Help with Existing Mortgages

A mortgage is a complicated contract, and the consequences of misunderstanding its terms can be severe. Even the most savvy borrower may require help in working with creditors and understanding an existing mortgage. Some borrowers wish to know how their interest rates may be affected by changes in the Bank of England base rate. Others want to learn about the possibilities of refinancing their mortgage, and whether they will face fees or penalties if they choose to remortgage their home.

Your lender can be a valuable source of advice when you're looking for clarification on certain points of your mortgage agreement. For questions regarding an existing mortgage, speak to the loan officer who helped you to arrange the mortgage. Because a mortgage is a legal contract, you may choose to consult a solicitor if you have a potentially serious concern.

Mortgage Refinancing Help

Refinancing questions are common among borrowers who have been repaying a mortgage for a year or more. The equity that you own in your home can be a valuable tool for improving your financial circumstances or upgrading your property. Rather than buying a new house to extend your living space, you can extend your dwelling with a home addition. An upgrade or extension can increase the value of your property whilst providing more space or more efficiency for you and your loved ones.

Remortgaging can also give you the necessary funds to pay off high interest debts or assist a child with educational expenses. Many borrowers refinance their mortgages simply to save money by obtaining cheaper interest rates or more competitive repayment terms. For help with your mortgage and quotes on refinancing, you may speak to the mortgage loan officer at your bank. However, if you decide to remortgage, you are not obligated to refinance through your existing lender.

Comparing quotes from multiple lenders will give you a thorough overview of the remortgaging market before you apply for new financing. A broker can provide help with your existing mortgage by helping you to clarify the terms of your arrangement and by negotiating a competitive deal on your behalf. Look for an objective professional who is authorised by the Financial Services Authority, or FSA, when you're selecting a broker to help you refinance your mortgage.

A broker may be of particular value if you have an adverse credit history and need to refinance your existing mortgage as part of an Individual Voluntary Arrangement or an equity release. Choosing a reliable refinancing strategy is of great importance when you're trying to avoid home repossession. Consider working with an impartial broker who can help you secure the best financing for your property.

Making a Complaint

If you feel that you've been treated unfairly by your lender, or that your bank or building society misrepresented your mortgage agreement, you may make a formal complaint. The FSA requires that mortgage lenders follow specific procedures in addressing complaints. These procedures must be posted in a location that's easy to access, such as a lender's website. When you arrange your loan, you should be given printed materials that describe the complaints procedure.

If you are not satisfied with the way your lender handles your complaint, you may contact the Financial Ombudsman Service, or FOS. You have six months to file a complaint with the FOS after receiving your lender's final communication. If you need to report a grievance related to a financial contract, you may also contact the FSA or the Office of Fair Trading, or OFT, directly. These agencies are available to provide help with existing mortgages and address concerns you may have about the professional practices of a lender.