How does a remortgage work?
if you get a 100% mortgage on a flat for 75k and then remortgage it after the first 3 years, after which it is worth 90k for example, does the remortgage sort it less then a 100% mortgage?
Answers:
If you buy a residence for 75k and are at 100%, and afterwards 3 years later you refinance/remortgage your mortgage loan then it will depend on how much you remortgage the home for to determine whether it is a 100% mortgage still. If your home is worth 90k when you remortgage your home and you remortgage it for 90k, after yes you will have a 100% mortgage once again. If you refinance/remortgage the home for less than 90k, next you will have some equity in the home and the mortgage will not be 100%. Usually lenders consider anything between 95.01% and 100% within the same classification as a 100% mortgage loan. HOope that answers your questions Source(s): http://www.gofirstsecurity.com/searchres… (couple of links give or take a few remortgage)
lucky you - you have equity in your property.
remember you should solitary be financing the outstanding amount ...not the equity.
go to your local banker and sit down ans ask him the question...you are under no obligation...you are purely seeking advice.
and---also stay away from the online internet people who will email you stating they can assist you or provide you a great deal...they can't!...stick with your local bankers
perfect luck Source(s): 40+ years experience
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Answers:
If you buy a residence for 75k and are at 100%, and afterwards 3 years later you refinance/remortgage your mortgage loan then it will depend on how much you remortgage the home for to determine whether it is a 100% mortgage still. If your home is worth 90k when you remortgage your home and you remortgage it for 90k, after yes you will have a 100% mortgage once again. If you refinance/remortgage the home for less than 90k, next you will have some equity in the home and the mortgage will not be 100%. Usually lenders consider anything between 95.01% and 100% within the same classification as a 100% mortgage loan. HOope that answers your questions Source(s): http://www.gofirstsecurity.com/searchres… (couple of links give or take a few remortgage)
lucky you - you have equity in your property.
remember you should solitary be financing the outstanding amount ...not the equity.
go to your local banker and sit down ans ask him the question...you are under no obligation...you are purely seeking advice.
and---also stay away from the online internet people who will email you stating they can assist you or provide you a great deal...they can't!...stick with your local bankers
perfect luck Source(s): 40+ years experience
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