Choosing a remortgage product
There are a few choices you can make when selecting new mortgage products.
There are a few choices you can make when selecting new mortgage products. We list some key details below, please do speak to us for more information and a full explanation of what each option means and how it can work for you.
Repayment mortgage or an interest-only mortgage?
A repayment mortgage allows you to pay off the original sum, plus a portion of the interest each month, whereas an interest-only mortgage lives up to its name – with you paying just the interest for that period, and not the original sum borrowed, which still needs to be repaid after the mortgage term is completed.
Lenders often need solid reassurance that you have a plan in place to repay an interest-only mortgage, so they tend to be harder to obtain than a repayment mortgage. Relying on savings, future work bonuses or inheritance is risky, and not enough to reassure many lenders. Interest-only mortgages are more commonly used in buy-to-let or property development investments, with a clear business plan put in place. There is also minimum lending criteria to qualify for an intertest-only mortgage or part and part and the criteria for each lender is different, but again speaking to a broker. We can help guide you through these criteria. Helping to find the right lender based on your personal circumstances
Fixed rate or variable-rate mortgage?
Fixed rate mortgages:
Given the range of different mortgage types available, we strongly recommend that you seek advice from a qualified professional mortgage adviser before proceeding.
We will listen to your circumstances and make considered recommendations on the type of mortgage that may be most applicable to your circumstances. We also have access to the whole-of-market so can find the best deal in the market for your circumstances. Whether that is to do a product transfer or move to another lender. We will review the situation and provide you with the facts so you are able to make an informed decision.
Contact us today for a FREE mortgage review
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There may be a fee for mortgage advice.
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