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Need to Remortgage soon? – Don't panic, the crunch won't bite too hard
If you are remortgaging and have equity in your property that it is. There is plenty of mortgage and remortgage deals available if you consult a whole of market mortgage advisor who knows where to look. Mortgage lenders are never out of the news currently as they withdraw products and push their rates up, despite the best efforts of the Bank of England. The main types of mortgage that have been withdrawn by lenders are the ones for 100% loan to value (LTV) and over, such as the now infamous Northern Rock 125% mortgage. There has also been a marked decrease in the number of 95% LTV mortgages available, be it for a first time purchase or a remortgage, as mortgage lenders are concerned that if the market drops by 5% or more then the outstanding mortgage will be greater that the value of the property. To secure the best deals in the current marketplace you really need to be able to put down a deposit of at least 10%, or have owned a property long enough to have built up enough equity to ensure that you are remortgaging below the 90% LTV level. If you are looking to remortgage in the coming months it is best to consult whole of market mortgage brokers who can take you through all of the options available to you. When you find the mortgage deal which suits your needs it is best to move fast to secure the rate. Mortgage deals are being withdrawn daily with little or no notice. Lenders are also taking longer to process applications, especially for the most popular deals, as they are taking a more cautious approach and scrutinising applications thoroughly. Prior to the credit crunch mortgage lenders were chasing the borrowers to offer them the best deals available. Now it is the applicant who needs to use all the resources available to them to seek out the best deal. A whole of market mortgage advisor will be able to use sourcing software that will show the best mortgage rates available for your given set of circumstances and will often have access to exclusive deals. Mortgage advisors will also be able to use their experience in dealing with lenders and be able to advise on the best way to present your application if you have had any past difficulties, such as missed payments, arrears or county court judgements. If you have had credit difficulties is may be worth while checking your credit report prior to applying for a new mortgage to ensure that you do not leave a credit search 'footprint' by applying to get mortgages that you are not likely to be accepted for. Also, if there are any errors on your credit file you can apply to have them corrected prior to application as lenders can cherrypick applications with spotless credit records. Last week there were over 5,000 different mortgages available. Although this sounds like a lot, it is down from a high of over 16,000 deals available in mid-2007. So there are still plenty of mortgages out there and plenty of lenders wanting to lend to you, but it is best to consult a whole of market mortgage advisor to ensure that you are getting the best possible deal. |
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This intel was contributed by Aaron Hill
Aaron Hill
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May, 2012
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