remortgage questions

catwoman150

Please can some explain to me about getting a remortgage.

I think I understand about it, but I am a little unsure. I have a mortgage of £35,000 and a secured loan of £15,000.

So if I am looking for a remortgage I would need to look at borrowing £50000.

I then need to look at how much my house is worth to see how much deposit I need

Is this correct ???

Can I move the mortgage part to another provider and keep the secured loan with the provider that I have now, or will this work out more expensive.

Thanks for any help that you can provide

kingstreet

The deposit is your equity in the property. This is the bit of the property you own over and above any credit secured on it.

For example, if you have a mortgage of £35k and a loan of £15k you have £50k secured on it in total. If the property is worth £100k, you have a loan to value of 50% because you own half and have half securing credit.

It would normally be cheaper to remortgage the whole of your borrowing to a new deal with a new lender to pay off the existing mortgage and loan. However, if you do not wish to do this, you will need to apply to your secured loan company for a deed of postponement of its second charge and check with the new lender that it is happy to grant you a new mortgage with the existing second charge still in place.

getmore4less

house value?

income?

loan rate if you move the mortgage?

current mortgage loan rates?

other credit info , loans, defaults, missed payments credit cads etc.