What Are Portable Mortgages?

The significant feature of a portable mortgage is that it is transferable if you move house. A portable mortgage is also referred to as mortgage portability and enables the borrower to transfer their mortgage to another property without accruing early redemption penalties.

Without a portable mortgage, penalties may be incurred if your mortgage has a tie in period & you choose to move properties during this period (usually 1-5 years). Mortgage portability is an arrangement agreed between the mortgage lender and the borrower; you must state that you require a portable mortgage before finalising a mortgage agreement. (more…)

The economy is becoming a worrying issue at present, so it is not surprising that people are starting to focus upon their current mortgage deals and questioning whether to change mortgage lenders in order to have financial stability in the future. Refinancing your home with a low interest remortgage is an option to consider, releasing equity can give you the financial freedom you desire. Reviewing your mortgage to see if a low interest remortgage would be suitable for your current circumstances can be a daunting mission, so at Remortgageexplorer we provide a personal and professional service. We complete a comprehensive search of the top UK mortgage brokers and compare remortgages with low interest rates to find a competitive mortgage deal for you. (more…)

With the current financial market being more competitive than ever, especially online, new mortgage products are being introduced by mortgage brokers. If you are a first time buyer these new mortgages can be attractive, with some lenders offering fantastic deals to enable you to get your foot on the property ladder. Homeowners currently looking to remortgage can also benefit from these new mortgage products, improving your existing mortgage deal. At Remortgageexplorer we carry out a comprehensive search of mortgage plans to ensure each mortgage is tailored to your individual needs and requirements. (more…)

What Are Fixed Rate Mortgages?

A fixed rate mortgage is a mortgage where the interest rate remains the same for a specified period, even when the Bank of England base rate changes. This is ideal when the rate of inflation increases, causing interest rates to fluctuate on loans, as you will know exactly what your monthly repayments are. Typically the fixed rate period is for the first 2 to 5 years of the mortgage, but you can get fixed rates for the entirety of the mortgage. Fixed rates can be applied to other loan types such as interest only mortgages and adjustable rate mortgages upon discussion with the individual lenders. (more…)

What Are Tracker Mortgages?

Tracker mortgages (also known as base rate trackers) are variable rate mortgages, and are when the interest rate of your mortgage tracks the interest rate of the Bank of England. This means that your monthly mortgage payments will fluctuate when the base rate at the Bank of England goes up or down. (more…)

What Are Offset Mortgages?

An offset mortgage is a mortgage which enables you to use your savings to make your mortgage payments lower. This is done by linking your savings and mortgage accounts, for example if in your savings account you have £20,000 and your mortgage is £100,000, through an offset mortgage you will only pay interest on the difference, which in this case would be £80,000. The interest rates are usually linked to the base rate at the Bank of England. There are two types of offset mortgage deals, the offset mortgage packages link all your savings together but they remain in separate accounts, where a current account mortgage keeps all your saving together in one account. Which deal you decide on is based on individual circumstances. (more…)

What Are Discounted Mortgages?

Discounted mortgages enable you to pay a discounted interest rate on a mortgage during a set period agreed by the lender. A discounted mortgage gives you the benefit of lower monthly repayments as you will pay a set discounted rate below the lenders standard variable mortgage rate. After the discounted period the mortgage rate will return to the lenders standard variable rate. As with other mortgage packages there are many different offers that apply to the discounted mortgage depending upon individual circumstances. (more…)

What Are Capped Rate Mortgages?

A capped rate mortgage is a type of variable rate mortgage that is guaranteed not to rise above a specific rate, this being the ‘cap’ agreed by the lender, within a period set by the lender. If the lenders standard variable rate increases you only ever pay up to your agreed capped rate, if the rate falls you will benefit from cheaper mortgage payments. A capped rate mortgage is an ideal package to benefit from when interest rates vary. If you are looking for a mortgage that offers the best of both a variable and a fixed rate mortgage, then a capped rate mortgage may be a great option for you. (more…)

What Are Cash Back Remortgages?

A cash back remortgage simply means that some lenders will offer you a percentage of your mortgage back in a cash lump sum. Some lenders can offer as much as 6% of your mortgage in a lump sum, which you can use for any purpose. You get the cash back either at the start of the mortgage term, or when you have paid it off. Typically a cash back remortgage is offered in conjunction with a lenders SVR (Standard Variable Rate) mortgage. (more…)

Are you currently looking to remortage your home, but are unsure of what mortage would be most suitable? At Remortgageexplorer we specialise in finding loans to suit your individual requirements. If you are looking to remortage your home we will carry out a comprehensive search of loan lenders specialising in remortages. Here at Remortgageexplorer we have fantastic remortage options including no early repayment fees, payment holidays, fixed rate options & more. If you would like to see which loan deal would be the right option for you please feel free to complete our remortage application at no obligation to you. (more…)