Remortgaging is the term used when you are moving your current mortgage to another product, usually provided by another lender.
There are a number of reasons why you might want to remortgage:
- Perhaps a fixed rate deal with your current lender is due to end or has already finished
- You are looking to reduce your monthly payments by swapping to a lower interest rate or extending your repayment term
- You might be looking at funding the cost of some home improvements
- You want to pay your mortgage off quicker by shortening the term your loan is taken over
- Consolidation of existing debt
The above list is not exhaustive but when considering whether or not a remortgage is suitable for you there are many factors to consider, such as arrangement fees, early repayment charges on your current product (if you are still within your tie in period) and any other associated costs.
You should also think carefully where you are looking to remortgage to consolidate debts. These could increase the term over which they are paid and therefore increase the overall amount payable. By consolidating you could also be securing debt against your home which was previously unsecured.
Remember that your home may be at risk if you do not keep up repayments on any loan secured on it.
Get Personal Mortgage Solutions’ expert help when it comes to remortgaging your property. For a completely professional and bespoke service simply call 0800 345 7075 or email firstname.lastname@example.org