A remortgages is when a homeowner moves his mortgage from one mortgage provider to a new one and arranging a remortgage is a common practice these days..
Obviously remortgages are secured on property and as such are only available to those who own their property
There are many different reasons why homeowners decide to remortgage.
In the past it was fairly common for a person to buy their first home , take out a mortgage with one lender and stay any make no changes to mortgages throughout the years which usually meant remaining with the exact same mortgage lender for twenty five years.
This happened whether the homeowner stayed at the same address or whether they moved house once or several times.
Now many homeowner change their mortgage of as a matter of course.
Sometime the individual changes from one mortgage lender to another to get a better deal, and at other times they apply for remortgages to release funds for a number of reasons.
It used to be more difficult to get mortgages or remortgages than it is now a days.
One of the major differences is than before mortgage and remortgage lenders only granted up to three times.
Now mortgage lenders grant more than three times the income with some granting remortgages and mortgages of as much as five times the income.
In the old days mortgage lenders accepted little of this extra wages and were only prepared to take about a quarter of this.
In the past mortgage lenders only took a little of this income into account.
One thing that was difficult when applying for a remortgage or a mortgage in the past was that lenders did not want to accept a woman’s income whether she was single or had a partner.This was due to the fact that they believed that if she left her job as she wanted to have a baby that the mortgage would not be affordable on one wage.
A woman’s income is s important in mortgages and remortgages applications as a mans.
What differs the position of women is that in the past many women gave up work for ever when they had children. These days the majority take a fairly short break between having a child and returning to work.
The fact was that in the past women stayed of work when they had children, or they at least took five years off until their children started school.Now most go back to work very soon.
This all gives you some idea of what made remortgages and mortgages more difficult in the past.
Have a look at remortgages
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