Currently there are no mortgage lenders in the UK offering 125% remortgages.All 100%+ products were withdrawn from the UK market at the beginning of 2008, as mortgage providers struggled to raise finance for these products due to tightening lending criteria; the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.
Raise capital on your property by taking out a 125% remortgage deal. This allows you to borrow 25% more than the value of your home. Usually, 95% of the deal will be offered as a mortgage while the remaining 30% is effectively a loan secured against your home. Both percentages will have the same interest rate.
This is a particularly useful deal for anyone looking to consolidate debts such as credit card, store card or unsecured personal loan borrowing. Even though you will pay higher interest with a 125% deal rather than a standard mortgage, the rates are still likely to be much lower than unsecured loans.
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. We also offer a range of specialist remortgages:
Find 125% remortgage information with Fresh Start Finance now
Call us on 0800 389 6345 for more 125% remortgage information and for a free consultation with one of our friendly and experienced team. We are happy to discuss your situation and help you choose the best option.
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