Remortgages - All Circumstances Considered including remortgages for Bad Credit individuals
What is a remortgage?
Quite simply for those of you who do not understand what a remortgage is, it is exactly what it says! You simply remortgage your home to repay any existing borrowings that you may have secured on that property and that is replaced with a new mortgage.
In today's climate, clients remortgage for a whole variety of reasons; you may wish to raise capital for a number of reasons, e.g. paying off some debts, repaying an overly expensive second mortgage on your home, maybe wishing to purchase your partners share of the equity in the property if you are separating, or maybe you just simply would like to get a much better rate than the one you currently have.
Whatever your position is Martland Mortgages will ensure that you receive the best possible service and advice to suit your own particular circumstances.
Remember our motto: "All Circumstances Considered"
Even if you have some doubts as to whether or not you would be eligible for a remortgage please feel free to pick up the telephone and call us and we will be able to let you know very quickly after taking some brief details from you if we can assist you with a remortgage.
More Information on ReMortgages
Remortgaging is ideal for people who are looking to consolidate debt or find a better mortgage deal. Similarly, refinancing is a type of remortgaging which involves transferring a mortgage but keeping the same mortgage lender.
A borrower would consider remortgaging usually to save money. Finding a lower rate on the market could mean a more attractive monthly payment. A popular type of deal is a fixed term mortgage, which ties a person in for a certain number of years on one rate. This means that the rate will not go up and down even if the market is doing so. Coming to the end of this deal means a decision between remortgaging or reverting to your lender's SVR (Standard Variable Rate).
If a borrower has credit card bills or loans, remortgaging might be an idea so that they can consolidate their debt. This means your mortgage might increase but it will also mean that there are no other monthly loan payments to worry about, other than the one standard mortgage payment.
Another reason someone might want to remortgage is to release some equity in the property. This can enable the borrower to obtain a cash sum rather than trying to get another loan. This is often considered when home improvements are necessary, to raise enough cash to afford a remodelling project, an extension, double glazed windows, or perhaps a conversion to the property.
Applying for a remortgage can be a simple process as long as the borrower involved has a good credit history and has met all of their previous monthly repayments in time.
The length of time it takes to remortgage varies from person to person. If there is a particular rush to remortgage then there are fast tracking options available which can put you ahead of the queue. On average though, a remortgage might take around six weeks.
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