There are numerous types of loans that form the group called home loans, and two members of this group are mortgages and remortgages.
Both mortgages and remortgages are secured on residential property, and the amount of mortgage or remortgage that can be granted depends on the available equity on the property.
Equity is the difference between the value of a property and the mortgage secured on it.
To give an example of what equity in fact is, on a property valuation of 250,000 and a mortgage outstanding of 80,000, the available equity would be 170,000.
Mortgages and remortgages of 100% LTV are no longer available.
Very few mortgage lenders are even prepared to advance 95% LTV mortgages and remortgages.Even 90% LTV mortgages and remortgages are only available from a minority of lenders.
This is a huge change from the past when before the credit crunch borrowers could easily obtain a mortgage or remortgage of 100% the value of the property. There was even availability of 125% mortgages and remortgages from The Northern Rock. This fool hardy lending was naturally what contributed to the credit crunch.
Mortgages and remortgages have good rates of interest at present with the repayments on tracker deals being particularly attractive at present.
The tracker remortgage and mortgage do exactly as stated and that is why they are so low at present as they track the Bank Of England Base lending Rate of 0.05%.
Tracker remortgages and mortgages are available with interest rates as low as 1.98% and 1.99% if the equity for the latter is a maximum of 70% LTV and for a maximum of 60% LTV for the 1.98% rate.
Fixed rate remortgages and mortgages abound starting at about 3%, and as such the mortgage and remortgage sector still offer attractive products. - 29970
Both mortgages and remortgages are secured on residential property, and the amount of mortgage or remortgage that can be granted depends on the available equity on the property.
Equity is the difference between the value of a property and the mortgage secured on it.
To give an example of what equity in fact is, on a property valuation of 250,000 and a mortgage outstanding of 80,000, the available equity would be 170,000.
Mortgages and remortgages of 100% LTV are no longer available.
Very few mortgage lenders are even prepared to advance 95% LTV mortgages and remortgages.Even 90% LTV mortgages and remortgages are only available from a minority of lenders.
This is a huge change from the past when before the credit crunch borrowers could easily obtain a mortgage or remortgage of 100% the value of the property. There was even availability of 125% mortgages and remortgages from The Northern Rock. This fool hardy lending was naturally what contributed to the credit crunch.
Mortgages and remortgages have good rates of interest at present with the repayments on tracker deals being particularly attractive at present.
The tracker remortgage and mortgage do exactly as stated and that is why they are so low at present as they track the Bank Of England Base lending Rate of 0.05%.
Tracker remortgages and mortgages are available with interest rates as low as 1.98% and 1.99% if the equity for the latter is a maximum of 70% LTV and for a maximum of 60% LTV for the 1.98% rate.
Fixed rate remortgages and mortgages abound starting at about 3%, and as such the mortgage and remortgage sector still offer attractive products. - 29970
