Unlike the more predetermined homebuyer mortgages, 樓宇轉按 are also heavily tailored around the varied commercial property values, as well as the business needs of the lessee. Any property or asset used as security may be repossessed or forfeited if you do not keep up repayments on any debt secured on it. If your fees aren’t too prohibitive, then you may want to start weighing up the interest rates. Lenders could still charge you valuation and arrangement fees. Feel free to use our Mortgage Matcher to see right now exactly what remortgage rates you can get and what fees you can avoid. Your existing mortgage is £150,000 and you want £40,000 for your building work.
Remortgaging happens when you change the current mortgage on your property by moving to a new lender. If this is something you are considering, our experienced and friendly team are here to help. The lower your loan-to-value is, the more mortgage deals will be available to you.
You submit to the non-exclusive jurisdiction of the Northern Irish Courts. Your mortgage summary will appear here when you start using the calculator. Progressive Building Society only lends on properties within Northern Ireland. “In search of a second opinion, we gave Online Mortgage Advisor a try and the broker they matched us with, Sofia, was quick to assure us that higher LTV deals were indeed available. Book a call and an expert broker will call you back at your preferred time, within 24 hours.
Home improvements can increase the value of the property, which might mean you have access to more equity for a remortgage, and therefore a wider range of products and better rates. As previously mentioned, some building societies release their build cost finance in stages once you have completed the initial land purchase stage. This may lead to cash flow problems, particularly if you have some large payments to make in the early stages of the development process. If you’re thinking of remortgaging your existing house we have a range of fixed and variable rate products that could work for you. For properties above £500,000 the standard valuation fee scale applies, less £330 discount.
Head over to view our mortgage products that may be suitable for you. Remortgaging is where you move your mortgage from one lender to another by paying off the original mortgage with the proceeds of the new one, using the same property as security. Make the most of your money with our wide range of savings accounts. We’ll compare over 90 lenders and give you free expert advice. However, even if you have enough equity to secure a secure charge mortgage, you will still need to prove your ability to repay the new mortgage.
If you fail to keep up with payments on your mortgage a ‘receiver of rent’ may be appointed and/or your rental property may be repossessed. We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. Moreover, If you’re remortgaging to renovate an unusual property, such as a barn conversion, it’s important that you have the correct planning permission and other amenities.
For more information on the process, read our guide to remortgaging here. Your eligible deposits held by a UK establishment of Penrith Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. On a product by product basis, the Society applies limits to the maximum sum it is prepared to advance. Please refer to individual product information for further guidance. Fee Assisted Legals – where the product selected includes fee assisted legals, the applicants must use the Society’s nominated solicitors.
Experienced mortgage broker offering advice and help to many hundreds of clients. Takes pride in getting hard to get agreed mortgages agreed for clients and often gets mortgage offers agreed where other brokers have failed. Also expert in business protection solutions such as relevant life policies, key person insurance and shareholder protection.
It’s safe to say a big majority of circa 20,000 remortgages will be used to fund some sort of home improvements – it’s the main reason banks feel comfortable enough to provide additional funds. We have had a quote of £37,200 for building the extension which is about the same as 7% of the value of the house when we bought it four years ago. So we would be looking to borrow an additional £40,000 to cover the costs of the building work with a bit to spare. The actual amount you pay will depend upon your circumstances.