Re-mortgage: (Click on a topic below)

The Basics
How we can help
Information Required

The Basics

Becoming increasingly popular over the last ten years remortgaging is commonplace in today’s competitive mortgage market. Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one. Prior to making the decision to remortgage it is important to establish a number of basic facts or the benefit of your remortgage may be significantly reduced by penalties imposed by your current lender. Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage:

• What is your current interest rate?

• The amount of your monthly payments.

• What limitations apply to your current mortgage rate.

• How long does your present fixed, discounted or capped rate last for

• Are you tied into the variable mortgage rate and if so for how long?

• What redemption penalties will you incur if you were to pay off your mortgage early?

• Are any other fees involved?

• It is also generally worthwhile letting us talk to your existing lender to look at opportunities for obtaining better rates without moving the actual loan.

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How we can Help

At Vesta Money Limited we can provide you with a range of mortgage options so that you can make an informed choice. There are several factors that you need to take into account, such as:

What limitations apply to the end of any product you are considering?

Is there a tie in period and if so for how long?

What is the lenders variable rate – how does this compare?

Is there any Mortgage Indemnity to pay? (Mortgage Indemnity is a premium that you pay to a lender in order to protect the lender against potential future loss. The premium is usually charged when borrowing is in excess of the amount the lender considers they can safely lend, so as to be assured of their money being returned if any future financial problems occur. Generally this cost is being phased out in the market but you may still encounter this premium for loans above 80% of the house value. The cost of this is therefore to be taken into account when selecting a lender.)

What other costs are involved in any remortgage scheme?

What solicitors fees are incurred, valuation costs and set up fees?

Once all this information is available you will be in a position to make an informed decision on how you might wish to proceed. Vesta Money Ltd will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action.

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Information Required

There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common:

• 3-6 months pay slips

• 3-6 months bank statements.

• Most recent mortgage statement or a redemption statement from your lender.

• Most recent P60

Whilst the banks and building societies will all have different specific requirements these are usually required in all circumstances.

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