Currently there are no mortgage lenders in the UK offering 125% remortgages.All 100%+ products were withdrawn from the UK market at the beginning of 2008, as mortgage providers struggled to raise finance for these products due to tightening lending criteria; the "credit crunch".
Mortgage lenders may well re-enter this market, but only once the confidence in the financial markets returns. Up till then remortgages are only likely to be available up to 90-95% and lenders are will be looking for prospective purchasers to have a 5-10% deposit available.
Remortgaging is a great way to save money and raise cash on your property. By switching lenders you can lower your interest rates, change how you repay your mortgage, extend your overall term and find more flexible conditions. You can also consolidate credit card and unsecured loan debt or raise capital on your property by increasing the size of your mortgage amount.
125% deals allow you to borrow 25% more than the value of your property. Usually, 30% of the arrangement is set as a secured loan, while the remainder is arranged as a mortgage (both percentages have the same interest rates).
A 125% remortgage won’t suit everyone. Due to increased risks for the lender, interest rates are generally higher when you borrow anything over 90% of your property value. It’s important to ensure that you can afford the repayments on a deal like this. You can use our calculator tool to find out what your monthly repayments could be so that you don’t go over your budget. It’s also worth considering a payment protection deal. This can cover your repayments should you fall ill, lose your job or be seriously injured.
Find 125% remortgage bad credit advice with Fresh Start Finance now
Call us on 0800 389 6345 for more 125% remortgage advice, assistance and information. We are on hand to take your call and help you find the best deal on the market.
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