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VA Loans – Home Loan Benefits for Veterans and Service Members, mortgage service center.#Mortgage #service


Purchase or Refinance with Your VA Loan Benefits

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Understanding the VA Home Loan

The VA Home Loan is a mortgage option – exclusively for veterans , service members and surviving spouses – that is guaranteed by the U.S. Department of Veterans Affairs and issued by approved lenders.

The VA Loan’s popularity is attributed to the money-saving benefits, such as no required down payment, no private mortgage insurance and requirements that are less-stringent than those of conventional mortgage options.

These benefits, along with many others, make VA Loans one of the most powerful mortgage programs available today.

Types of VA Loans

Available for single-family homes, building a new home, VA approved condominiums or refinancing a current mortgage – VA Loan or otherwise.

Guaranteed by the VA

The Department of Veterans Affairs backs a portion of each home loan, giving lenders the ability to offer competitive rates and terms.

No Money Down

A front-runner among VA Home Loan benefits is the fact that there is no required down payment, as well as no mortgage insurance premiums.

Exclusive Benefit

The VA Loan is only available to veterans, active service members and eligible military spouses as a benefit of your service to our country.

Basic Service Requirements

  • Served on active duty for 90 days during conflict
  • Served on active duty for 181 days during peacetime
  • Served a minimum of six years in the Reserves or National Guard
  • Are the spouse of a service member who died due to a service related injury

VA Loan Eligibility

To be considered eligible for the VA Loan, potential homebuyers must meet the lender’s credit and income standards, as well as the VA’s basic service requirements and occupancy guidelines.

Homes purchased with a VA Mortgage must be the homeowner’s primary residence and properties can include single-family homes, condominiums and new construction. Additionally, the VA Loan cannot be used as a business loan, and rental property and vacation homes are not eligible.

Frequently Asked VA Loan Questions

We’ve helped thousands of families learn about the VA Home Loan process and have seen our fair share of questions along the way. We have listed a few of the most common below; however, if your question isn’t answered, please contact us at 888-258-6879.

To determine if you qualify, fill out our short form above and one of our specialists on the VA Loan will get you on the road to prequalification. For more information on if you qualify, see our guide to VA Loan eligibility or view the Department of Veterans Affairs break down of eligibility requirements.

Single-family homes, VA-approved condominiums and new construction are all eligible for the VA Loan; however, the homebuyer must occupy the home as their primary residence. Investment and vacation homes are not eligible.

VA Loans are guaranteed by the Department of Veterans Affairs and offer the unique benefit of zero-money down. Zero down, combined with no mortgage insurance costs, provide homeowners savings month-over-month.

Veteran or Active Duty and using a VA Home Loan?

VA Loan Overview

Additional VA Loan Resources

Copyright Mortgage Research Center, LLC 2004-2017. All Rights Reserved.

Veteran Loan Center does not maintain relationships with any government agencies. This includes, but is not limited to, the Department of Veteran Affairs. Veteran Loan Center is a division of Veterans United Home Loans (Mortgage Research Center). Veteran Loan Center maintains relationships with Veterans Affairs (VA) mortgage specialists, as well as non-VA mortgage specialists. If you inquire about a VA loan, your information may be shared with a VA-approved lender; however, they are not affiliated with any government agencies, either. We reserve the right to share customer information with trusted affiliates to assist you with your loan.

Veteran Loan Center is not currently licensed to do business in NJ or NV.

Mortgage Research Center, LLC

d/b/a “Veteran Loan Center”

1400 Veterans United Dr., Columbia, MO 65203

Copyright © Mortgage Research Center, LLC 2004-2014. All Rights Reserved.


How to apply for a mortgage – Money Advice Service #mortgage #caclulator


#apply for mortgage

#

How to apply for a mortgage

When you apply for a mortgage, lenders have to make sure that you can afford your monthly repayments. Read on to learn everything you need to know about applying for a mortgage.

How do lenders check I can afford a mortgage?

Lenders will add up all your household income – including your basic salary and any additional income you receive from a second job, freelancing, benefits, commission or bonuses.

Checking affordability is a much more detailed process. Lenders take all your regular household bills and outgoings into account, along with any debts such as loans and credit cards, to make sure you have enough left to cover the monthly mortgage repayments.

They also have to ‘stress test’ whether you could still afford the mortgage if interest rates were to rise, or if you were to retire, go on maternity leave or end a fixed-term contract.

In addition, they’ll run a credit report with a credit reference agency to take a look at your financial history and assess how much of a risk lending to you might be.

Use our Affordability calculator to see how much you can borrow.

How to prepare for your application

Before applying for a mortgage, contact the three main credit reference agencies and order your credit reports. Make sure there is no incorrect information about you. You can do this online and it’s often free of charge for up to 30 days.

Start collecting all the documents you will need for the mortgage application. This includes:

  • Your last three months’ payslips
  • P60 form from your employer
  • Bank statements of your current account for the last three to six months
  • Statements from your savings accounts
  • Proof of benefits received
  • Statement of two to three years’ accounts from an accountant if self-employed
  • Tax return form SA302 if you have earnings from more than one source or are self-employed
  • Self-employed people should look to provide information alongside their tax return, which supports what the SA302 says about their income, such as bank statements
  • Utility bills
  • Passport or driving licence (to prove your identity)

Be accurate. Make sure the information on the application form matches the documents you supply. For example, don’t round up your salary if the amount on the payslips differ from this figure.

Provide details of the address of the property, the estate agent and your solicitor.

These are the basics – some lenders may ask for more paperwork. Bear in mind that lenders may have different criteria around income and outgoings. Ask your lender or independent mortgage adviser what else you may need.

Please note, printouts of online statements of your current account and utility bills may not be acceptable. You will either need hard copies or to have copies certified by your solicitor, your bank or your utility provider.

How you spend your money

You might also need to show your outgoings, including how much you’re borrowing on credit cards and other loans, as well as your household bills, including council tax, utility bills, insurance policies, and general living costs such as travelling to work or school, clothing, childcare and entertainment.

Are you remortgaging?

If you want to increase the size of your mortgage you may also have to go through the affordability checks above, and you’ll be given advice around which mortgage products are suitable.

If you have a mortgage and don’t want to borrow any additional money, there are more flexible arrangements. Read more about it in our guide to Remortgaging .

Do you want an interest-only mortgage?

Not all lenders offer interest-only mortgages. If you do apply for one, you will have to show that you have a credible repayment method in place, as well as meeting the necessary income criteria.

Speak to a mortgage adviser

It’s wise to speak to a range of people so you can choose the right mortgage for you. This could include lenders’ advisers or you can speak to an independent financial adviser (IFA) or mortgage broker.

Calculate the total cost of your mortgage

The lender or the broker will do this for you, but do make sure they fully explain all the charges and fees. including. any conditional charges and fees too, such as early repayment penalties.

Some brokers will not charge fees for advice as they may receive a commission from the lender. In-house bank and building society advisers are also unlikely to charge a fee for their advice.

Currently, you’re provided with an Annual Percentage Rate (APR), which shows the total yearly cost of a mortgage and is expressed as a percentage of the loan amount. From March 2016, new rules require lenders to use one or more Annual Percentage Rate of Charge (APRC) calculations instead.

The APRC, although calculated in a very similar way, includes any fees such as valuation or redemption fees associated with your mortgage deal.

This will give you a more thorough comparison between mortgages deals that take into account these additional associated fees.

From March 2016, these fees and charges will be part of the calculation for the annual interest rate. This rate, which is known as the Annual Percentage Rate of Charge (APRC) should enable you to compare the total cost of one mortgage with another.

Comparison websites are a good starting point for anyone trying to find a mortgage tailored to their needs.

We recommend the following websites for comparing mortgages:

  • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
  • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.
  • Find out more in our guide to comparison sites

Try our Affordability calculator to see how much you may be able to borrow.

Your next step

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  • SunTrust Bank Mortgage Rates: Reviews, Latest Offers, Q – A, Customer Service Info #mortgage #marketing


    #suntrust mortgage rates

    #

    SunTrust Bank Mortgage Rates 5 2 reviews

    WalletHub is an independent comparison service.

    We work hard to present you with accurate mortgage rate information on this page. However, this information does not originate from us and therefore we cannot guarantee its accuracy. You can check the details page of each offer for the date the information was last updated on WalletHub. In addition, keep in mind that actual rates and other information may vary for a number of reasons including the applicants’ creditworthiness and differences between an individual’s situation and the criteria/assumptions used to generate the information displayed. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.

    Ad Disclosure: Offers originating from paying advertisers are noted as Sponsored on the offer’s details page. Advertising may impact how and where offers appear on this site (including, for example, the order in which they appear). At WalletHub we try to list as many mortgage rate offers as possible but we don’t make any representation of listing all available offers.

