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  Remortgages and Remortgaging property

Remortgaging is the act of moving your mortgage to a new lender or changing to a new mortgage with your current lender, without moving home.

The full range of mortgage types are available for remortgaging, including variable, fixed rate, discount, capped and flexible mortgages. Those mortgages targetted at the first time buyer will not be available to those wanting to remortgage.

A common reason for remortgaging is to take advantage of the fierce competition in the mortgage market and obtain a more competitive interest rate. Mortgage lenders are so keen to get your business that they will often offer deals that result in them losing money in the short term just to get you on board as a new customer. They then aim to make a profit from you over the long term.

Some of the more common reasons for remortging include:

  • to get a better mortgage rate in order to reduce monthly outgoings
  • to consolidate debt, such as outstanding credit card balances
  • to meet home improvement costs, such as a new extension
  • to finance a business loan
Before you decide whether a remortgage is the right way forward, you should take into account a number of potential costs that you may incur as a result of remortging.

  • Legal Fees
  • Valuation Fees
  • Arrangement Fees
  • Solicitor Fees
  • Early Redemption Penalties
  • Mortgage Indemnity Guarantee
The good news is that no stamp duty is payable on remortgages.


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Mortgages explained | About mortgage types | repayment mortgage | endowment mortgage | interest only mortgages | how much can I borrow ? | mortgage payback rates | variable rate mortgages | fixed rate mortgages | capped rate mortgages | discounted rate loans | remortgages | first time buyers | buy to let mortgage | commercial mortgages | mortgage costs | glossary of terms | mortgage FAQ's |

Latest Mortgages News

03:30 AM US mortgage deal moves forward - Reuters

msnbc.com

US mortgage deal moves forward
Reuters
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02/07/2012
03:32 AM Banks losing interest in mortgages - Sydney Morning Herald

Brisbane Times

Banks losing interest in mortgages
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BANKS could step back from lending to new home owners after making losses on new mortgages written over the last four months, according to the latest banking industry research. A report from UBS Securities says higher wholesale funding costs and ...
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02/07/2012
12:12 AM Banks in Mortgage Deal Are Said to Demand New York MERS Lawsuit Be Dropped - Bloomberg

Bloomberg

Banks in Mortgage Deal Are Said to Demand New York MERS Lawsuit Be Dropped
Bloomberg
Enlarge image Banks in Mortgage Deal Said to Demand NY Suit Be Dropped Banks in Mortgage Deal Said to Demand NY Suit Be Dropped Victor J. Blue/Bloomberg New York sued Bank of America, JPMorgan and Wells Fargo in state court in Brooklyn, saying their ...
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02/07/2012
02:48 AM Mortgage Accord Has More Than 40 States Signed On, Iowa Says - BusinessWeek

Mortgage Accord Has More Than 40 States Signed On, Iowa Says
BusinessWeek
6 (Bloomberg) -- More than 40 states have signed on to a settlement over mortgage-servicing practices as federal and state officials continue to discuss matters with the five banks involved in the talks, Iowa's attorney general said.

02/07/2012
05:20 PM What The Mortgage Relief Plan Would Do For Homeowners - Forbes

Forbes

What The Mortgage Relief Plan Would Do For Homeowners
Forbes
After more than a year of wrangling over various mortgage relief proposals, influential state leaders seem close to adopting a plan that Pres. Obama announced Feb. 1. Attorney General Eric T. Schneiderman of New York and California's attorney general, ...
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