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17 September 2008

Tips for successful remortgaging in the credit crunch

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by Lin Freestone

Tips for successful remortgaging in the credit crunch

Property owners and buy-to-let investors have been advised to be well organised if they want to secure the best deals from banks and lenders now that lower rates have started to appear.

By leaving it too late, it could mean a borrower could revert to the lender’s standard variable rate when remortgaging. The Property Owners Directory has warned that, in this tough market, there are fewer remortgage products available.

There will be about 1.4 million property owners whose mortgage deals will come to an end in 2008, according to the Financial Services Authority and they will all be looking for a new deal.

At the same time, the Bank of England recently reported that loans for remortgages fell to 69,000 in July, down from 80,000 in June, and an average of 96,000 over the previous six months.

Property owners who find a good deal can speed up the remortgage process by making sure the legal part is completed efficiently. A specialist in residential property transactions advises that, if documentation is ready early on, lawyers should be able to complete the legal process quickly to ensure the required deal is secured.

A lawyer would need to receive documents such as a current Building Insurance Certificate, a Planning Permission and Buildings Regulations Completion Certificate for any alterations which have been carried out on the property. If the property is to be rented, a copy of the tenancy agreement will also be required.

The Property Owners Directory at www.PropertyOwnersDirectory.com is a leading website for online recommendations for tradespeople and property professionals. There are published tips for home owners and buy-to-let investors who need to negotiate remortgages in the current recessionary climate.


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