    Irrespective of whether an offering institution is a paid advertiser, the presence of offer information on WalletHub does not constitute a referral or endorsement of the institution by us or vice versa. Furthermore, non-sponsored offers have not been reviewed or approved by the offering institution. Information is displayed first and foremost to help consumers make better decisions.

    I have been using Suntrust for 3 years now and I cannot see myself banking anywhere else. ever! When looking for a bank to finance my house my realtor suggested that I try Suntrust. I am SO thankful to her for that! My Loan Officer was wonderful! I the WHOLE application process via phone and email. The Loan Officer was always available to answer my questions. I even had his mobile number and he answered on weekends too! The whole process went VERY smoothly!
    I had such a wonderful experience with my home loan that since then I have opened a checking and savings account with Suntrust, as well! I have had the same fabulous experience with the people in my local branch as I did with my Loan Officer!
    I have recommended Suntrust to several friends, family members and coworkers since then! read more

    April 12, 2013 Flag

    We have our mortgage with SunTrust, and pretty much do all our banking with them. Customer service is absolutely exceptional. You can actually speak with a human being when you call them up! Not sure if it’s just plain southern hospitality, but the employees are always friendly and go out of their way to provide you with the answers you are looking for. A few months back, they were going to initiate card usage fees, but ultimately decided not to after listening to their customers! Banking is pleasant, professional and meets all of our needs. Much better than a few of the larger, more corporate-type banking institutions out there. read more

    May 15, 2012 Flag

    In the event that in a given week, for this product, there were multiple applicable rates in our database based on different criteria, the above graph reflects the lowest interest rate recorded. Before submitting an application, always verify with the issuing institution (i.e. bank, credit union, other lender) the rates, fees, and all terms and conditions accompanying the application.

    2016 Evolution Finance, Inc. All Rights Reserved.

    Get unlimited free credit scores & reports Sign up for free credit monitoring get your free credit score & report

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    SAXON MORTGAGE SERVICES INC Review – Escrow Service in Fort Worth, TX – BBB Business


    #saxon mortgage

    #

    BBB Accreditation

    This business is not BBB accredited.

    Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

    To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.

    Reason for Rating

    Factors that lowered the rating for SAXON MORTGAGE SERVICES INC include:

    • Failure to respond to 1 complaint(s) filed against business

    Factors that raised the rating for SAXON MORTGAGE SERVICES INC include:

    • Length of time business has been operating
    • Complaint volume filed with BBB for business of this size
    • Resolution of complaint(s) filed against business

    Customer Complaints Summary Read complaint details

    4 complaints closed with BBB in last 3 years | 0 closed in last 12 months

    Additional Complaint Information

    According to the business website www.saxononline.com Saxon has ceased the majority of its operations and is no longer servicing loans. In the event that you need assistance regarding an account that was previously serviced by Saxon, please refer to the Notice of Service Transfer letter that was mailed to you. This letter provides you with the name, address and phone number of your new servicer, along with additional information.

    If your account was transferred to Ocwen Loan Services, please visit www.ocwen.com
    If your account was transferred to Specialized Loan Servicing, please visit www.sls.net
    If your account was transferred to PHH Mortgage, please visit, www.phhmortgage.com
    If your account was transferred to AMS Servicing, please visit www.ams-servicing.com
    If your account was transferred to Residential Credit Solutions, please visit http://residentialcredit.com

    Customer Reviews Summary Read customer reviews


    Patty Will – American Mortgage Service Company #easy #mortgage #calculator


    #american mortgage

    #

    About Me

    Patty has been in the mortgage business in the greater Lafayette area for the past 19 years. In addition to Conventional, VA, USDA, and FHA loans, she specializes in first-time-homebuyer loans, loans to customers with less than perfect credit and rehabilitation loans.

    As a graduate of Purdue University, Patty attributes her success to her ability to personally connect with people from all walks of life. She has empathy to those who have had hard times-yet the ability to be straight forward about the reality of their situation; and most importantly, how to get them to where they want to be in the near or distant future.

    Patty s level of commitment, professionalism, responsiveness, along with her attitude of excellence has earned her the respect and loyalty of many of the area s top real estate agents and builders. Patty, with the support of Sara Yost, her full time assistant, and Dana Thomas, an exceptional loan processor, is able to stand behind her commitments to her customers, builders and Realtors and deliver a hassle free, timely closing, as promised.

