Remortgaging Key As Arrears Fall

Remortgaging Key As Arrears Fall

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Video transcript

The number of homes in arrears has fallen to a six-year low and to keep figures heading in that direction, it`s important for homeowners to identify the most suitable remortgage deal for them.

Data from the Bank of England and the Financial Conduct Authority (FCA) has shown that the amount of properties with outstanding repayments was a little under 265,000 (264,862) in the final three months of 2013, down 5.3 per cent on the same period a year previously.

On top of that, the amount of new cases were below 30,000 (29,208), three per cent fewer than 12 months earlier, while repossessions dropped by 21 per cent to 6,137, as more people kept up with their repayments.

However, it isn`t a time to get complacent, you should be aware of whether or not you can reduce your mortgage payments and how long you have left to go on your current deal. So if you`re coming towards the end of your current term, now could be the time to switch.

There are a number of things to consider when remortgaging, not least the total costs involved in moving from one mortgage and setting up another. Dealing with a mortgage adviser they will help you to take into account any costs that may negate any savings you may make by switching to another product, thereby checking the product is suitable for you.

To ensure that you`re fully in the know before you remortgage, you should come to a broker like First Choice Finance. We`ll look through the whole of the market and match a remortgage or mortgage deal up with the details you give us.

For a no obligation quote, get in touch, either visit firstchoicefinance.co.uk or give us a call on 0800 298 3000 or 0333 003 1505.

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Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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