Remortgage · Advanced Hacks
The Remortgage 100.
Advanced Hacks
Focus: Pro tips for experienced borrowers and complex deals.
Are there bridging loans for non-UK residents?
TL;DR Discover if there are bridging loans for non-UK residents. Learn about eligibility, costs, and risks for overseas investors securing short-term UK finance.
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What are the different types of asset finance?
TL;DR Explore the main types of asset finance available to UK businesses, including hire purchase, leasing (operating and finance), and refinancing. Understand the benefits and risks.
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How is interest charged on a bridging loan?
TL;DR Learn how interest is charged on a bridging loan in the UK. Explore rolled-up, retained, and monthly options, plus key costs, repayment risks, and exit strategies.
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Can I use a bridging loan to purchase overseas property?
TL;DR Learn if you can use a bridging loan to purchase overseas property. We explain how UK security works, the costs involved, and the risks of international buying.
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What documentation is required for a bridging loan application?
TL;DR Learn what documentation is required for a bridging loan application in the UK. Discover the essential ID, property, and exit strategy papers you need today.
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How do I find the best bridging loan rates?
TL;DR Finding the best bridging loan rates in the UK requires comparing lenders and understanding your exit strategy. Learn how to secure a competitive rate today.
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Are there any early repayment charges for bridging loans?
TL;DR Understand if there are any early repayment charges for bridging loans. Learn about minimum terms, exit fees, and interest structures in this expert UK guide.
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Are there any planned developments in the area?
TL;DR Learn how to find out if there are any planned developments in the area, the financial impact on your property value, and how to check local planning portals in the UK.
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Can a business lose the leased asset if it defaults on payments?
TL;DR If a UK business defaults on asset lease or hire purchase payments, the asset is typically at risk of repossession. Learn about default consequences and legal remedies.
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What direction does the garden face (sunlight concerns)?
TL;DR Understanding what direction your garden faces is crucial for UK property valuation and enjoyment. Learn how south, north, east, and west orientations impact sunlight.
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What is my credit score, and how does it impact my borrowing options?
TL;DR Understand your credit score, how it's calculated by UK agencies like Experian and Equifax, and the direct link between a good score and accessing better UK borrowing options.
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Should I consult a tax advisor regarding my options?
TL;DR Wondering if you should consult a tax advisor regarding your financial options in the UK? Expert tax advice is crucial for complex decisions involving property, inheritance, and capital gains. Learn when professional guidance is necessary.
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What is the difference between a contractor mortgage and a regular mortgage?
TL;DR Learn the key distinctions between contractor and regular mortgages, including income assessment methods, eligibility criteria, and typical lender requirements.
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How would an economic downturn impact my property value and equity loan?
TL;DR Understand how an economic downturn could affect your UK property value and the security of your equity loan. We explain risks, LTV ratios, and repayment challenges.
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Is it safe to take out a secured loan during an economic downturn?
TL;DR Taking a secured loan during a downturn requires careful planning. We analyse the risks, benefits, and compliance factors to help you determine if it is safe to proceed.
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What is a Retirement Interest Only (RIO) mortgage and how does it work?
TL;DR A Retirement Interest Only (RIO) mortgage helps homeowners over 55 service their mortgage debt by paying interest only, with the capital repaid when the house is sold. Learn how RIO mortgages work in the UK.
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Am I eligible for a Retirement Interest Only mortgage in the UK?
TL;DR Find out if you qualify for a Retirement Interest Only (RIO) mortgage in the UK. We detail the age limits, income requirements, and property criteria required by lenders.
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What impact do economic downturns have on commercial mortgage lending?
TL;DR Economic downturns significantly affect commercial mortgage lending. Learn how reduced property values, tighter credit requirements, and shifting borrower risk profiles impact securing commercial finance in the UK.
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Can I add non-debt expenses like utility bills to the consolidation calculator?
TL;DR Consolidation calculators are designed for unsecured debts like loans and credit cards. Learn why you cannot add regular non-debt expenses such as utility bills or council tax to calculate savings.
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What are the key features of a Retirement Interest Only mortgage?
TL;DR Discover the essential features and requirements of a Retirement Interest Only (RIO) mortgage. Learn how these UK products work, who they are designed for, and the key benefits and risks involved.
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What’s the average processing time for a commercial mortgage application?
TL;DR Discover what’s the average processing time for a commercial mortgage in the UK. We break down the key stages, typical timescales, and factors that speed up or slow down your application.
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What repayment options are available for a Retirement Interest Only mortgage?
