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remortgage?
myright
Posts: 689 Forumite
What are the main reasons why people remortgage? Can one reason be because your behind in payments?
What's remortgaging? A new contract with a new lender?
What's remortgaging? A new contract with a new lender?
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Comments
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A remortgage is a new mortgage from a new lender on the same property. It is used to repay the current mortgage.
Current/recent mortgage arrears will, in most cases (if not all) make remortgaging impossible.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
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Alright Thanks for that so for falling into arrear. What will advisor / broker usually recommend?0
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Oh Thanks. ... so If someone falls into arears what will a mortgage broker usually recommend? Especially If u can't pay back straight away?0
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Contact the lender concerned and come to an arrangement which sees the arrears repaid and your home not repossessed.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Is that by extending the term or something? Would it be same for capital repayment and Interest only mortgage?
Also from what I've heard its quite difficult to get interest only mortgages, now? Is that the case?0 -
Coming to an arrangement to repay arrears can include an extension to the term and could possibly include accepting pay,nets for interest only fo a short while if in hardship but it will be time limited.
What exactly are you trying to find out here. If you give a fuller description then you'll get better information.
For example, Is your partner in arrears and trying to remortage at the same time so they can to give you your share etc?0 -
Yep. Context is everything.lonestarfan wrote: »What exactly are you trying to find out here. If you give a fuller description then you'll get better information
The more/better information that goes in, the more/better information that comes out.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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