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Remortgages
A remortgage is a change from one mortgage to another, without selling your home.
When you remortgage your property, you are simply exchanging your existing mortgage with a different one and possibly to a new mortgage provider as well. There are four main reasons why people wish to remortgage their property:
* At the end of an initial fixed rate or reduced rate period, switching to a different mortgage lender could offer a better deal.
* It is worth thinking about remortgaging at any time, either as a way of either reducing your monthly repayments or cutting the length of the mortgage.
* Others may wish to remortgage in order to borrow extra money for other purposes, such as consolidating debts by paying off credit cards or other loans that charge higher rates of interest.
* Another form of remortgage is the "equity release plan" that provides retirement income.
Remember that there could be penalty charges payable to your existing mortgage lender if you cancel your mortgage early. Whatever your reason for thinking about a remortgage of your home, it is wise to take professional advice from a specialist who can tell you about both the advantages and the disadvantages of the various schemes and products available, so that you can make an informed decision.
For further information about remortgaging click here for independent remortgage advice and quotation.
NOTICE: A mortgage is a loan that is secured on your home and you also need to think carefully before securing any other debts against your home. Your home could be taken away by the lender and sold if you do not keep up the repayments on the mortgage or any other debt secured on it - if you are in any doubt, seek independent professional advice. These notes are offered as a general guide only and do not constitute mortgage or financial advice.
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