TL;DR Discover what repayment options are available for a Retirement Interest Only (RIO) mortgage. Learn about monthly interest payments and the eventual capital repayment triggers, typically the sale of the property.
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Can pension income be used to apply for a RIO mortgage?
TL;DR Yes, pension income is a primary factor for RIO mortgage eligibility. Lenders assess affordability based on sustainable retirement income streams, not just salary. We explain how RIOs work.
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How does income affect my eligibility for a RIO mortgage?
TL;DR Understanding how income affects RIO mortgage eligibility is crucial. Learn about the affordability checks, how pension income is assessed, and why sustainable income matters for these specialist loans.
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How will rising interest rates affect my options?
TL;DR Rising UK interest rates impact mortgages, loans, and savings. Learn how rising interest rates affect your options, borrowing costs, and property investments.
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What happens if my HMO licence is revoked?
TL;DR Losing your HMO licence is a serious issue that affects tenancy, income, and property value. Learn the immediate steps you must take, legal implications, and financial consequences of licence revocation.
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Is now the right time to make financial changes, considering the economy?
TL;DR The current economic climate presents challenges and opportunities for financial planning. Learn how to assess whether now is the right time to make significant financial changes, considering inflation, interest rates, and your personal goals.
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How much will a solicitor charge for handling legal aspects of repayment?
TL;DR Discover how much solicitors charge for handling loan repayment legalities in the UK. Understand fixed fees, disbursements, and potential extra costs for complex cases.
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Should I involve a solicitor for any legal aspects?
TL;DR Navigating complex financial products often requires legal expertise. Find out when and why you should involve a solicitor for any legal aspects related to UK property finance or loans.
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Can I afford the repayments on a new mortgage or loan to replace the equity loan?
TL;DR Worried about replacing your Help to Buy Equity Loan? We break down how lenders assess affordability for a new mortgage or loan, focusing on income, debt, and the crucial factors that determine if you can manage the increased repayments.
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What’s the typical arrangement fee for an HMO mortgage?
TL;DR HMO mortgage arrangement fees typically range from 1.5% to 3% of the loan amount, but specialist lending means costs vary widely. Learn about fees, factors affecting them, and how to minimise overall costs.
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How can I compare asset finance providers? What happens if the asset depreciates faster than expected?
TL;DR Learn how to compare UK asset finance providers, focusing on rates, terms, and fees. Understand the crucial impact of faster-than-expected asset depreciation on finance agreements like HP or leases.
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Are there exit fees in lease finance agreements?
TL;DR Understanding exit fees in UK lease finance agreements is crucial. We explain Early Repayment Charges (ERCs), settlement figures, and how early termination affects your contract.
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How do RIO mortgages affect future property value?
TL;DR RIO mortgages typically do not affect the market value of your property. Learn how this financing option impacts your home's equity, future inheritance, and the repayment process.
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How do RIO mortgages affect future housing options?
TL;DR Explore how Retirement Interest Only (RIO) mortgages impact your options for moving home, downsizing, and inheritance planning in the UK property market.
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Can I adjust my consolidation loan interest rate to see different scenarios?
TL;DR Want to adjust your consolidation loan interest rate to model different repayment scenarios? Learn how lenders set fixed rates, the role of credit scores, and how to use calculators effectively before you commit to a loan.
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How do I calculate monthly mortgage repayments using the calculator?
TL;DR Learn exactly how to calculate monthly mortgage repayments using a financial calculator. We break down the key inputs: loan amount, interest rate, and term length. Understand how these factors impact your monthly costs.
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Can I use a RIO mortgage to pay off an existing mortgage in retirement?
TL;DR RIO mortgages are designed for later life. Find out how a Retirement Interest-Only (RIO) mortgage works and if you can use it to clear your existing mortgage debt. Learn the requirements and risks.
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Can I input both regular monthly overpayments and lump sums?
TL;DR Learn how UK mortgage and loan rules allow you to make both regular monthly overpayments and larger lump sum contributions. Understand your annual limits and avoid Early Repayment Charges (ERCs).
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Will taking out a RIO mortgage impact my eligibility for benefits?
TL;DR Taking out a RIO mortgage might impact means-tested benefits (like Pension Credit). We explain the complex rules in the UK regarding housing equity, interest payments, and how a RIO affects your overall eligibility for state support.
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Can I get a RIO mortgage if I still have an existing mortgage?
TL;DR If you want a Retirement Interest Only (RIO) mortgage but have an existing home loan, it is generally possible. We explain how RIO mortgages work when remortgaging.
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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.
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Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
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