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About Remortgaging
Remortgaging is the process of changing one mortgage plan for another, this can be with your existing lender or moving to a different lender.
People remortgage for many reasons but the most common is that the introductory rate on their current mortgage is coming to an end. When you take out a new mortgage many mortgage lenders offer a "discount" rate at the begriming of a mortgage to attract new customers, when this "discount" rate comes to an end it has now become common place to switch mortgages. Ocean Mortgages have access to many of the leading mortgage lenders and we will search to find a low rate remortgage that could help save you money.
Another reason for remortgaging is to raise extra money, remortgaging can be a cheaper for of lending than some of the alternatives, so if you are looking to raise money for home improvements, new car or even to consolidate other existing debts remortgaging may help.
Remortgaging can also be used to help to restructure your finances by extending or reducing your mortgage term you can reduce your monthly repayments, although this may increase you paying more interest over the term of the mortgage
Remortgaging with Ocean Mortgages can be very quick and simple to arrange. One of our expert mortgage advisers will help you through the process step-by-step, working out how much you can borrow, how much it will cost, and what type of mortgage may be most suitable for you.
Speak to an Ocean mortgage adviser on 0800 9169186
who will be happy to help you & answer any questions
you may have about part & part mortgages
Fixed Rate Remortgages -
If you want the ability to plan your monthly finances and need the financial security that you can budget and plan every month then a Fixed Rate Mortgage could be just what you need. Worrying about your monthly finances can be very stressful; however, this type of remortgage helps you to be able to stay in control of your finances. This particular remortgage product provides the security throughout the term of the Fixed Rate Remortgage that the rate offered will not change and monthly payments will remain the same through the duration of the fixed period.
Fixed Rate Remortgages can be purchased to run from a 2 year period up to a 10 year period depending on lender. All financial institutions set their mortgage rates around the Bank of England base rate. Any changes to the Bank of England base rate will not affect the agreed Fixed Rate Remortgage as it will not be subject to any change during the course of the agreed Fixed Rate period.
As with any type of remortgage, the amount of information can seem very confusing. With so much information to digest, it’s worth considering talking to an Ocean Mortgage adviser who will be happy to discuss all the options available and all the relevant documents required for application.
Lenders will show Fixed Rate Remortgage interest rates as an Annual Percentage Rate” (APR). When opting to borrow the remortgage on the minimum Fixed Rate period, for example over two years, the rates offered by lenders can be slightly lower compared to when taking out a longer term Fixed Rate. Lender rates can also depend on how much of a deposit the borrower has to put down, most lenders require a minimum of a 5% deposit of the whole loan. If the borrower has a greater deposit to offer the lender, the lender could offer a slightly reduced Fixed Rate. When the agreed fixed rate period has expired, borrowers revert back to the lenders variable rate but will have the option to apply for another fixed rate remortgage product.
Fixed Rate Remortgages are a stable remortgage product; however they could prove to be more expensive if you repay the remortgage earlier than the agreed set period. Lenders can impose early redemption penalties which will be payable if you repay the remortgage earlier or switch to another lender during the agreed fixed rate period.
Online Homeowner Mortgage -
Need to remortgage? Looking for great mortgages deals? Take a look at our offers and enquire online. Ocean Mortgages is the place to find remortgage rates and deals from many different mortgage lenders. Compare remortgages and look for the best remortgage deals through. Remortgage advice & news with Ocean Mortgages. Learn about remortgage pitfalls & debt consolidation, compare UK remortgages and remortgage rates online today. Ocean Mortgages are a leading UK Mortgage broker with a variety of mortgage plans available from a panel of mortgage lenders that includes high street banks, when you enquire online to Ocean mortgages you will be given access to a qualified mortgage adviser who will give you help and guidance throughout the remortgaging process and answer any questions that you may have. All mortgage quotes are FREE and the fund raised with an Ocean Mortgage can be used for almost any purpose, newer car, home improvements even to consolidate your existing debts into one manageable monthly repayments.
Consolidation Loans | Buy To Let Mortgages | Remortgages | Secured Loans
Adverse Mortgage Companies -
Not all mortgage lenders have the expertise to advise on adverse credit mortgages. How can you find out which lenders can help you? If you are trying to get a mortgage and you have a adverse credit history, it's important that you use the right approach when it comes to applying for a mortgage. Adverse credit mortgage lenders are specialists who have developed products for your market. Ocean Mortgages have access to a selection of different mortgage lenders so we have mortgages to suit many different circumstances, including mortgage plans that can cater for people with an adverse credit history..
What is an adverse credit mortgage lender?
An adverse credit mortgage lender is a financial institution that lends money to people with an impaired credit histories.
How should I approach an adverse credit mortgage lender?
Whilst you can approach lenders direct, it's a time-consuming way of carrying out your research. Not all small branches of banks or building societies will have a staff member that is an expert on adverse credit mortgages, and it can be difficult to find contact details for the specialist adverse credit mortgage lenders. It's also important that you don't just send off a number of speculative applications. Every application that is made is added to your credit record, meaning that when each adverse credit mortgage lender looks at your credit history, they will see that you have already applied for a mortgage elsewhere.
For this reason, it could be a good idea to approach a mortgage broker. They will not only have access to an extensive range of adverse credit mortgage lenders, but they will also have the expertise to advise you on which products might be best for you and which adverse credit mortgage lender could give you the best deal. A broker will be able to help you to complete the application form and chase the lender for replies or additional information. They will also be able to sort out any problems direct with their contact at the adverse credit mortgage lender, which reduces the stress for you.
This area of mortgage provision is a specialist one. The products that are on the market have been developed specifically for the market, covering a range of bad credit problems and offering a number of different solutions. An adverse credit mortgage lender has to balance the risk of lending money to someone with a bad credit history with the need to provide a good financial product for people who may already in financial difficulty. Their job is to help you get a mortgage that is suitable for you and a good broker can be the essential link in the chain that helps the adverse credit mortgage lender understand your needs and help to fulfil them.
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