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You can easily become a debt victim. However, it is possible to get your finances back on track by finding a UK re-mortgage loan best suited to your present situation.

Re-mortgage means placing your property into a new mortgage. A new loan that replaces your old loan is a re-mortgage loan. Many people in the UK are utilising this loan facility to save on monthly payments because interest rates are currently at the lowest level. Many lenders have special re-mortgage departments to assist you.

The reasons for availing UK re-mortgage loans include:

  • Require finance for renovating your present home
  • Require finance for a family wedding or for your children’s education
  • To avail lower interest rates
  • Close other debts such as credit cards or car loans that attract higher interest

Initially, you can approach your present lender who may present special offers or lower rates for existing clients. The re-mortgage market is very competitive, so it’s advisable to check other lenders also.

The following steps will most likely have to be completed to avail this type of loan:

  • A loan application form has to be completed
  • A title report has to be secured and the lender will require conveyance work
  • A professional appraiser will inspect the property to gauge the value of your home
  • Steps to ensure your previous lender receives the full loan amount and discharges any additional funds to you if eligible (if you’re using a new lender)

The cost of re-mortgaging will vary from lender to lender, but will usually be less than the cost occurred in the first mortgage. In the UK, even people with bad credit patches can secure a loan. They also have the more suitable option of using bad credit re-mortgages. The loan through which you can cut down your monthly repayment is called a bad credit loan re-mortgage. Bad credit re-mortgages in the UK are available online. The method of processing these loans is inexpensive and fast. Intense competition takes place between the lenders, so you can obtain really cheap rates with much lower interest.  

Your mortgage may be considered an adverse credit re-mortgage if you happen to have a poor credit record. You can avail this loan to redeem yourself from some of your debts, but the majority of adverse credit re-mortgages have higher interest rates.The cheapest method of consolidating the existing amount of all your outstanding loans into one loan is called debt consolidation.

In some cases, it’s not advisable to opt for re-mortgaging loans. For example, if your initial mortgage has been availed recently or you received it at a discounted rate, you will be at a loss financially. Lenders are not usually willing to underwrite a re-mortgage for an existing loan that is very small.

If you’re newly self-employed or have recently changed jobs, it’s also not recommended to choose re-mortgaging as an option.  Lenders don’t like lending money to people who don’t have a secure, fixed income. However, there are some lenders who specialise in these particular situations and will be willing to approve you for a UK re-mortgage loan. Regardless of your credit history, make sure you seek advice from qualified experts who will help you find the best UK re-mortgage loan for your particular circumstances.

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