Which lenders are revamping their remortgage ranges in 2018?
Remortgage providers are constantly reviewing their ranges and revamping them.
This means deals that are available today may not be available next week as lenders react to changing market conditions with feedback from ourselves and our customers.
For instance, Ipswich Building Society has made changes to its remortgage product from its shared-ownership range. The deal gives borrowers the ability to increase the amount they have mortgaged to own a bigger share of the property.
IBS has also reduced the minimum share stipulated from 40% to 25%, which could be a great help to those with a smaller deposit amount. Be aware though, that a minimum loan size will apply if the proportion of the property you are seeking to purchase is less than 40%.
The details of the new options are:
- 2 year discounted rate offering 1.85% from current SVR of 5.49% for max LTV of 95%
- 2 year fixed rate until Jan 31st 2020 at 3.89% for max LTV of 95%
Things to bear in mind:
- fees apply
- minimum share percentages and maximum loan amount apply
- valuations and legals may be included depending on whether your loan amount is increasing
- 50% over payment facility with no additional charges
Deal Direct are experts in all types of mortgage products and can quickly and accurately advise you on the product that is the most appropriate, according to your circumstances.
For further details on shared-ownership and ‘staircasing’ with a remortgage, contact Deal Direct on 0800 048 8828.
