SCOTLAND MORTGAGES AND REMORTGAGES
Scotland mortgages and remortgages, low interest rates, competitive quotes, quick mortgage and remortgage offers. Competitive mortgages and remortgages in Scotland arranged by Mortgage Brokers.
Organising a mortgage or remortgage in Scotland is not the same as arranging a mortgage or remortgage in England or Wales. It is therefore important to talk to Mortgage Brokers who understand the mortgage and remortgage system in Scotland. Make sure you get the best interest rates and advice. If you are self-employed, can you still obtain a mortgage or remortgage your home? If you have Decrees (CCJs) will a mortgage lender still consider your application? Understanding the difference between a capped rate remortgage and a discount rate mortgage is easier when you have a mortgage broker advising you on the best type of mortgage or remortgage to suit your circumstances.
What is the difference between a mortgage and a remortgage? Well, a mortgage is the term used to describe a loan used to finance the purchase of a property. Someone who is buying a home for the first time or is moving to a new home will usually take out a mortgage to help pay for the property.
Sometimes, there are reasons why you might want to arrange a new mortgage even if you are not moving house. This is known as taking out a remortgage.
People arrange a remortgage for various reasons. Often a remortgage is taken out in order to take advantage of a better or cheaper mortgage deal. For example, someone who is paying the lender’s standard variable rate of interest on their mortgage might be able to reduce their monthly mortgage payments by remortgaging to a fixed or discounted rate offered by another mortgage lender. It is not uncommon for people to remortgage every two or three years, each time their current fixed, discounted, or capped mortgage offer comes to an end (assuming there is no extended tie-in period on their mortgage).
A remortgage can also be used to release equity from your current property. Put simply, equity is the difference between the current value of your home and the size of the mortgage on it. So, for example, someone who had a mortgage of £100,000 on a property worth £175,000 would be said to have £75,000 of equity tied up in their home. By arranging a remortgage, it can be possible to free up some of this equity and release it as cash that you can spend. In our example, it would normally be possible for the borrower to take out a new mortgage for £125,000, use £100,000 of this to pay off their original mortgage and then have £25,000 available to spend on home improvements, debt consolidation, or any other purpose that the remortgage lender permitted. This is often a cheaper way to borrow money than using unsecured forms of lending such as personal loans or credit cards.
If you would like to obtain a quote for a mortgage or remortgage, please complete our no-obligation enquiry form.
Scotland mortgages and remortgages, low interest rates, competitive quotes, quick mortgage and remortgage offers. Competitive mortgages and remortgages in Scotland arranged by Mortgage Brokers.
Organising a mortgage or remortgage in Scotland is not the same as arranging a mortgage or remortgage in England or Wales. It is therefore important to talk to Mortgage Brokers who understand the mortgage and remortgage system in Scotland. Make sure you get the best interest rates and advice. If you are self-employed, can you still obtain a mortgage or remortgage your home? If you have Decrees (CCJs) will a mortgage lender still consider your application? Understanding the difference between a capped rate remortgage and a discount rate mortgage is easier when you have a mortgage broker advising you on the best type of mortgage or remortgage to suit your circumstances.
What is the difference between a mortgage and a remortgage? Well, a mortgage is the term used to describe a loan used to finance the purchase of a property. Someone who is buying a home for the first time or is moving to a new home will usually take out a mortgage to help pay for the property.
Sometimes, there are reasons why you might want to arrange a new mortgage even if you are not moving house. This is known as taking out a remortgage.
People arrange a remortgage for various reasons. Often a remortgage is taken out in order to take advantage of a better or cheaper mortgage deal. For example, someone who is paying the lender’s standard variable rate of interest on their mortgage might be able to reduce their monthly mortgage payments by remortgaging to a fixed or discounted rate offered by another mortgage lender. It is not uncommon for people to remortgage every two or three years, each time their current fixed, discounted, or capped mortgage offer comes to an end (assuming there is no extended tie-in period on their mortgage).
A remortgage can also be used to release equity from your current property. Put simply, equity is the difference between the current value of your home and the size of the mortgage on it. So, for example, someone who had a mortgage of £100,000 on a property worth £175,000 would be said to have £75,000 of equity tied up in their home. By arranging a remortgage, it can be possible to free up some of this equity and release it as cash that you can spend. In our example, it would normally be possible for the borrower to take out a new mortgage for £125,000, use £100,000 of this to pay off their original mortgage and then have £25,000 available to spend on home improvements, debt consolidation, or any other purpose that the remortgage lender permitted. This is often a cheaper way to borrow money than using unsecured forms of lending such as personal loans or credit cards.
If you would like to obtain a quote for a mortgage or remortgage, please complete our no-obligation enquiry form.
