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www. Remortgage Supermarket .co.uk ~ All Rights Reserved.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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100 Percent Remortgage UK – Make The Most Of Value
If you are looking to get a loan for the full value of your property, then a 100 percent remortgage UK is the perfect option. This type of remortgage is available for properties that have seen a significant increase in value. If you have such a mortgaged property, you may consider remortgaging it to free up some extra cash.
Facts About A 100 Percent Remortgage
Regular remortgages usually give you a loan that equals around 75 to 95 percent of the value of your property. This means that if your home is valued at around ₤100,000 then you can be given a secured loan of only around ₤75,000 to ₤95,000.
A 100 percent remortgage UK on the other hand allows you to borrow an amount equal to the current worth of your property. For example, say the price of a property you bought three years ago for ₤100,000 is now worth ₤200,000. A 100 percent remortgage gives you cash for the full ₤200,000 that your home is now worth.
You can use this cash for a variety of purposes like repaying your first mortgage, home improvement, investments, expanding your business or buying your dream car. The only disadvantage about this form of remortgaging is the fact that there are very few lenders who provide such a service.
Cost Of A 100 Percent Remortgage
Companies that offer a 100 percent remortgage UK usually charge a high rate of interest and steep monthly repayment amounts. You are also likely to be charged a bigger lending charge premium than if you took a mortgage at a value lesser than your property. Some lenders add the lending charge premium to the mortgage. This means that you will have to pay interest on the lending charge for the same duration as the full mortgage.
A few 100 percent remortgage UK companies do not charge a mortgage indemnity guarantee premium. Though these mortgages seem cheaper, you may end up paying more because of the higher rate of interest. The best option is to select a plan with a fixed interest or capped rate. This means that if mortgage rates rise in future you will be protected. Select the best 100 percent remortgage UK lender today.
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