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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.
The UK mortgage market is one of the most innovative and competitive in the world. [citation needed] Most borrowing is funded by either mutual organisations (building societies and credit unions) or proprietary lenders (typically banks).
Accordingly, the rule developed that "once a mortgage, always a mortgage", [15] meaning a mortgage cannot be turned into a conveyance of the property by the operation of terms in an agreement. It means that a lender may at most sell a property to realise its value, but may not take ownership, and the borrower must always practically be able to ...
The Melbourne-based company will assume Optima Legal's about 22% share of the United Kingdom's remortgage market and will get access to direct relationships with six of the country's top eight ...
The advisor will then search for the right deal for the customer, and then proceed to get an agreement in principle from the lender. Although an indication of lending approval, this is not set in stone until the mortgage is formally offered, post valuation of the property and assessment of the necessary supporting documents.
The large repayment amount of a shared appreciation mortgage and the small share of the equity remaining mean that the borrower might not have sufficient money to be able to downsize to a smaller property. The borrower would have less money to pay care home fees, which would require the local authority to make a greater contribution to those fees.
See today's average mortgage rates for a 30-year fixed mortgage, 15-year fixed, jumbo loans, refinance rates and more — including up-to-date rate news.
The Melbourne-based company will assume Optima Legal's about 22% share of the United Kingdom's remortgage market and will get access to direct relationships with six of the country's top eight ...