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Mortgage · Advanced Hacks

The Mortgage 100.
Advanced Hacks

Focus: Pro tips for experienced borrowers and complex deals.

18+Questions
100%Expert Answers
FCARegulated
How does remortgaging save me money?
TL;DR Discover how remortgaging saves you money by securing lower interest rates, consolidating debt, or releasing equity. Learn the benefits, costs, and risks involved in switching mortgages.
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What are the steps to remortgage my property?
TL;DR Learn the essential steps to remortgage your property in the UK. This comprehensive guide covers preparation, application, valuation, legal stages, and completion.
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How do I know if remortgaging is worth it?
TL;DR Deciding whether to remortgage your UK property involves weighing potential savings against fees and long-term goals. Learn how to calculate the true cost and when remortgaging makes financial sense for you.
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Can I remortgage to release equity from my home?
TL;DR Yes, you can remortgage to release equity. Learn how this process works, the associated costs, eligibility criteria, and potential risks of increasing your borrowing on your UK property.
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What’s the difference between remortgaging and switching lenders?
TL;DR What’s the difference between remortgaging and switching lenders? Remortgaging involves a new lender and valuation, while switching lenders usually means a product transfer with your current provider. Understand the key differences in costs, eligi…
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When should I consider remortgaging my home?
TL;DR Considering remortgaging your UK home? Learn the key timings and reasons, from rate expiry to raising capital. We detail the benefits, risks, and process timeline.
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How does a first-time buyer mortgage differ from others?
TL;DR First-time buyer mortgages often come with unique benefits like lower deposit requirements and specific government schemes. Learn the key differences between these products and standard mortgages.
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Can I remortgage to access cash for home improvements?
TL;DR Find out if you can remortgage to access cash for home improvements, exploring how to release equity, the application process, costs, and key risks involved.
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What should I look for in a remortgage offer?
TL;DR Comparing remortgage offers requires looking beyond the headline interest rate. We detail essential factors: fees, APRC, early repayment charges, flexibility, and suitability for your needs.
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Are there mortgage options for freelancers and contractors?
TL;DR Freelancers and contractors often face unique challenges when seeking a mortgage. Learn about specialist options, income evidence requirements, and how to prepare your application. We explain how lenders assess variable income.
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Is equity release better than a personal loan?
TL;DR Comparing equity release and personal loans? We break down the key differences, eligibility criteria, costs, and risks associated with secured vs unsecured borrowing for UK homeowners.
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What tools can help me choose the right mortgage?
TL;DR Choosing a mortgage can be complex. Learn what tools can help you choose the right mortgage, from online calculators and comparison sites to credit reports and expert broker advice.
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Is a joint mortgage better for couples buying together?
TL;DR Deciding whether a joint mortgage is better for couples involves considering affordability, ownership structures, and shared liability. We explore the pros and cons for UK buyers.
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What is a Buy-to-Let Mortgage, and How Does it Work?
TL;DR Discover what a buy-to-let (BTL) mortgage is and how it functions. Learn about the criteria, deposit requirements, tax implications, and risks involved in becoming a UK landlord.
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Is it better to get a longer or shorter mortgage term?
TL;DR Deciding between a long or short mortgage term impacts your monthly payments and total interest paid. We break down the financial pros and cons to help you decide which path is better for your budget.
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What’s the best time of year to get a mortgage?
TL;DR Trying to time your mortgage application? Learn if the season, lender appetite, or the property market cycle offers advantages when looking for the best mortgage deal in the UK.
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What are the best mortgage options for first-time buyers?
TL;DR Navigating the mortgage market as a first-time buyer can be complex. Learn about the best mortgage options available, including fixed-rate and tracker mortgages, and essential steps to prepare your application.
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Can first-time buyers get a mortgage with bad credit?
TL;DR Struggling to get on the property ladder because of poor credit history? Learn how first-time buyers can approach specialist lenders and improve their chances of mortgage approval in the UK.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk