Green (Ethical) Mortgages Guide
At the Bad Credit Remortgage Guild we can help with your less than optimal financial situation and have specialists turn a negative into a positive situation. Let's start by asking: Why do people look for a remortgage in the first place? It's simple, to get benefits of better interest rates and debt consolidation. This helps you in such an extent that your monthly interest rate going down even one percent will potentially save you thousands of pounds over the lifetime of the loan. Usually people do not want to switch lenders just because of the lengthy, time consuming paper work involved in the remortgaging. So to make life easier for such people most of the remortgage companies offer online filing of the application forms, which only require the essential information to be filled out by you for them to assess your requirements and sanction a pre-approval.
Remortgage companies usually follow a simple approach to let you apply. Even the loan procedure is quite simple. You do not have to even step out of your house. The filling out of the form is the only work you need to do. Then the broker looks at your options in real-time and provides the best possible choices out of the many different lenders that are on file. It makes easier for you to get the quote and compare with other quotes and then decide which lender to go with.
In case you confirm the remortgage, they will send in their representative to complete all the required paper work and other formalities, including the filling up of the detailed and full application form. The lenders provide all possible assistance to you for filling out the necessary documents in the peace of your own home and you get the finance in the easiest and the fastest way. In our form below you can fill out some basic information about your situation and an advisor will contact you as you please about your needs.
Remortgage pros:
- Consolidating credit card and/or loan debts as part of your new remortgage at a lower monthly interest rate
- Releasing equity to finance home improvement or other investments can give lower interest rates compared to other forms of borrowing
- Lowering your montly mortgage payments by changing to a new lender as part of a better deal with a lower interest rate or charges
Remortgage cons:
- Additional costs may be applicable if your original mortgage lender included an early or final repayment charge or other fees in your policy contract
- Additional costs may be applicable for the legal representation during the lender change and a revaluation of the property will be necessary. In some cases they might be provided for free by the company you are changing to
- Additional costs may be applicable if your property has dropped in value since you first mortgaged it, as in that you may be in negative equity
- Ask questions, like everything you asked when first purchasing your mortgage, if not more. The terms of the new contract may be substantially different to your existing one
- Ask policy questions, like what the charges for product or provider changes are. Some providers place restrictions on what existing customers can do when they remortgage
- Ask questions about the lender's customer service. Different providers may have different levels of customer service
- Ask questions about the terms of the policy. Can fees, interest rates or other charges be increased over time without notification? If so, what responses are available to you?