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Heritable Bank Remortgage

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Heritable Bank Remortgage

Heritable Bank remortgages are no longer available for new customers. In 2013 all Heritable Bank residential mortgages were taken over by Mars Capital Finance Limited. With a Heritable Bank remortgage, you could get a discounted, fixed-rate or Standard Variable Rate remortgage that flexibly accommodated your lifestyle and requirements. The bank could finance up to 100% of the cost of a new build, and was often able to assist customers rejected by high-street lenders – even if you had various sources of income or were purchasing an ‘unusual’ property.

Heritable Bank Review

Heritable Bank provided property finance, savings accounts and asset management from 1877, when the first branch was established in Glasgow. From the 1950s the head office was located in Berkeley Square, London.

Remortgaging with Heritable Bank could help you to:

  • Take some of your mortgage as fixed-rate and some as tracker, risking just part of your borrowings
  • Release equity for home improvements at a lower rate than an unsecured loan for the purpose – these have the potential to increase the value of your home
  • Maintain a positive cash flow during a new building project

What is a remortgage?

A remortgage is when you replace your existing mortgage with a new one. There are many reasons for remortgaging, but the majority fall into one of the two following categories:

    • Remortgaging to save money – If you have a fixed rate mortgage deal, your interest rate will usually switch to the lender’s Standard variable Rate (SVR) which is likely to be higher and will probably mean that you have to pay more each month. By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.
    • Remortgaging to raise money – Remortgaging can allow you to release some of the equity in your home. This could be useful if you wanted to carry out repairs to the property, add an extension, help your child with their own mortgage deposit, or consolidate other existing debts.

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