REMORTGAGE QUOTE UK

If you need to borrow money at the best rates and you already have a loan secured on your property you might consider increasing your borrowing to take advantage of the low rates offered on secured borrowing when compared to an unsecured bank loan. A UK remortgage quote for a larger sum than your current loan from one of our lenders will at least match the interest rate of your existing secured loan and may well be cheaper than the amount you are currently paying.

If you would like a free re-mortgage quote from one of our UK financial specialists just use the 24/7 quoteline or complete the contact form and a member of our staff will call you. We will take further information about your personal needs and will search our database of lenders to find the best deal available. Once we have established which lender has a product which most closely satisfies your requirements we will ask them to call you to provide full financial information. You will not be charged for our independent assistance, our service is free and is without obligation.

When you obtain a re-mortgage quote you have the option of paying off your old borrowing and of starting afresh which would give the opportunity of taking advantage of any better deals or special offers that are now available. This means that you could change the type of repayment that you make from variable interest rate to fixed interest rate or vice versa and you could change from straight repayment to endowment or to interest only. You could however simply increase your borrowing with the current lender. What ever you chose to do, prior to making any commitment, it is essential that you consider all of the financial implications of change and the net cost or saving to you over a period of years. Our advisers will give you clear information about these matters which will enable you to choose the best arrangement for you.

Straight Repayment involves a loan that is re-paid by equal monthly instalments subject to variation due to changes of interest rates. This means that a borrower can take advantage of falling interest rates however if the rates increase then so do the instalments.

Endowment involves taking out a policy of insurance that has a surrender value which matures at the end of the loan period and is then used to pay off the interest only borrowing. Whilst in the past there have been difficulties with this type of repayment failing to offer a satisfactory maturity value sufficient to pay off the loan, these matters have now been largely resolved by the insurance companies.

Interest Only involves paying only the interest on the borrowing which remains outstanding for the entire life of the loan. Many flexible mortgages now offer the ability to change from variable rate to interest only if the borrower has unexpected financial difficulties.

Fixed Rate means that the monthly instalments are settled at the start and do not change when national interest rates go up or down. Whilst this does give the security and stability of the same payment each month, it precludes the borrower from taking advantage of interest rate falls, but protects the borrower from interest rate rises.

Variable Rate, which is the most common type of secured borrowing, means that the interest rate charged by the lender is effectively dependent on the national economic climate at any time and instalments can go up or down each month.