Preferred Mortgages Remortgage
A Preferred Mortgage remortgage was specifically designed to provide credit for those with adverse credit histories or who are self-employed.
Preferred Mortgages Review
Preferred Mortgages was established in 1996 at Haywards Heath, West Sussex. Preferred Mortgages was owned by Lehman Brothers who withdrew from the UK Bad Credit secured loan market in 2007. Subsequently Lehman Brothers declared bankruptcy in September 2008.
A Preferred Mortgages remortgage from the table above could let you:
- Free up capital for property improvements or an extension, accommodating a growing family without the disruption of a move
- Consolidate existing debts from credit and store cards under better terms than a loan for the purpose
- Repay former mortgage arrears, and repair a damaged credit rating
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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