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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

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Politico (blog)
By BYRON TAU | In his weekly address broadcast Saturday, President Barack Obama called on supporters of his mortgage reform proposal to pressure Congress into passing the legislation — telling voters to remind their representatives who they work for.
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12:42 PM NY AG Sues BofA, Wells Fargo, JPMorgan Chase over Mortgage Fraud - JDJournal.com

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NY AG Sues BofA, Wells Fargo, JPMorgan Chase over Mortgage Fraud
JDJournal.com
New York Attorney General Eric Schneiderman has filed a suit against Bank of America, JP Morgan Chase and Wells Fargo over their abuse of a private database, MERS, in handling mortgages. The suit claims that this led to several wrongful foreclosures.
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02/04/2012
11:37 AM Yorkshire BS cuts rates on 90% LTV mortgage range - MyFinances.co.uk

Finance Markets

Yorkshire BS cuts rates on 90% LTV mortgage range
MyFinances.co.uk
Coventry Building Society has launched a new range of five-year fixed rate mortgage deals for first-time buyers, buy-to-let investors and homeowners looking to remortgage. Yorkshire Building Society is offering a helping hand to would-be property ...
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02/04/2012
10:54 AM Full mortgage relief 'not paid' - Irish Times

Irish Times

Full mortgage relief 'not paid'
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The failure of the Revenue Commissioners and the main banks to co-ordinate their computer systems in time has left hundreds of thousands of young mortgage holders paying more than they should for their loans. The failure of the Revenue Commissioners ...

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02/04/2012
11:16 PM Regulator: Freddie Ceased Mortgage Transactions 'On Its Own' - Wall Street Journal (blog)

Fox News

Regulator: Freddie Ceased Mortgage Transactions 'On Its Own'
Wall Street Journal (blog)
By Alan Zibel and Nick Timiraos Freddie Mac stopped investing in certain mortgage derivatives last spring amid a weak market for such transactions, the firm's federal regulator said on Friday, as an uproar continued on Capitol Hill about the ...
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02/03/2012

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