    Patty is the mother of four boys. Three are grown and one teenager still at home. She and her husband, Scott, live in West Lafayette. She spends her free time watching Purdue sports, her youngest son play baseball, and gardening.

    Do you have questions? Contact me. Apply Now


    Government schemes for first-time home buyers and existing homeowners – Money Advice Service #uk #mortgage


    #government mortgage help

    #

    Government schemes for first-time home buyers and existing homeowners

    There are a number of government schemes to help you buy a home such as Help to Buy, Right to Buy, Shared Ownership, and more. Find out more about these affordable housing schemes and how to apply.

    Help to Buy

    Help to Buy is a government scheme for those who have a small deposit, when buying a home. Have you at least a 5% deposit? If so, you could use the Help to Buy scheme through:

    • Equity loans – available to first-time buyers and existing homeowners who want to buy a ‘new build’ house. The purchase price must be no more than £600,000.
      Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have a 5% deposit.
      If you live in London, you can borrow up to 40% of the purchase price.
      The scheme is available until 2021.
    • Mortgage guarantees – available for new and old properties across the UK. The government undertakes to cover any of your mortgage lender’s losses as a result of any problems you might have in paying it back. However, you are still responsible for keeping up your mortgage repayments on a Help to Buy scheme in exactly the same way as any other mortgage.
      The scheme is open until 31 December 2016.

    With both schemes there are limits on the cost of the property you buy. These limits differ across the UK.

    Right to Buy/Right to Acquire

    Right to Buy is for tenants in England, Wales and Northern Ireland who rent their home from their local council. It allows tenants, who qualify, to buy their home at a discount. The size of the discount varies depending on where you live and the type of property you want to buy.

    Tenants who were living in council homes before it transferred to another landlord such as a housing association, may be eligible to buy their home under the ‘Preserved’ Right to Buy or Right to Acquire schemes.

    In most cases, tenants will need to have rented from the public sector (i.e. local council or housing association) for three years before they can buy under these schemes.

    The three years can be non-consecutive, so tenants who have rented from the private sector in the middle of a total of three years renting from the public sector, can still qualify.

    In 2016, the Right to Buy scheme is getting extended to include housing association tenants in England.

    This extension is starting out with a small number of housing associations in certain areas. It will then be rolled to the rest of England over the year. For more information, visit the Right to Buy website .

    In Scotland. the Scottish Government plans to end the scheme for all council and housing association tenants in Scotland, but there are other schemes available .

    Right to Acquire is a scheme offered in England and Wales for housing association tenants who don’t qualify for Right to Buy. The discounts are slightly smaller.

    In Northern Ireland this scheme is called the House sales scheme and is for tenants who rent from the Northern Ireland Housing Executive or a housing association. Find out more on the nidirect website .

    Shared ownership

    Shared ownership is where you buy a share of a home from the landlord, who is usually the council or a housing association, and rent the remaining share.

    You need a mortgage to pay for your share, which can be between a quarter and three-quarters of the home’s full value. You then pay a reduced rent on the share you don’t own and you have the option later on to buy a bigger share in the property up to 100% of its value.

    The eligibility restrictions on the shared ownership have lifted. So, from April 2016 anyone who has a household income of less than £80,000 (outside London) or £90,000 (inside London) can buy a home through shared ownership.

    Only military personnel will be given be priority over other groups. The scheme will apply across England.

    Co-Ownership in Northern Ireland

    This scheme is exclusive to Northern Ireland and is available for both newly built and older homes. You buy between 50% and 90% of the property (known as the ‘starter share’) and can increase that share at any time (known as ‘staircasing’). You pay rent on the portion you don’t own.

    First Steps London

    This scheme aims to help low and modest income earners buy or rent at a price that’s affordable. You part buy and part rent the property – mostly for newly-built homes but some resale properties are included. There are eligibility criteria around earnings and you can’t buy a home on the open market.

    If you’re looking in London, find out more on the First Steps website .

    Shared equity schemes

    The Help to Buy equity loan scheme is a government scheme currently set to run until 2020. It’s available to first-time buyers as well as homeowners looking to move – but only for newly built homes.

    Scotland

    Scotland has two shared equity schemes – New Supply Shared Equity and Open Market Shared Equity.

