Remortgage is changing your lender to get a better deal, you can change the term and request extra borrowing. This is a new mortgage with a different lender to your current mortgage, so full criteria checks and affordability will be involved. Before proceeding with a remortgage we would check your current lenders deals and we do not charge a broker fee to do this.
Product transfers are a simple rate switch with your current lender, paperwork and processing is minimal and quick if your not making any changes to the term or the balance. You are restricted to what your lender offers, they may not be the best option. We would check to see if there are any better deals available before proceeding - again we do not charge a broker fee to do this.
A second charge mortgage allows you to use any equity you have in your home as security against another loan. It means you will have two mortgages on your home. Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it. Second charge rates are typically lower than credit card rates, but often higher than your first charge mortgage rate. We can advise if you would get a better deal with a remortgage, product transfer with further borrowing or a second charge, contact us for more information.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
Happy Home Mortgages Ltd is an appointed representative of TenetLime Limited, which is authorised and regulated by the Financial Conduct Authority. Tenet Lime Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266.
Happy Home Mortgages Ltd is registered in England under reference number 10665011. Registered office: 21 Princes Drive, Weymouth, DT4 7UQ
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