Loans

Remortgages And Mortgages Past And Present.

Remortgages are the moving of a mortgage from one mortgage lender to another and taking out a remortgage is a common thing, for homeowners to do.

Remortgages are the moving of a mortgage from one mortgage lender to another and taking out a remortgage is a common thing, for homeowners to do.

It is naturally only homeowners who can take out remortgages as they are secured on the equity of a property.

Homeowners of and on in life need a remortgage for various reasons.

Until about twenty odd years or so again most people applied for their first mortgage when they were getting married. Very few bought houses before that. They approached mortgage lenders and having chosen one very often stayed faithful to the same mortgage lender throughout their entire stay at that address.

This was the case whether the mortgage borrower stayed at the same property or whether they moved house once or even more in the course of their lifetime.

Currently most mortgage payers obtain quotations for remortgages every few years when their mortgage reverts to the Standard Variable Rate.

Sometimes a remortgage is sought simply to get a better rate of interest, and at other times remortgaging is the way of choice to obtain additional money for numerous reasons.

Obtaining a mortgage or a remortgage now is certainly much easier than it used to be.

One of the very apparent differences is than before mortgage and remortgage lenders only lent three times what a person earned.

Some people only receive a basic salary but many have their income made up of paid overtime, commissions of various kinds, etc.

In addition to this nowadays just as then ,a person’s basic wage is only a fraction of what they actually do earn, as salary also can involve bonus, etc.

In the old days mortgage lenders were unwilling to take much of this income into account and only accepted a tiny fraction of it.

Now all mortgage lenders accept over three times an applicant’s income, and some mortgage and remortgage lenders willingly accept up to five times the earned income.

This position of a woman appears not to even bear any importance in mortgage and remortgage applications.

The question of whether a woman may give up work for family reasons seems to not be taken into account these days

These are some of the factors that make obtaining mortgages and remortgages simpler now than previously

These are obviously at least some reasons why remortgages and mortgage are easier to obtain at present.

For more information remortgages