Remortgaging
There may be lenders who offer products with a lower interest rate than you currently have and may also offer 'special incentives' such as free legal services or free valuation (subject to status and availability) making the whole re-mortgage process that much easier. There are a number of different reasons why people remortgage.
These can include:
- Changing from a lenders Standard Variable Rate to a more competitive rate
- Fixed period mortgages coming to an end
- To reduce your interest rate and by doing so reduce your monthly payments.
- You may be paying too much on your monthly mortgage payment. There are literally thousands of mortgage products on the market so we believe it is most important to receive proper advice on the market.
- To release equity.
- Many people will consider Re-mortgaging to release equity from their homes value, this can be for a number of reasons such as home improvements, debt consolidation, second homes, holiday or even just for spending money. This provides an alternative from taking out a personal or unsecured loan which usually has a higher interest rate does not allow you to have the flexibility of a longer term thus making the monthly personal loan payment more expensive. However, by remortgaging and also securing other debts over a longer period increases the amount of interest payable.
- Being unhappy with current lender.
If you have any queries about the process please either email us on
mail@what-mortgage.com, complete our online Enquiry Form or call
us on 0800 043042 7.
IMPORTANT NOTE
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
