Why should someone consider remortgaging?

• To take advantage of a different interest rate or one of the new mortgage  schemes being introduced by lenders on a regular basis.
• To consolidate all your existing loans and credit facilities. This allows you to change your existing monthly payments, and make only one payment per month for all of your debts.
  Remember that if you do this to reduce your monthly outgoings, it is usually necessary to keep making the payments over a longer period and that is likely to mean that you will pay more interest overall.
• To raise additional fund

How much can I afford?
Typically lenders allow a single person to borrow 3 to 5 times their annual income and a couple 3 to 4.5 times their joint income. The actual amount that you can borrow also depends on other debts and outgoings that you already have. UK Financials can help you to assess what you can afford.

Income usually needs to be evidenced by regular payslips for employed borrowers or three years' full accounts for self-employed borrowers.

UK Fianancials specialises in arranging loans and mortgages for applicants who cannot meet most high-street lenders' criteria, by dealing with lenders who are able to use a wider range of evidence of income to ascertain that the mortgage is affordable for the customer.

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Costs
Some of the costs associated with buying a new house are also incurred when you remortgage, for example solicitors fees and valuation costs.

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How to apply?
UK Financials is all about keeping things simple and working around your needs. The same is true when you apply for a mortgage. You can either request an illustration online or phone us on 0203 051 4841.

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Here's what you can expect to happen next
We will provide you with information relevant to your mortgage needs and allow you to select the most appropriate mortgage. You can complete our mortgage enquiry form here on our website. We'll call you back to discuss your application in more detail, and then we will send you, by post, full illustrations of any mortgage that you are interested in so that you can compare them with other mortgages if you wish. We will also send you an application form for you to check and sign if you decide to make an application.

You will be offered to speak to one of our qualified mortgage advisors if you would like some help in choosing your mortgage, or you can opt for just receiving information by post.

We'll need your permission (and that of anyone applying with you) to carry out credit checks.

To back up your application, we normally ask for a bank statement showing your monthly salary being paid directly into your account. In some cases we ask for further information e.g. references from your employer, accountant, other lender or landlord. We will only contact these third parties once we have obtained your consent to do so.

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Choosing a Solicitor
If you are planning a remortgage or buying a property, you'll need to appoint a solicitor or licensed conveyance to carry out the legal work.

You can appoint your own solicitor or licensed conveyancer, but you should note that some lenders may have particular requirements as to which solicitor's firm or licensed conveyancer may undertake the legal work for them.

You can also opt to use our lenders' panel of approved solicitors. We have excellent arrangements with these firms and because of this we are able to speak to them whenever we wish. This can greatly speed the process from start to finish of any remortgage or property purchase.

The solicitor's costs you incur can sometimes be incorporated within the mortgage (subject to sufficient equity) if you wish. This can help keep up-front costs to an absolute minimum but you need to remember that by adding these costs to the mortgage you will pay interest on that amount as well as on the actual mortgage itself.

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Remortgage Surveys and Valuations
There are essentially 3 types of service available for mortgage applicants and the cost of these depends upon the type of survey you have and the value of your house. A basic valuation, which most lenders will insist on, costs around £150.00 for a £50,000 property. This is the most common valuation to have when you remortgage.

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Basic valuation Option 1
The basic valuation is carried out on behalf of the lending institution to assess the adequacy of the security and the value of the property for mortgage purposes. The valuer may be a professional outside (panel) valuer or an employee of the lending institution. The task is carried out on behalf of the lender, not the applicant, although the applicant pays the fee if charged.

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Local Authority Searches
Your solicitor will look for anything which might affect the value of the property in the future e.g. plans for new roads or planning permission for new buildings.

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Settlement Figures
Your solicitor will obtain these from your existing lenders/credit firms and arrange settlement from the proceeds of the new mortgage.

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Mortgage Deeds and offer documents
Your solicitor will check these legal documents and will usually go through them with you before asking you to sign them. These documents make up the 'contract' between you and the lender and your solicitor can help you to fully understand what you are being asked to sign.