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I was looking for a buy to let product for several properties, and as with any busy businessman I needed to get the right deal sorted quickly. From my initial conversation with PBM Finance through to completion, I found the team very efficient with up to date market information. It made a refreshing change to be able to deal with someone outside of “normal” business hours which helped to speed up the whole process. I would certainly use PBM again in the future.
N Ashraf Manchester
Residential Mortgages
Residential mortgages are basically the standard older mortgages which have been given a new name. This means that a residential mortgage is one of the more reliable, more flexible, and more innovative mortgage products which often find solutions for all those people for whom a loan means freedom from a financial constraint.
The interest rates for these mortgages are still fairly low compared to other mortgage products which basically means that these mortgages are one of the more sought after. However, it is not that easy to find a good residential mortgage. In order to achieve this, the borrower must be aware of which mortgage product would suit their circumstances the best. When they know what they want it would be easier to look around the market.
A Residential mortgage offers various mortgage products although this will depend on the rates of interest. The types of residential mortgage are – capped, fixed, variable, cash back, discounted and tracker.
A fixed residential mortgage basically has a fixed rate of interest for a certain length of time. After this period the rate will change to a variable rate. With a fixed residential mortgage the borrower can enjoy the same interest rate even if the rates of interest increase. They will have the choice of being able to plan their budget in advance because they will be clearly aware of their monthly outgoings. However, there is an obvious disadvantage with these mortgages which is that the borrower will not be able to make use of any decreases in the interest rates.
With a Variable rate residential mortgages the rate of interest will increase and decrease according to the market changes with the interest rate. In other words, if the mortgages rate of interest decreases, the borrower will pay less. On the other hand, if the interest rates increase the borrower will pay more. If the mortgage borrower is unable to afford to pay the higher rates of interest, then they would be more suited to applying for a fixed rate mortgage. The Variable rate would either be the mortgage lender’s variable rate or a general rate such as the Bank of England’s base rate.
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I would just like to say a big thank you to Lee who has recently dealt with my mortgage application. I was kept up to date all the way through the process which I found very helpful. As this was my first experience of getting a mortgage, I appreciated his patience and how well he explained the options to me. I would not hesitate to get back in touch with PBM Finance in the future and have already recommended them to a friend.
J Oliver – Whitley Bay
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Although your bank may seem to be offering you a good deal on a loan, it is guaranteed that there is a better offer elsewhere. These lending companies all want your business and are prepared to offer a better deal than the next lender to get your signature on their contract.
This is why we exist. We are here to help you get the best deal on a remortgage. This will enable you to get more from the equity built up in your home and at a lower rate. Just to refresh your memory, 'equity' is calculated from the difference between the value of your home and your outstanding mortgage. This amount can be converted in to cash known as a secured homeowner loan, also known as a remortgage. This means that the loan is secured against your home.
A remortgage is typically sought after for home improvements, such as a new kitchen, conservatory, bathroom etc. The money can also be used for an extension to the home. All these options can increase the value of your home and in turn could reduce your monthly repayments.
Remortgaging is also known as mortgage-switching, where by you pay off your existing mortgage by applying for another loan at a cheaper rate. Obviously calculations would need to be made in order to work out if this could save you money, otherwise there is no reason to choose this option.
With so many remortgaging options available it could be quite time consuming just looking for the cheapest and right mortgage for you and your circumstances. Here at Remortgages.com we have a team of specialists who do the looking for you, all you need to do is fill out our enquiry form and we will do the rest.
We realise what a painstaking process remortgaging might seem, but together with our help we'll make the procedure as hassle free as possible. Fifty percent of all mortgage business last year wasn't people taking out new mortgages to by a home, but people wanting to remortgage. Whether you want to remortgage to switch your mortgage to someone/where else or if you need that little bit of extra cash, there are an abundance of lenders ready to give you their money.
