The term " re-mortgage " is a scary one for many people. Questions abound about whether it is a safe thing to do, whether it is affordable, if it can be done, and what are the loopholes in terms of the lender. With all these questions many may shy away from re-mortgaging their houses. These are not silly worries. They are real concerns. After all, you have worked really hard for your house or flat and you want to keep it and know you can afford to pay of the mortgage. The best way to know if a re-mortgage is for you is to seek expert mortgage advice. The kind of re-mortgage advice you seek is also an important factor to keep in mind; jargon is everywhere. This is probably one of the major reasons people may find themselves with unexpected hidden costs and horrifying bills that could have been avoided had you been helped in the right way.
So, what are important terms to keep in mind when it comes to making the decision to re-mortgage? Heard about a "redemption charge" ? Well basically this means the possible charge you may get for paying back your mortgage early. The annual percentage rate also known as APR stands for the overall cost for comparison which allows you to compare like for like. This means that you get to understand how much of the yearly mortgage fee affects the loan, therefore how much you are paying off each year. It includes all costs including increasing interest rates on your loan. When you
re-mortgage you may want to know how much you currently owe, as a new mortgage may not be cheaper than the one you have already. This is known as a " redemption quote ". Just remember that some lenders will charge a small fee to give you this information. Another very important term in re-mortgaging is to consider your loan-to-value rate. This is the amount you want to borrow compared to the value of your house.
All this jargon got your head spinning? There are these terms and many more. But not to worry, the friendly staff at Mortgage Advice Services will explain everything in plain English. So the best thing for you to do is to call them or visit their website
http://www.mortgageadviceservices.co.uk/remortgage.htm for a clear understanding of re-mortgages Nottingham. They will give you an obligation free quote that you will understand clearly with absolutely no confusion. Simple as that.
Labels: benefits of re-mortgaging, expert mortgage advice, re-mortgage rates, re-mortgaging, re-mortgaging fees, the re-mortgage process, tied mortgage advisers
