If you’re thinking of re-mortgaging, speak to us about the re-mortgage process and see how we can help


Re-mortgaging your home can present a series of benefits to you as the owners. Some of these benefits include the ability for an owner to reduce interest rate of the loan, use equity to consolidate other debts, convert equity to cash which can be utilised for other purposes, and change to different loan products.

Mortgage lenders provide loans with fixed rates for a particular period, but when the period ends, high rates might apply to the loan so the decision to re-mortgage and extend the time to re-pay is favourable.

The amount of equity available over the mortgage period may have risen if the value of the property in question has risen. To enjoy the benefits of this, you may decide to re-mortgage to release equity.
Upgrading of property only means one thing in monetary terms; increasing the property value. Homeowners may re-mortgage their property due to the long term benefits associated with an increased home value.

The re-mortgaging process takes a series of steps aimed at exchanging an old mortgage loan for a new one with better terms. The process involves determining the loan amount you require; careful considerations should be made when applying for a loan to pay for credit. You next need to gather your personal details and present them to the re-mortgaging advisor. At this point, you are supposed to communicate with the advisor about your preferred conditions on the loans, for example whether you need your loan to be fixed for a particular period, need to make overpayments or even take a payment holiday.

What follows is the application of the mortgage; you are required to choose a solicitor after evaluation and confirmation of details you provided to the lender. After the lender evaluates your details and approves your loan, communications are made where a copy of the terms is sent to the person requiring the credit, his/her solicitor and to the mortgage advisor. The solicitor follows the instructions on the Mortgage offer where he/she sets the completion date. After this the money is released by the lender to pay for the previous loan and if there is extra money it is sent to the person who borrowed the loan.

If you are looking for re-mortgage advice in Nottingham, we at Mortgage Advice Services will provide you with excellent services. Contact us on 01332 257087 or visit our website; http://www.mortgageadviceservices.co.uk/ for more information.

Labels: , , , ,