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Remortgages

Your bank may offer 100’s of products and plans.
Promise Money has over 10,000

About your Remortgage

The term ‘remortgage’ simply refers to the act of switching your mortgage to another product or lender. Remortgages have grown more popular in the UK in recent times.

What is a remortgage?

This is because people remortgage in order to switch to an improved mortgage rate, more preferable conditions, to increase the size of the loan or for better customer service. This therefore makes it possible to substantially reduce your monthly mortgage payments. You can go to a variety of organisations in order to remortgage. Banks, building societies, specialist lenders and mortgage brokers can all provide a remortgaging service.

In order to ensure that you get a better deal, it is important to understand the costs and repayment terms in order to compare the deals accurately. Depending on the provider, you can usually remortgage up to 95% of your property. If you have repaid a substantial amount of your mortgage, and are aged over 55 you could also consider an equity release plan, rather than a remortgage. These are aimed at retired people who can’t afford the repayments on a traditional remortgage.

What are the potential benefits of remortgaging?

In order to judge whether remortgaging is right for you, you need to be aware of the costs. It is possible that you may have to pay a solicitors fee and also for a valuation. It is also possible that you may have to pay a fee to the new lender. However, if these costs are calculated properly and then compared to the savings you can make by switching to an improved product or lender, you will be able to see the potential benefits.

Secured Loans
Debt Consolidation

    Find a remortgage

    Enter some details and we’ll compare thousands of mortgage plans – this will NOT affect your credit rating.

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    More than 50% of borrowers receive offers better than our representative examples. The %APR rate you will be offered is dependent on your personal circumstances.
    Mortgages and Remortgages secured on your home
    Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
    LOANS SECURED ON YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

    Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

    More than 50% of borrowers receive offers better than our representative examples

    The %APR rate you will be offered is dependent on your personal circumstances.

    Mortgages and Remortgages

    Representative example

    Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

    Secured / Second Charge Loans

    Representative example

    Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

    Unsecured Loans

    Representative example

    Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

    THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

    REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

    Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

    Website www.promisemoney.co.uk