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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
Tracker Remortgages
If you have owned your current property for a number of years, the chances are that it has risen in value; therefore, the amount of loan you have against the property is probably lower compared to the value of the property. This means that you could potentially have a large amount of equity in the house that can be released if you choose to remortgage.
If you use the remortgage process to borrow extra money, the additional funds can be used to pay for a new kitchen, debt consolidation or even paying for a new car. Re-mortgaging has become a very straightforward process and one of the main reasons for re-mortgaging is to also reduce your monthly repayments. The remortgage process simply pays off your outstanding mortgage balance with your current lender. You will then borrow either the same amount or larger through your current lender or a new lender depending on who you have chosen as your remortgage provider.
Lenders now offer a variety of remortgage products and one type is the Tracker remortgage. This is a mortgage product that focuses on the interest rate available. It is predominantly marketed as a product that will follow any changes made to the Bank of England base rate. Lenders will offer you the facility to opt for an interest rate that is a set percentage above the base rate. This will be agreed prior to the completion of the mortgage. The agreed rate will be subject to change in accordance with any fluctuations of the base rate. This means that tracker rates can go up or down which will impact the amount of your monthly mortgage repayments.
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- No Obligation quotes to ensure you get the best deal
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- Adverse credit, CCJ, IVA or missed mortgage payments? We can still help you find the best deal.
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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.
