Remortgage is taking another loan on your property from a different lender who will pay off your current mortgage so that you have to pay lower monthly installments and interest rates. This article outlines a brief overview of common types of remortgages for dentists in UK.
Standard Variable Rate Remortgage
Standard variable rate remortgage for dentists is based on loans offered by Bank of England. Lenders who offer S.V.R.R. for dentists generally offer 2% above the lending rate of Bank of England. You can expect lower interest rates only if you have excellent credit ratings.
Discounted Variable Rate Remortgage
Discounted variable rate remortgage offers dentists remortgages at a discount for certain, specified time period. Once the specified time period is over, the rate of your remortgage match the standard variable rate remortgage.
Fixed-Rate Remortgage
Fixed rate remortgage offers dentists interest rates that will remain same for an agreed upon time period. After the time period is over, the interest rates will be based on Standard variable rate remortgage.
Flexible Remortgage
Flexible Remortgage gives you the flexibility to adjust the repayments because of certain financial situations. In case, you suddenly get an handsome amount of extra cash, you can pay off as much as the remortgage as possible so that when you don’t have any cash, you won’t have to worry as you have already paid the extra portion of the remortgage.
Capped-Home Loans
In capped rates remortgages for dentists, interest rates are taken from fixed rate and variable home loans. The main drawbacks of capped rate remortgage are that they require you to pay higher interest rates besides an administration fee. But the capped rate remortgage also prevents you from increasing interest rates and ensures that you will never have to pay higher than the capped rate.
In case you have any doubt or for further information or different types of remortgages for dentists available in UK, please call Medics Financial Services at +44 (0) 1403 780 770 or complete the simple online enquiry form given on our website.
Standard Variable Rate Remortgage
Standard variable rate remortgage for dentists is based on loans offered by Bank of England. Lenders who offer S.V.R.R. for dentists generally offer 2% above the lending rate of Bank of England. You can expect lower interest rates only if you have excellent credit ratings.
Discounted Variable Rate Remortgage
Discounted variable rate remortgage offers dentists remortgages at a discount for certain, specified time period. Once the specified time period is over, the rate of your remortgage match the standard variable rate remortgage.
Fixed-Rate Remortgage
Fixed rate remortgage offers dentists interest rates that will remain same for an agreed upon time period. After the time period is over, the interest rates will be based on Standard variable rate remortgage.
Flexible Remortgage
Flexible Remortgage gives you the flexibility to adjust the repayments because of certain financial situations. In case, you suddenly get an handsome amount of extra cash, you can pay off as much as the remortgage as possible so that when you don’t have any cash, you won’t have to worry as you have already paid the extra portion of the remortgage.
Capped-Home Loans
In capped rates remortgages for dentists, interest rates are taken from fixed rate and variable home loans. The main drawbacks of capped rate remortgage are that they require you to pay higher interest rates besides an administration fee. But the capped rate remortgage also prevents you from increasing interest rates and ensures that you will never have to pay higher than the capped rate.
In case you have any doubt or for further information or different types of remortgages for dentists available in UK, please call Medics Financial Services at +44 (0) 1403 780 770 or complete the simple online enquiry form given on our website.
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