Remortgage

Remortgage deals

A remortgage is a new mortgage with a new lender on a property you already own and have a mortgage on. Typical reasons why people remortgage are as follows:

Expiration of current introductory mortgage deal – at the end of your fixed introductory period typically you will be transferred onto the lender’s standard variable rate (SVR). To avoid higher repayments in many cases it makes financial sense to move to another lender locking in a new introductory.

Remortgage

Further Advances

A further advance is like a top up of your existing mortgage.

Unlike a remortgage you maintain an agreement with your existing lender. The additional money you want to borrow (i.e the further advance) is agreed and runs alongside your existing mortgage. However, the interest you pay on the ‘further advance’ can be higher or lower than the rate you have in place on your existing mortgage.

Find out how much you can borrow instantly!
Go to mortgage calculator

Second Charge Loan

A second charge is a loan secured against your home.

It is like having another mortgage with a different lender to your main mortgage and is another way to use the equity in your home to raise money for home improvements. A second charge is commonly used when your existing lender will not allow you to raise additional money under the terms of your current mortgage arrangement.

Second Charge Loan