Refinancing your mortgage in UK (sometimes known simply as remortgaging) involves switching your current mortgage deal to a better offer. Many homeowners wish to look at improving their mortgage situation because it is the most significant part of their monthly outgoings. Even improving your mortgage rate by as little as 0.5% can make a big difference to the total amount of mortgage payments you make over the course of your mortgage term.
There are many different types of mortgages to choose from. These range from unconventional mortgages such as Current account mortgages to more conventional mortgages like tracker mortgages. Don’t be put off by the bewildering array of mortgages on offer. A mortgage adviser should be able to help you choose a mortgage suited to your needs. However it is worth being aware of the advantages and disadvantages of the different types of mortgages. For example if you have a large current account balance a current account mortgage may prove to be a very good deal.
Different Types of Mortgage deals in the UK
Mortgage Refinance with Bad Credit
If you have a bad credit history or have been blacklisted it will still be possible to get some better mortgage deal. It is worth looking around for mortgage dealers that specialize in bad credit. It is likely the rate will be higher than average. This is to compensate the lender from the increased risk of lending to you. However make sure you are not being charged exorbitant rates.
Mortgage Refinance for Self Certification.
See pages on self certification remortgage guide
Mortgage Refinance for Self Employed
Self Employed may find it difficult to prove regularity of income. In this case a self certification mortgage may be appropriate. However it is worth looking at more conventional mortgages first as they may offer better deals in the long run.