• Are you facing a tough situation regarding your remortgage?

• Are you in the position where you can’t remortgage?
  
• Do you need remortgage advice?

• Perhaps you bought a home when prices were high; this was fine in the discounted rate mortgage period, but now you're about to go onto the standard variable rate, which is a lot higher. Or maybe you were on a super low fixed rate mortgage, and that's about to end.
  

What do you do now?!

• I get asked this question all the time ‘in the current economic environment, how can I remortgage?’.

• First of all, calm down and don't despair. There is usually a solution, when it comes to mortgage finance.
  

What's the problem these days?

• The issue for most mortgage lenders is primarily loan to value (LTV). In other words, how does the value of the money they've lent you compare to the value of your property.

• If the value of you property is less than the money they ave lent you, the mortgage lender realises that if you go bankrupt, they might not get back all the money they lent you.

• So basically the lower the LTV, the more comfortable the mortgage lender with feel. Generally, at 85% LTV and lower, the mortgage lender starts to feel a lot better, and therefore you get much lower rates, as you present a lower "risk" of them losing money.

• So if you have a house worth £200,000, but your mortgage is only £100,000, the mortgage lender kows that if you stop paying, they will just sell you house, and there will be more than enough value to settle you debt. Do you see what I mean?
  

• So with over 1 million people now in negative equity, the mortgage companies are even more nervous. If you had a 100% mortgage recently or even 90% and your home has lost value, you’re not the mortgage company’s favourite person.

Ask yourself - exactly wht is a mortgage?

• It's just a loan. A loan secured against the asset it was used to buy - your home. But it's just a bank loan, and so is more flexible than you realise. The bank just wants to feel comfortable, and the more comfortable you allow them to feel the better deal they will give you.

First Speak to your Independent Mortgage Broker

• To get really factual picture and to see what the best remortgage deals are at the moment, call a few independent mortgage brokers. Don't worry, they don't charge you and they are normally happy to discuss your current situation and available options.

• Of course they want your business, but they are on your side and can be vital source of information and extremely helpful. Remember, it's in their best interest to help you qualify for a remortgage, because then they get a fee from the remortgage lender.

• Ask them openly what level of LTV you need to have to get the best mortgage deals.
  

• Don't commit to anyting just yet, you're just gathering information at this stage. I have had good experiences with the Ahuja Group, who are an Independent Mortage Broker. They've very understanding and will get the best deal for you.
  

Use other sources of borrowing to Lower your Loan to Value(LTV)

• Make the mortgage lender feel comfortable.

• Your mortgage broker will make it clear to you, that you may need to bring down your loan to value, to get a good rate. An option may be to borrow this from another source.

Use 0% Credit Cards or a Low Rate Personal Loan

• Maybe you speak to your mortgage broker and they say that at 75% LTV you can get a great rate, but you're at 80% at the moment. You may be able to reduce you LTV below 75% by using other cheap forms of borrowing, like 0% credit card deals. Just make sure you can afford the monthly payments of both the remortgage and the credit card.

• This would get you a great rate, and then you could pay off the 0% credit card more quickly too.
  

• My friend Shelley had £13,000 left on her mortgage (home worth about £100,000) and her mortgage company told her they didn’t want to remortgage her!

• She paid it off with a 0% credit card which offered her 0% on balance transfers for 16 months. She paid the same amount that she had before on her mortgage and paid it off in 12 months. Now she lives mortgage free!

If you have other property or assets

• If you have other property or assets, which have less debt held against them; you may be able to borrow from those relatively "free" assets, to reduce your debt on your home. That is another way of reducing you LTV, to qualify for a better lower rate mortgage.
  

If you have to stay on the original mortgage

• One glimmer of light, though, is that Standard Variable Rates (SVRs) have come down a lot, on the whole, thanks to base rate being incredibly low. This means that when you come off your fixed deal, if you can’t get another one, it may not be too much of a financial shock.

• However, as soon as you can, check what the SVR would be once you get to finishing your current deal and see how much more you will have to pay each month to keep the mortgage going. The earlier you work it out, the better.

• Remember it is your debt and you have every right to this information!

• Let me know if you have any questions or suggestions, I'd be happy to help.

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