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Transfer your Mortgage
Why move your
mortgage to Belize Bank?Remortgaging means moving your mortgage from one lender to another whilst staying in the same home.
You take on a new mortgage with your new lender and this replaces the one with the existing lender.There are many reasons why you may want to move your mortgage to us including to reduce your mortgage payments, borrow more money or you may have a change in circumstances.
You may have taken out a mortgage a few years ago and be paying a higher rate of interest than one that we’re offering. Or you're on a variable rate which you’d like to swap for a fixed rate so that you can budget more efficiently. Finding a lower rate of interest when you remortgage, means that your monthly payments will be lower.
To reduce your mortgage payments
You may want to make home improvements as a cheaper alternative to getting a new home. Borrowing more money through a new mortgage allows you to do this by releasing some of the equity in your home. Remember, though, that increasing the size of your mortgage may mean larger monthly payments.
To borrow more money
What do you need
from your mortgage?Reviewing the costs and features of potential mortgages can help you decide if remortgaging is the right move. By comparing the details and understanding the expenses involved, you’ll be better equipped to make a confident decision.
Your existing mortgage
It’s worth getting in touch with them to find out a bit more about your mortgage and any alternatives they might be able to offer. Whether you decide to take a new deal with your current lender or you want to remortgage to us, you’ll need to know if you have to pay an early repayment charge and exit fee. You’ll also need to get information of how much you still owe on your existing mortgage.
Your existing mortgage
If your current mortgage is tied into a promotion, you may have to pay an early repayment charge to get out of that promotion. It’s normally a percentage of your mortgage balance and will be detailed in your mortgage offer.
Property Appraisal
A Standard Property Appraisal is required as part of the process. It makes sure the property is worth the amount you stated in your application.
Legal fees
You need an attorney to help with the legal aspects of remortgaging.
Budgeting and eligibility
See how much you spend, and how much you could borrow.
Since you already have a mortgage, you’re familiar with managing household expenses like utility bills, groceries, and insurance. When reviewing your application, we consider your income, regular payments, and everyday living costs.
When we’re checking to see if you’re eligible we look at things like:
Is the amount you earn enough to make payments on the amount you want to borrow?
Are you able to provide confirmation of your income?
How much outstanding debt do you have?
How much do you want to borrow compared
to the value of your home? (This is known as the Loan to Value ratio or LTV)
Have you ever missed payments on any credit commitments?
Do you want to borrow on an interest only basis?How much could you borrow?
How much do you spend each month?
Use our Mortgage Calculator to get an idea of how much you could borrow, based on your earnings and spending each month. It can then show you how much your monthly mortgage payments might be for the mortgages we offer.
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