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• Get a better return on your savings - with no tax
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• Cut the cost of your personal loans and
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Apply today for The One Account Mortgage
"Stop paying too much for your
mortgage"
by Sarah Modlock
Ever feel like you are paying too much for your
mortgage? You probably are. Almost a third of UK
borrowers pay around 2% more than they need to for
their mortgage according to independent brokers
Charcol. The additional financial burden is made
worse by increasing debt which is fast becoming a
modern plague.
When former BBC Correspondent Rosie Millard revealed
that she was in a classic middle-class debt trap
with everything she earned and owed tied up in
property, many people smugly thought it served her
right for trying to capitalise on the booming
property market. But thousands of people in similar
positions felt relieved they were not alone. But a
chance to save money may be right under your nose.
'Over the last four or five years we have witnessed
countless stories on how the UK population is
getting further and further into debt,' agrees
Charcol's Elliot Nathan. 'With the fairly surprising
confession of Rosie Millard that she is barely
surviving, using all income to meet interest
payments on her debt, this awareness has been
increased. Yet what is really surprising, is that
many families can do something about their
situation, using their largest financial commitment
to help them out of unsecured debt trouble,' Nathan
explains.
Charcol says that there are still at least 30% of UK
mortgage borrowers who pay a lender's standard
variable rate (SVR) which is often as much as 2%
more than some of the better deals in the market.
'Many of those in the financial mire are likely to
have large mortgages, so the difference between
paying a good rate and paying a poor one is often
hundreds of pounds a month,' adds Nathan.
Numbers game;
For example, a borrower who has a £200,000 mortgage
and pays a lender's SVR, typically 6.8%, will
currently pay £1,133 a month in interest payments.
If that same loan is remortgaged to a market-leading
deal with a rate of 4.85%, the monthly interest
payments shrink to £808. That is a saving of £325 a
month, or £3,900 a year*.
Alternatively, and this is something that may appeal
to many who are trapped with lots of unsecured debt,
a borrower could remortgage to consolidate this debt
onto the mortgage, thereby drastically reducing
their monthly outgoings. Using the same example, if
a borrower has a £200,000 mortgage on an SVR and
£40,000 worth of unsecured debt, they could
remortgage, consolidate the £40,000 and pay £970 a
month in interest. This is still over £150 a month
less than they were paying. Of course, a borrower is
likely to pay more in interest in the long-term, but
as a way to manage cash-flow if you have got large
amounts of debt to service, it is a really viable
option.
Vote with your feet ;
You may keep telling yourself that reviewing your
mortgage is something you must get round to doing.
But you would be amazed how time flies. As a General
Election looms, Charcol, reveals that almost seven
million homeowners have not remortgaged since the
Tories were last in power. As a result, consumers
are collectively losing out on savings of over £5
billion this year alone.
Whilst historically, borrowers have remortgaged most
under Labour, remortgage activity peaked during the
Tory-led period between1989 and 1993, in light of
the eye-watering climb in interest rates to 15% in
1990. The good news is that more than three million
savvy homeowners have remortgaged since the last
general election, taking advantage of the fierce
competition in the marketplace to secure themselves
substantial savings.
But millions of homeowners are missing out on
potentially massive repayment savings by sitting on
their hands instead of taking advantage of today's
low rates. A typical borrower on standard variable
rate can save around £768 per year by remortgaging,
and you can quickly check online or over the phone
whether this applies to you.
Source Yahoo.
Bad credit remortgage is tailored to help homeowners in UK who
have bad credit score to access the benefits of falling interest rates. Let
us first explain the term “bad credit”, because for
some of you it may be new. “Bad Credit” is a credit
rating term which reflects poor credit worthiness.
Many people are afraid to look for a
remortgage deal
just because they have adverse credit. They fear
that lenders may not offer them remortgage option as
there is big risk involved with respect to loan
repayment. People who are facing bankruptcy or are
problem cases such as court country judgments or had
made defaults on the past loan payments are
categorised as people with bad credit history or
score. A FICO score of 580 and below is considered
to be a bad score.
Remortgage is a legal way of finding new mortgage at
competitive rates. The interest rates keep on
fluctuating in the finance market. One may enjoy the
benefits of low interest rate through remortgage.
Adverse credit remortgage can offer many benefits; it
can be used to consolidate debts. Consolidating all
the debts into one loan will make it easier for you
to remember the payment date, so that you can make
the monthly payments in full and on time. Thus,
helping a borrower in improving the credit score
which will be rewarding in the future.
Bad credit
remortgage offers borrower the
opportunity to extend the loan term. A longer loan
term will imply low monthly payments thus reducing
the monthly payment burden. A borrower can release
equity in his home by applying for a bad credit
remortgage and can use the raised capital to make
home improvements.
Borrowers can opt for either a fixed rate
remortgage
or variable rate remortgage. Fixed rate remortgage
have fixed interest rate and fixed monthly payments.
This remortgage will be best suited for people with
fixed and regular income. On the other hand, in a
variable rate remortgage, the interest rate is
determined by the market interest rate. If the
interest in the market is low then the borrower will
get the benefit but in case the market interest rate
is high the borrower has to bear it too. Another
option available is the discounted rate remortgage,
it is a kind of variable rate remortgage with
discount. The discount is applicable for some time
and afterwards standard variable rate is charged
from the borrower.Bad credit remortgage will be
available for a little higher rate of interest as
you have a bad credit score. Shop around; it will
help you get better interest rate if you ask for
free remortgage
quotes.
Many lenders offer bad credit remortgage deal. Search for
lenders it could be in the form of a bank or an online lender. Collect the
loan quotes or details of the remortgage options offered by the remortgage
providers. Compare the remortgage options and choose the remortgage options
that satisfy your needs.
"None of the information
contained in this website constitutes, nor
should be construed as Financial Advice. If you need advices
on bad credit remortgage UK, please contact your
broker or IFA."
WARNING: THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR
HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT
SECURED ON IT. LOANS ARE SECURED ON YOUR HOME.
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references and sources deemed reliable, however
it is published strictly on an "as-is" basis.
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