    Wales

    The Homebuy scheme offers help by providing an equity loan (30% increasing to 50% of the purchase price), and is designed for people who would otherwise need social housing. The loan can be repaid at any time before the property is sold, but if you sell the property then it must be repaid at that point.

    Find out more about Welsh home buying schemes at the Wales Government site .

    Northern Ireland

    There’s an Equity sharing scheme in Northern Ireland where you can buy a property, often at a discount, with a housing association or the Northern Ireland Housing Executive (NIHE).

    Starter Home scheme

    The Starter Home scheme is a new government plan where 200,000 new build homes are available to first-time buyers under 40 years old with a minimum of 20% off the market price.

    The discounted price for these homes should be priced no more than £250,000 outside London, and £450,000 in London.

    For more information about the homes available in this scheme, visit the New Homes website .

    Next steps

    Use the Mortgage payments calculator to estimate the monthly interest and repayment amount.

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  • Your mortgage comparison checklist – Money Advice Service #mortgage #calculato


    #mortgage tables

    #

    Your mortgage comparison checklist

    Once you know how much you can borrow and the deposit required, you need to select a mortgage. Use this checklist to help you compare and decide which mortgage features are the most important to you.

    1. Do you want a repayment or interest-only mortgage?

    This means you choose between paying off the amount you’ve borrowed and the interest as you go along or only paying back the interest.

    Bear in mind that with an interest-only mortgage you’ll need to be able to show the lender that you have a strategy or investment plan that will pay off the mortgage when it is due. It’s much harder to get an interest-only mortgage now and lenders don’t always offer them. Find out more in our guides below.

    2. Do you want fixed monthly payments?

    You may want to have certainty about your future monthly payments. If you need that certainty and you can find a reasonable and affordable deal, consider a fixed-rate mortgage. Understand more about choosing between fixed or variable rate mortgages.

    3. Do you want to start with the lowest possible rate?

    It’s not always about the rate – there are other factors to consider when choosing a mortgage. Make sure you shop around for a deal which works for you and that you can afford.

    Comparison websites are a good starting point for anyone trying to find a mortgage tailored to their needs.

    We recommend the following websites for comparing mortgages:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.
    • Find out more in our guide to comparison sites .

    4. Are you happy to pay a large fee in return for a lower rate?

    If you’re willing to pay a large upfront arrangement fee, you can often get a lower interest rate. If you go for a fee-free mortgage, you’ll probably have to pay a higher rate.

    5. Do you want to add some/all of your mortgage fees into your mortgage?

    If you can’t afford to pay these fees right now, you should find out if you can add them to your mortgage. Bear in mind that you’ll pay interest on that extra debt for many years to come.

    6. Do you want the flexibility to overpay, underpay or take payment breaks?

    Some mortgages allow you to overpay sometimes – in other words, pay more than your normal monthly payment. Some allow you to underpay or even take a short mortgage holiday where you don’t have to repay any money at all. Whether these features are available to you will depend on the mortgage terms and conditions as well as your financial circumstances.

    7. Do you want to be able to move lenders (remortgage) whenever you want?

    Remortgaging to a better product can save you hundreds and sometimes thousands of pounds. Most lenders charge exit fees. If you’re on a fixed-rate deal, early repayment fees can be substantial. Speak to the lender, or use a mortgage broker to help you find a mortgage where there are no exit fees, or where the exit fees are very low.

    8. If interest rates rise, do you want to make sure you won’t pay interest above a certain rate?

    Some mortgages come with a capped rate feature where the rate won’t rise above a certain level.

    9. Do you want to use your savings to help pay off your mortgage sooner?

    You could use your savings to help you reduce your outstanding mortgage and pay less interest. If you want to do this, an offset mortgage will give you the most flexibility.

    Your next step

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  • How does remortgaging work? Money Advice Service #100 #mortgage #financing


    #remortgage

    #

    How does remortgaging work?

    Remortgaging is where you pay off your existing mortgage and switch to another lender. There are good reasons to consider remortgaging, but you need to consider the costs before you do.

    At a glance

    1. Check the value of your property. It may have increased in value since you last checked. The higher the property value in relation to the mortgage, the more deals may be available to you if you decide to remortgage – and you may be able to get cheaper deals.
    2. Check the market for mortgage deals. This is your starting point for comparing what you’re paying now with what you might be able to get elsewhere.
    3. Make sure the benefits of switching outweigh the costs. Even though there may be lower rates available you need to take into account any fees associated with switching and the remaining length of your loan.
    4. Take what you’ve found to a mortgage broker. They have access to mortgages that aren’t available on comparison sites so may be able to improve on what you’ve found. They’ll also double check the costs and benefits of switching. Ask for an advised service.
    5. Set a reminder to review your mortgage each year. If you remortgage you may get an introductory deal on your interest rate – when this ends you’ll usually be put on a less competitive variable rate.

