Remortgages are when you switch from one deal to another; whether a completely new lender or your existing. You can use this to raise funds for different purposes if you’re eligible and if your value is greater than the remaining balance.
Reasons to remortgage:
Reasons to remortgage:
If eligible for a remortgage you can have a lower interest rate and, in turn, a lower monthly repayment.
Should you have equity in your residential property, you may be able to raise funds and use that to invest in property.
Monthly repayments include; Capital and Interest. You will repay a small portion of what you borrowed and a percentage of interest. At the end of the term, if all payments are made, you will have paid your mortgage. If payments are not made your home may be at risk.
Whether you want to redecorate or renovate your home you will need funds. Should you be looking to increase the size of your home or add an extension you may be eligible to raise funds from your property. This is a great alternative to additional funding options.
If you have any large outstanding financial commitments – you could use a remortgage of your residential property to raise funds to then consolidate.
No matter whether you have a fixed-rate mortgage, tracker mortgage or other discount rate they will most likely be set for a limited period. Fixed rate or Tracker mortgages are great examples. At the end of the limited period mortgages usually revert back to the standard variable rates and almost always higher. Remortgages mean you can keep costs low.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Think carefully before securing other debts against your home.
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