Home  Mortgages Mortgages And Remortgages Facts.
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Mortgages And Remortgages Facts. |
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Written by LizMoir
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Monday, 11 January 2010 |
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Mortgages and remortgages are two forms of what are known as home loans.
by LizMoir
Mortgages and remortgages are two forms of what are known as home loans.
These two home loans are secured loans and what they are secured against is the equity on a homeowners property, and the maximum sum of remortgage or mortgage available is based on the amount of equity.
For those unfamiliar with the term equity this is the amount left when the mortgage secured on the property is deducted from the value of the property itself.
If a property is worth say 320,000 and the mortgage balance is 120,000, the equity would be 200,000.
Mortgages and remortgages of 100% LTV are no longer available.
Very few mortgage lenders are even prepared to advance 95% LTV mortgages and remortgages.Even 90% LTV mortgages and remortgages are only available from a minority of lenders.
This is in total contrast to the remortgage market up to the start of 2007 when mortgages up to 100% LTV were common practice with the Northern Rock even advancing remortgages and mortgages up to 125% of the available equity on the property. This all of course helped towards the demise of that particular building society.
Remortgages and mortgages have low rates of interest at this moment in time and tracker remortgages and mortgages are at an all time low.
The tracker remortgage and mortgage do exactly as stated and that is why they are so low at present as they track the Bank Of England Base lending Rate of 0.05%.
Rates as low as 1.98% and 1.99% are out there with the former being available for those with at least a 40% deposit and the latter for those with a minimum 30% deposit.
Fixed rate remortgages and mortgages abound starting at about 3%, and as such the mortgage and remortgage sector still offer attractive products.
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