Remortgages
What is a remortgage?
The term 'remortgage' simply refers to the act of switching your mortgage to another
product or lender. Remortgages have been popular in the UK recently. This is because
people remortgage in order to switch to an improved mortgage rate, more preferable
conditions, to increase the size of the loan or for better customer service. This
therefore makes it possible to substantially reduce your monthly mortgage payments.
You can go to a variety of organisations in order to remortgage. Banks, building
societies, specialist lenders and mortgage brokers can all provide a remortgaging
service.
In order to ensure that you get a better deal, it is important to understand the
costs and repayment terms in order to compare the deals accurately. Depending on
the provider, you can usually remortgage up to 95% of your property. If you have
repaid a substantial amount of your mortgage, it may be a better option to consider
an equity release plan, rather than a remortgage.
What are the potential benefits of remortgaging?
In order to judge whether the remortgage deal is right for you, you need to be aware
of the costs. It is possible that you may have to pay a solicitors fee and also
for a valuation. It is also possible that you may have to pay a fee to the new lender.
However, if these costs are calculated properly and then compared to the savings
you can make by switching to an improved product or lender, you will be able to
see the potential benefits.
If you would like to speak to one of our team in order to help you further, just
fill in an online enquiry form
and we'll call you right back - or call us now on 01902 585 016.
Promise Loans can put you back in control