Remortgage Advice

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.