Some Notes Concerning Mortgages And Remortgages.
When someone wants to buy their first home they must arrange a mortgage, unless they have been born with a silver spoon in their mouth and have the ready money available to pay cash.
Most people are not in this fortunate position, and applying for mortgage is essential for their desire to enter the housing market is to be achieved.
Especially when someone is a novice at property buying and mortgages a good idea is to consult a mortgage broker or independent IFA who can offer you a choice of mortgage products. This will help you decide on which mortgage is best for you, and you can be helped through the mortgage mine field.
For homeowners wanting to move to their second or subsequent property, a mortgage broker can still be the best person to help them present them with their mortgage choices.
There is such a variety of not only mortgage products out there but also remortgages as well. Remortgages are only available to existing homeowners.
The choice of mortgage and remortgage lender from whom you can obtain a remortgage or mortgage is immense.
The biggest consideration for a lender when considering a remortgage application is the amount of spare equity in the property. Equity is the value left when the balance of the remortgage or mortgage is deducted from the worth of the property.
The greater the equity the lower the rate. Equity is the difference between the property value and the mortgage or remortgage required.
There are a vast array of remortgage and mortgage products available and among these are tracker and fixed rate mortgages and remortgages.
Fixed rate mortgages and remortgages mean that the rate you are granted on day one remains the same for the duration of the fixed rate which can be any period from one year to in general five years.
Tracker rates are available from 1.98% for those who have at least 40% deposit and this is a tracker rate.
Fixed rates are more expensive than trackers but fixed rates stay the same month after month and people will at least have the same monthly repayment for the term of the fixed period.
Champion Finance also arrange remortgages