Mortgages PLC Remortgage
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Mortgages PLC remortgages are no longer accepting new customer applications. As a major player in the UK sub-prime mortgage market, its discounted and fixed-rate products were designed to suit a wide variety of lifestyles. So, whether you were problems proving your income, a poor credit history or previous arrears, you could benefit from a free basic valuation and no upfront fees.
Mortgages PLC Remortgage Review
Mortgages PLC was a subsidiary company of Merrill Lynch and Co. It was founded in 1997, with the aim of providing property finance to UK customers who had been rejected by traditional High Street lenders.
Mortgages PLC products were available through financial intermediaries only until October 2006, when the ‘Mortgage Magic’ arm of the business was established. This enabled customers to deal with Mortgages PLC directly via telephone and email.
Remortgaging with Mortgages PLC offered benefits such as:
- Protect yourself from unwelcome interest rate fluctuations
- Repair a damaged credit rating or mortgage arrears
- Consolidate debts under preferable terms and interest rates – although you will probably end up paying more over the entire term (usually 25 years compared to 3 years) the payments will be considerably lower than on an unsecured loan as the debt is now part of your mortgage
- Release capital for home improvements, family expenses or a car
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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