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A remortgage (known as refinancing in the United States) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. [1] The term is mainly used commercially in the United Kingdom , though what it describes is not unique to any one country.
Some 68,300 mortgage approvals for house purchases were recorded in October, marking the highest monthly total since August 2022, when 72,200 mortgages got the green light. ... Remortgaging ...
For example, a borrower with an average house valued at £292,000 and 20 percent deposit remortgaging from a 2.75 per cent five-year mortgage obtained in 2019 to a five-year deal at 4.42 per cent ...
If you're planning to retire, you might have some trouble qualifying for a mortgage. Here's what lenders can — and can't — consider when approving you for a home loan.
The average rate for shorter 15-year terms is 6.11% for purchase and 6.13% for refinance, down 3 basis points from 6.14% for purchase and 2 basis points from 6.15% for refinance this time last week.
They have also proved beneficial to people who had an interest-only mortgage with no repayment vehicle and now need to settle the loan. These people can now effectively remortgage onto an interest-only lifetime mortgage to maintain continuity. Interest-only lifetime mortgage schemes are currently offered by two lenders – Stonehaven and more2life.
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