Remortgaging

Remortgages

Coming to the end of an introductory rate? Been on your lenders variable rate for a while? no problem! Talk to us about your re-mortgage requirements today
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Why?

There are certain things that consumers sometimes don't realise when it comes to mortgages, which is you are free within the lifetime of a mortgage to change its terms and basic setup if needed. The only things you are tied into are the introductory interest rates (if you have any) and the commitment of making your monthly payments on time each month, everything else can be re tuned as you go, dependant on changes in circumstances or requirements. You might want to extend or shorten the term, you might want to pay off a lump sum or you might want to borrow more. You might just want another good rate of interest or scheme. Taking a re-mortgage is where all this can be reviewed and addressed. 

When?

So your introductory rate of interest is due to expire and you want to look at your options of obtaining another great deal for your mortgage. This process is called re-mortgaging and there are many ways why people might want to do this. Primarily it is to get tied back into a good interest rate as this provides a specified level of future security and in some cases saves money on the monthly mortgage payment. However depending on the amount of equity you have in your property could mean that you might want to release some of this to do those overdue home improvements. You may want to consolidate some unsecured debts to reduce your overall credit outlay. Or you might just want to capital raise for other non business reasons.

Reality...

Reviewing your mortgage is a much easier process than the initial taking out of a mortgage. Some people steer clear of reviewing there mortgage off the back of having a bad experience when setting up the initial mortgage. However the good news is that re-mortgaging is not a stressful thing to do and most lenders now provide assistance with fees so you might not have to pay for a valuation or the legal expenses involved which takes the financial sting out of it somewhat. With rates still low and more and more lenders competing for the business, there has never been a better time to review your current mortgage arrangements. Speak to us today about your re-mortgage plans.
You may have to pay an early repayment charge to your existing lender if you re-mortgage.
Your home maybe repossessed if you do not keep up repayments on your mortgage.

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