When you remortgage you are switching your mortgage to another deal, and quite often also to another lender.
Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory interest rate may have finished with your current lender; therefore you could potentially get a new rate, or a lower APR, with another lender. Another example is when you may need to re-mortgage to consolidate debts.
It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APR, you must take into consideration the facts that:
Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.
You may have to pay an early repayment charge to your existing lender if you re-mortgage.
Contact us today and we will guide you through the process of a remortgage.