This may seem a very daft question. But if i remortgage with another provider is it the same as starting a new mortgage with that company? Or do they just takeover like switching energy providers. ie: do i have to pay a deposit again in order to obtain the mortgage from the new provider.
The reason i am asking is because i bought my house 5 years ago for £148000. borrowed £133000. But since then the house prices have dropped and i think my house will now be worth roughly £125000. And i owe £123000 on my existing mortgage. So would they expect a deposit or would it just be like a continuation of my existing mortgage at a hopefully lower rate as at the minute my rate is 5.63% and the best my provider has offered is 4.8% fixed for 2 years.
Please somebody help! :money:
Thanks. Tom.:eek:
The reason i am asking is because i bought my house 5 years ago for £148000. borrowed £133000. But since then the house prices have dropped and i think my house will now be worth roughly £125000. And i owe £123000 on my existing mortgage. So would they expect a deposit or would it just be like a continuation of my existing mortgage at a hopefully lower rate as at the minute my rate is 5.63% and the best my provider has offered is 4.8% fixed for 2 years.
Please somebody help! :money:
Thanks. Tom.:eek: