Can I Remortgage?
The question Can I remortgage?' is being asked more and more often as interest rates continue to fall
. There are a number of variables involved in answering that question, but there are two basic issues that will probably be decisive.
What is the equity of your home?
In many cases, banks will not approve a remortgage application unless the borrower has at least 20% equity in the property in question. The question of equity can be a sticky one in the present economic environment, as what your home was worth five years ago at the height of the real estate bubble was probably considerably more than what it is now in the post-crash economy. Most banks can establish a ballpark estimate of your home's current value by taking into such factors as your location, number of bedrooms and bathrooms, and the size of the plot of land it sits on. For a more exact figure, a professional appraisal will need to be conducted and one will almost certainly be required by the bank before a new loan can move forward.
If your equity is determined to be greater than 20%, most lenders are prepared to loan you the amount in excess of that 20% threshold. If you hold significantly more than 20% equity, remortgaging may make great economic sense, especially if current interest rates are significantly lower now than when you originally took the loan, or if your rate is about to readjust to something substantially higher than you are now paying.
How credit-worthy am I?
Banks have been badly burned in recent years by supplying loans to individuals who had a limited ability to repay them. Consequently, their lending standards have been tightened to ensure that future loans have a high degree of likelihood to be paid off within the agreed upon time. If your income is not sufficient to comfortably make the required payments, you will probably not be approved for a loan. If, however you earn enough money and have a positive credit history, the chances of a successful application are quite high.
If you can answer positively to these two simple questions, there is no reason why you should not pursue a remortgage on your current home.
Can I Remortgage?
By: Neil Stevenson
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