    Check the market for mortgage deals

    Comparison websites are a good starting point when you’re trying to find a mortgage tailored to your needs.

    We recommend the following websites for comparing mortgages:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.

    Use our Mortgage affordability calculator to find out how much you can afford to borrow.

    Take advice

    Taking advice from a qualified expert offers you extra protection because if the mortgage turns out to be unsuitable, you can complain to the Financial Ombudsman Service (FOS).

    If you choose to go down the ‘execution-only’ route (where you make decisions on your own without advice), there will be fewer circumstances in which you can complain to FOS.

    When it pays to switch and when it doesn’t

    In the two examples below you can see how the size and remaining term of your outstanding mortgage can affect whether or not it’s worth switching.

    In the first example, the cost of switching (£500) is greater than the saving (£239.04), so there’s no point in remortgaging. In the second example, it’s clear that switching mortgage saves money.

    If you change your mortgage before the end of your deal you may have to pay a fee (called an ‘early repayment charge’).

    You can use the links below to check current deals and work out what you might save by switching. But remember to check associated fees and costs.

    Use our Mortgage calculator to see how much you could save by switching.

    Check the costs

    Before you switch be sure to check out the costs. Some lenders might offer fee-free deals to tempt you, but if they don’t you’ll have legal, valuation and administration costs to pay.

    You can use the Annual Percentage Rate of Charge (APRC) to help you compare deals. The APRC is a way of calculating interest rates that incorporates some mortgage related fees in the calculation, giving you a way to compare mortgage deals.

    What might look like a money saving deal could end up losing you money if you don’t do your sums first.

    Reducing your loan-to-value to get a better rate

    Every mortgage deal has a limit to how much you can borrow when compared with the current value of the property.

    This is shown as a percentage and is called the ‘loan-to-value’.

    When you remortgage, the lower the loan-to-value you need, the more deals that may be available to you – and you may be able to get cheaper mortgage deals.

    How to calculate your loan-to-value

    1. Divide your outstanding mortgage amount by your property’s current value.
    2. Multiply the result by 100.
    • Your outstanding mortgage is £150,000
    • Your lender thinks your property is worth £200,000
    • 150,000 divided by 200,000 = 0.75
    • 0.75 x 100 = 75 – so your loan-to-value is 75%

    Use the links below to get an idea of your home’s current value.

    Your lender’s valuation

    Bear in mind that when you apply for a mortgage, the lender’s valuation may just involve checking the outside of the property from the street.

    If you think the valuation is much too low – and that you’re losing out on a better rate as a result – ask the lender to reconsider.

    To support your case, you could provide evidence of the sale price of a few similar properties in your area and, if relevant, list the cost of any expensive home improvements you’ve carried out.

    If as a result of cost savings you can make by remortgaging, you’re wondering whether to pay off your mortgage early, read our guide below.

    Remortgaging to get a better interest rate

    When you take out a new mortgage, you normally get an introductory deal – for example a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage.

    Introductory deals normally last for between two and five years. Once the deal ends you’ll probably be moved onto your lender’s standard variable rate, which will usually be higher than other rates that you might be able to get elsewhere.

    So when your introductory period ends, take a look at the market to see if switching to a new mortgage deal will save you money. It’s also worth reviewing options before interest rates change .

    Bear in mind that if you only have a small outstanding mortgage the amount you stand to save may be too low to make switching worthwhile.

    Remortgaging for more flexibility

    Remortgaging may also enable you to get a more flexible deal – for example if you want to overpay.

    Or maybe you want to switch to an offset or current account mortgage, where you use your savings to reduce the amount of interest you pay permanently or temporarily – and have the option to draw your savings back if you need them.

    Remortgaging to consolidate debt

    If you have a lot of debt, you might be tempted to borrow some extra money and use it to pay off your other debts.

    Even though interest rates on mortgages are normally lower than rates on personal loans – and much lower than credit cards – you may end up paying far more overall if the loan is over a longer term.

    Instead of adding your debt to your mortgage, try to prioritise and clear your loans separately.

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