Steps involved in remortgage

If you are confused with the steps involved in remortgage, then the following post in which I have tried to summarize the entire remortgage process in five steps will certainly help you.

1. Choose a mortgage lender who provides a better rate than the existing mortgage lender.
2. The new lender will perform an evaluation on the property and decides whether he can lend on the property.
3. You have to submit a written application to both the new lender as well as the old lender requesting for a change of dealers.
4. A group of solicitors will carry out the conveyancing work. A report will be send by the solicitors to the new lender.
5. Then the new lender releases the mortgage funds and the solicitors makes sure that the old lender is properly repaid.

Remortgage rates June 2009

The mortgage rates in June 2009 continue to drop considerably because of the prolonged economic recession. There are several independent agents like John Charcol who can help us choose and arrange mortgage. Before chosing the remortgage agents you must make sure that they are well trained to negotiate with the lenders and Liaising with surveyors. There are some advisors who can arrange you mortgage related insurance. So, be careful in chosing the mortgage agents.

I got help from John Charcol in choosing the right mortgage for me. With fall in mortgage rates, this is the best time to get remortgage. This can help you to save lot of money and use the saved money to consolidate your debt.

You can get free consulatation from several independent agents like Charcol. Try to choose the independent agent who charges the lowest fee. Charcol charges 0.63 percent of the amount that you have borrowed from the lender.

Remortgaging advantages

So, what makes remortgaging so attractive? Well, the main reason is that people can save money with remortgaging. The mortgage rates have dropped because of the economic crunch and therefore remortgage has become a huge success among the UK people. There are thousands of UK people who have saved thousands of dollars because of remortgaging.

Also, you can increase your mortgage with the increase in your home value. This extra money will be helpful to you during the hard times. The money you make by releasing your home equity can help you to consolidate debts.

Less Loan-to-Value rate

The economic crisis has made the mortgage lenders to decrease the loan-to-value{LTV} rate. Last year, there were several lenders who were offeringa LTV of 125 percent. But not, I could hardly find lenders who offer 95% LTV. This is really a bad news for the people of the Western countries who have either lost their job or business as a result of the ongoing economic crisis.

Experts believe that the LTV will remain something around 80% for the next 12 months. And if things go out well, the LTV will touch three figures once again within 24 months. It is a well known fact that the lenders have strictened their policies and it is pretty difficult to find mortgage lenders.

What are Green mortgages?

'Green mortgages' is becoming more famous everyday. So, what are green mortgages? Well, I think most of us know what green homes are, don't we? These homes use renewable sources of energy, thermopane windows, and money-saving items. The owner of a green home has the opportunity to get mortgage loans at a lower interest rates.

Many energy-efficiency advocates believe that this concept of green mortgage is an important step towards promoting the use of renewable sources of energy. Bank of America was the first to launch the green mortgage program. Through this program, the green-home{homes that satisfy the Energy Star energy efficiency requirements} buyers get 1000$ back.

Experts believe that green mortgage will become a huge hit in the future.

Tips for finding the best Remortgage advisor

The best way to get a bad credit remortgage loan is with the help of a good remortgage advisor. There are hundreds of such remortgage advisors in web and it is pretty difficult to find who's good and who's not.

Tips for finding a good remortgage advisor:

1. Make sure that the remortgage advisor works in a reputed company.
2. Ask people who have benefitted from the remortgage advisor.
3. Make sure that the advisor has loads of experience.

I must accpet that the main reason for my success in getting a bad credit remortgage loan is my remortgage advisor.

Found a Lender who is ready to help me

As, I have mentioned, I was finding it difficult to find a bad credit remortgage lender. After weeks of searching, I have found a new lender who is ready to help me. He didn't agree to me intially, but after hours of conversation, he has accepted to pay the amount in the existing loan to old mortgage provider.

The best thing about the new lender is that the remortgage interest rate is 3% less than the old remortgage interest rate. I am sure that remortgage is the only way to lower my repayments. Calculation suggest that I can save around 20,000 Euros every year from the new lender. My home equity has also increased by 40,000 Euros.

The only thing that worries me is that if I have found the lender before two weeks, then I wouldn't have sold my car. But now, my car is gone.