Fancy a Change ?
Need to borrow extra money?
Remortgaging could be one of the most cost effective ways to raise extra money and is often cheaper and quicker than applying fora secured loan.
Loans are available up to 125% of the value of your property but typically up to 95%. If you are unable to prove your income many lenders will consider loans up to 90% of your property value.
Want a cheaper interest rate?
If your introductory rate has finished with your current lender you could be paying too much for your mortgage. By switching to another lender you could take advantage of their introductory Fixed or Discount rate and maintain lower monthly payments for the new scheme period.
The new lender may charge you a fee for arranging the new mortgage and this should be weighed up against the monthly savings that may be achieved.
Need more flexibility or a credit facility?
Many lenders offer flexible schemes with a drawdown facility that could be used to fund deposits for buy to let schemes or a major home improvement project where you don’t require all the funds at the start. This means you could save money because your monthly payments will only increase when you draw down the additional funds.
These schemes offer interest calculated on a daily basis which means a lower monthly payment and interest savings as long as your payments are made on time.
Home Improvements
Instead of borrowing extra money from your existing lender often at a higher rate or borrowing additional money on a secured basis from a second charge lender you could borrow the whole amount from a new lender at one rate.This often means lower payments and better terms.
Debt consolidation
Many lenders will consider a mortgage for debt consolidation for the purpose of reducing your monthly outgoings.
This typical customer was paying £879.91 a month in credit repayments
Existing Typical Balance Repayment Monthly Total
Commitments APR Terms Payments Amount
Payable
-----------------------------------------------------------------------------------------------
Store 29.9% £1000 3% per month £30.00 £2,833.69
Card
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Car 20.7% £4,500 Over 36 months £164.94 £5937.95
Loan
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Unsecured 9.4% £14,000 Over 24 months £639.97 £15,359.32
Loan
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Credit 15.9% £1,500 3% per month £45.00 £2467.55
Card
------------------------------------------------------------------------------------------------Total £21,000 £879.91 £26,598.51
By remortgaging £21,000 on to a fixed rate of 5.28% for 120 months, with an APR of 7.7% this gives a monthly payment of £230.18 per month.
Thats a saving of £649.73!!!! per month
By repaying your borrowing over a longer term, your overall interest charges will increase. (total actual amount payable £28,718.65) Should you repay your mortgage early you could incur early redemption penalties.
Late Payments and credit problems
Whether you have mortgage arrears or late payments on loans and credit cards we could help.
Many high street lenders will not consider lending you additional monies to clear your existing debts and arrears, but we have access to
Many specialised lenders who will.
Although these lenders may charge a higher interest rate due to your circumstances, you may benefit from lower
monthly payments and the breathing space to get your finances back on track.
