This allows older homeowners to potentially reduce their monthly payments or unlock equity in their property.

United Trust Bank Loans
If you’re looking into various lending institutions, it’s worth noting that there are lenders like United Trust Bank that have built a reputation for providing diverse loan options. From homeowner loans to second-charge mortgages, believe loans reviews suggest that tailored solutions are available to cater to unique needs.

Best Mortgages For Over 60S
Age need not be a barrier to securing a mortgage. With offerings like the mortgage for over 70s, older homeowners can find tailored solutions that account for their age, retirement status, and income streams.

Cheapest Remortgage Rates
In a constantly shifting economic landscape, it’s always beneficial to be on the lookout for the lowest remortgage rates uk. By remortgaging at a lower rate, homeowners can save thousands over the term of their loan, making it a financially savvy move for those wishing to optimise their monthly outgoings.

Can I Release Equity From My House Under 55?
A common query among homeowners is the potential to release equity before reaching the age of 55. Fortunately, options like equity release under 55 cater to this demographic, allowing younger homeowners to tap into the value of their homes without waiting until the traditional retirement age.