Remortgage

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 discounted or fixed interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, a new fixed rate or a lower APR, with another lender.

Some of the more common reasons for remortgaging are:

• To save some money. Often you acheive a lower or more suitable interest rate by remortgaging.
• Debt consolidation. To make your day to day living more affordable
• Breakdown in a relationship. Transfering a joint mortgage into a single name.
• Forming a relationship. Adding someone to a mortgage because you want to make a more financially binding commitment.
• Home improvements and extentions.
• Raising deposits. You can remortgage to raise funds for sons or daughters to use as deposits or for you to use as deposits for your own buy to let purchases.

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:

• The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.
• If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

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.

Speak to one of our qualified advisers to find out what options are available to you by completing your details in the contact us page.

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.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS
ON YOUR MORTGAGE.

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