Common Remortgage Questions

Please find below some of what we find to be the most common questions asked when applying or when thinking about applying for a mortgage. If you are in any doubt and need an answer then please fill out our form and

Speak to qualified remortage advisor

It could save you thousands of pounds over the term of your loan.

What is APR?

The annual percentage rate (APR) provide customers with true reflections on the cost of finance.

What is a redemption fee?

A redemption penalty (redemption fee) may be charged if one pays off or switches their mortgage within a certain time period, always read the small print, and ask the remortgage adviser on details of the redemption fees.

Can I remortgage more than once?

If you have equity in your property, you can remortgage as many times as you like. But always remember the possibility of a redemption penalties (redemption fee). Most people investigate their current mortgage every year, to check that they are not paying over the odds.

How long should the process take?

The remortgage adviser should give you an idea of the timescales involved, from the first meeting where they gather information on your financial needs right the way through to an accepted application.

Do I have to pay an arrangement fee?

Most remortgage lenders are so keen to get peoples remortgage business, that they have constructed special remortgage deals which do not charge these fees.

What is a standard variable rate (SVR)?

As the name suggests; the rates vary over time, comparing today's SVR (standard variable rate) with other lenders (SVR) in the market place, can give you some idea of how competitive your new lender is or will be.

What are the interest rates that are available?

Interest rates vary greatly with each product and with each provider.

How much better could my new remortgage rate be?

All remortgage brokers will source the best and most competitive remortgage deal for your needs. Therefore illustrating any potential savings.

How much will my monthly remortgage payments be?

The remortgage adviser will be able to give you an illustration, telling you exactly what your monthly payments will be at the interest rate quoted.

 

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