Remortgaging is a great way for people to free up equity in their property. Unlike a bank or building society who would only offer remortgages from their own product range, clients we help have access to the whole remortgage market, including some of the best deals in the UK.
A capital repayment remortgage simply means that each time you make a monthly payment some of the money goes towards paying the interest and some towards reducing the capital owed on the mortgage loan. These are typically the safest mortgages to ensure the loan is repaid at the end of the mortgage term and are the preferred mortgage type for most borrowers.
A remortgage on interest only will only repay the interest and not the capital borrowed. For this reason they are often used for buy to let properties or for commercial properties.
Its important to note that as no capital is being repaid, if the mortgage is not switched to a capital repayment mortgage or no other repayment vehicle has been arranged, the full balance of the mortgage will be due at the end of the mortgage term. If someone has switched to an interest only mortgage to help reduce monthly payments whilst they get their finances in order, they would tend only to stay on interest only for a couple of years and then switch to a capital repayment mortgage.
Regardless of what you want to remortgage for, with access to the whole market you can be confident any mortgage offered will be the best we can get you. After discussing your needs and requirements, any recommendation will be tailored to your individual needs and requirements.
As all circumstances are considered and with access to specialist mortgage products not available on the high street, it could be that we can help even if you’ve been refused elsewhere.