Remortgaging means switching your current mortgage for a new better mortgage or raising additional finance by releasing the equity contained in your property. You therefore end your existing mortgage and switch to a new scheme. By using a broker this involves switching lenders.
A remortgage for the self employed can be a way of saving money, but it can also be a great way to raise money. Mortgages are one of the cheapest available loans with low interest rates. Remortgaging makes sense if you want to raise cash.
If the market value of your property is greater than the outstanding mortgage then you have positive equity, and you can possibly increase the size of your mortgage and release the positive equity. Most UK properties have increased in value over the last 10 years providing lucky homeowners with positive equity. You could remortgage and release your positive equity for many reasons including debt consolidation.
If you are a self employed homeowner looking into remortgages you will probably already realise there are many pitfalls in your way. One of the most common obstacles self employed people face is the fact that they can not prove their income. This can make it very difficult to get accepted by many providers. Fortunately some lenders have devised remortgages specifically for the self employed. These equity release remortgages are known as self certificate mortgages.
Our Leicester mortgage brokers will find the right remortgage for you and offer impartial advice.
The interest rate for a lifetime mortgage Equity Release plan is usually fixed at the outset and so does not increase, much the same as a fixed rate mortgage. This means that moves in interest rates will not affect your plan.