REMORTGAGES

A remortgage - paying off one mortgage with the advance from a new mortgage using the same property as security. Remortgaging doesn’t involve moving home or taking a second mortgage out on your property. It is simply transferring from one lender to another. For most people a remortgage is jut to obtain a better interest rate, to release equity or discard debt. Remortgage rates are very competitive and lenders often compete by providing incentives such as free valuation and legal fees.

Remortgage

Remortgages can be used to simply obtain a lower mortgage rate or to raise capital and release equity for any reason such as purchasing another property, home improvements, business purposes etc. Debt consolidation is also a good use and can make lower more manageable payments each month.

Remortgage for a better mortgage rate – due to the current climate and the rapid fall in the Bank of England base rate, mortgage lenders have reduced their standard variable rates and are offering lower fixed rate mortgages. After an initial lull many people are now remortgaging their property ensuring a lower guaranteed fixed rate for a specific number of years.

Remortgage for debt consolidation – even though mortgage rates have reduced most unsecured finance lenders i.e. credit cards companies have increased rates or reduced credit limits. If you have unsecured debts that you cannot repay a remortgage could be the option for you. We could consolidate all loans into one manageable monthly mortgage payment.

For more information on remortgages or to apply for a remortgage please follow the link.

Mortgage companies will not normally grant a remortgage on properties that are on the market for sale. This is because they do not see themselves as short term lenders. If you find your ideal property for sale when your own home is still not sold a bridging loan can be used to buy this house and repaid when your property is sold. For more information on bridging loans or to apply please follow the link.