Remortgages for primary residence residential property
As in most parts of the UK property prices have recovered back to the 2007 highs or higher, a remortgage can be an attractive option for some people who may want to release some equity or get a better rate.
If you want to take a long term view and be defensive, a five year fixed rate remortgage could prove to be very prudent as it offers a lot of certainties.
If you damage your credit history around the recession it’s likely now your bad credit has disappeared from your credit file and now could be a good time to refinance your entire mortgage and get rid of any expensive second charge loans or previous subprime mortgage.
While it is true that interest-only mortgages are rare, as long as you have affordability for a repayment mortgage there are some excellent tracker rates and fixed rates to be found.
Many prime lenders will accept self-employed people and salaried people, income from the state in the form of long term benefits and other entitlements.
Another common remortgage scenario is in the even to separation or divorce where one partner gets the family home as part of a settlement and they want to be the sole owner and sole guarantor of the mortgage.
If a couple has one person with good income and good credit, and the other person has a poor income and bad credit, a remortgage away from a sub-prime lender into a prime lender in the name of just the person with good income and good credit could save a significant amount of money over the term.
Interest only remortgages
If you believe in the strength of the UK property market, an interest-only mortgage will allow you to get a more expensive house for the same monthly payment. As long as your willing to accept the risk of not having the enforced savings program where you will eventually own your home, the interest only option may suit your needs.
A remortgage for bad credit can take a small amount of time if you have all your proofs of income ready and your home is a standard construction.
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