By obtaining a remortgage, you can potentially save money as the repayments may be cheaper than second charge loan repayments. At Baker Financial we can help you find the right solution with our vast range of remortgages and ensure you have one suited to your needs and budget.
A remortgage isn’t just for raising funds against the value of your home for home improvements, but also many other legitimate concerns; including raising finances to purchase a development property, business reasons and many more. No matter the reason, we’re confident we can help you find a remortgage that can be the perfect investment for your commercial or domestic property.
Types of remortgage
When it comes to the types of remortgage, two of the most well known are interest only and capital repayment.
Interest only will only repay the interest; not the capital borrowed. That is why they are more likely used for buy to let properties or for commercial properties because the repayments could be more financially beneficial for businesses in the long run.
Capital repayment remortgages are different. This means that for every monthly payment made, some of the money is used for paying the interest alongside reducing the capital owed on the mortgage loan itself. This is typically ideal for the domestic property owner as it is likely the safest mortgage, as long as all the monthly payments are made on time, it ensures the loan is repaid at the end of the mortgage term.
There are, of course many different remortgage types out there such as fixed, discounted and tracker rate mortgages to name a few, but most of the other types will either be interest only or capital repayment (such as a capital repayment fixed rate mortgage). With our help at Baker Financial, we’re confident we can make sure you are fully supported and get the mortgage to best suit your needs.
Don’t wait to get in touch with our team and find out more today.