A remortgage can also be used to raise additional finances by releasing equity in your property. Remortgages are very popular, and with good reason. Whether you are switching your deal for a better remortgage rate, more suitable conditions, better service or increasing the size of your home loan, there are plenty of deals for remortgages available. Banks, building societies, specialist lenders and mortgage brokers can all accommodate your remortgage needs.
Remortgages can be used for various reasons, most people simply switch mortgage because it will work out cheaper for them.
For example, the introductory discounted interest rate may have finished with your current lender; therefore you could get a discount, or a lower APR, with another lender. Other individuals may use a re-mortgage to consolidate their debts, if they take out their remortgage for a larger amount than owed on the existing mortgage.
They include:
You're simply looking for a better rate! With so much competition and new mortgage deals appearing monthly why not try and find a better rate of interest and save yourself some money? It allows you to consolidate any outstanding debt that you may have.
You might want to release capital for home improvements.
Remortgage Deals: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, you could be extending your repayment period, therefore although you will be paying less monthly, the total amount you repay could be more. Also; you may be able to switch your mortgage deal with your current lender, avoiding any un-necessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently. Four types of deal: fixed, capped, discounted and flexible, are most common. The most suitable mortgage will depend on your individual circumstances.
Remortgage Packages:
There are two types of equity release plan that you should consider, if you believe that you qualify for equity release:
1. The home reversion Plan; this allows you to sell a percentage of your home; the loan is redeemed upon the sale of your home. The interest that the lenders receive takes the form of the increase in the value of your property.
2. The equity release Mortgage plan: the mortgage plan works in a similar way to a standard mortgage, however it has one big difference; the interest does not have to be paid monthly. You can borrow an agreed sum of money against your home, and not pay any interest until the property is sold, at this point the lender redeems the loan, plus any interest accrued.
Remortgaging can allow you to get a better rate of interest and reduce your monthly mortgage payments.
A remortgage allows you to consolidate existing loans to one manageable monthly payment or raise money to buy a new car or home improvements.
Homeowners who want to raise money for home improvements, buying a car or other purposes often find that a remortgage to raise the money is cheaper than taking out a personal loan or using credit cards. This is because interest rates on mortgages are amongst the lowest of all the different types of loans.
Homeowners may wish to raise money to consolidate other debts. By taking advantage of remortgaging your property you could transfer several debts into one more easily manageable remortgage.
This means you can replace credit card bills, personal loans and other loans with one lower interest rate remortgage and spread lower payments over a longer period.
You may freely reprint this information on your website provided the following caption remains intact.
Remortgaging can allow you to get a better rate of interest and reduce your monthly mortgage payments.
A remortgage allows you to consolidate existing loans to one manageable monthly payment or raise money to buy a new car or home improvements.
Homeowners who want to raise money for home improvements, buying a car or other purposes often find that a remortgage to raise the money is cheaper than taking out a personal loan or using credit cards. This is because interest rates on mortgages are amongst the lowest of all the different types of loans.
Homeowners may wish to raise money to consolidate other debts. By taking advantage of remortgaging your property you could transfer several debts into one more easily manageable remortgage.
This means you can replace credit card bills, personal loans and other loans with one lower interest rate remortgage and spread lower payments over a longer period.
You may freely reprint this information on your website provided the following caption remains intact.
Buying a home is likely to be one of the biggest financial decisions you will ever have to make and therefore it is crucial that you choose the best mortgage deal for you. However during the life of your mortgage you may decide to review your mortgage deal as you may have seen better deals on offer. If you switch your mortgage to another mortgage product or lender
it is called remortgaging. This process has the potential to bring huge financial benefits however if you make the wrong choice you could lose out. Before deciding to remortgage please read through the following issues on the checklist. If any issues apply to your situation it does not necessarily mean that you should not consider remortgaging. Lenders will often try to entice new customers by offering them special discounts or deals.
- Lowering your monthly repayments
- Releasing equity in your home
- Consolidation of existing debt into one monthly repayment
- Unlocking capital to buy another property
- The remortgage process is relatively straight forward because in simple terms all you are doing is shifting your mortgage debt from one lender to another. If you don't have a perfect credit history then this not necessarily a problem as many lenders offer remortgage products for different circumstances
[1].jpg)
The truth is that there's never just one "top remortgage deal". Our approach is to whittle down the 800 to about 5 options which closely match your requirements. Then, with input from yourself, we make the final choice from those 5 options.
That way you receive professional advice through the whole selection process. Of course Remortgage Advisers don't leave it there - they'll help you with the application documents and oversee the process right down to the transfer of funds to your solicitor.
Our Advisers can even introduce you to firms of specialist conveyancing solicitors who'll complete all the legal work at a discounted rate.
