Remortgaging is where you switch the mortgage on your home to another lender or negotiate a better deal with your existing one. It effectively means replacing your current mortgage contract with a new one.
There are many reasons why you may wish to remortgage, but they usually fall into one of three categories. No matter what your reason may be though, it's important to speak to an adviser beforehand.
Securing A Better Deal
Depending upon your existing contract, it's possible that refinancing your mortgage could reduce the rate of interest that you are paying. Especially popular during periods where the Bank of England Bank rate is low, remortgaging can reduce monthly outgoings and potentially reduce the overall amount you need to pay back.
Protection Against Rate Rises
Interests rates may rise or fall at any time. For people worried about potential rate rises over the short or medium term, remortgaging allows them to fix their rates at current levels, allowing them to plan their monthly budgets for the years ahead.
For those that have built up equity in their home, remortgaging can be an attractive option. It can provide families needing more room with funds to extend their home or it may offer a method to pay off other debts, such as car loans, that have higher rates of interest.
There are of course many important considerations; but whatever the reason you have for seeking a house remortgage, we have local advisers to guide you through the entire process. With access to over 90 lenders with which to find the ideal remortgage deal, they take the hassle out searching the market so that you get the very best deal for your circumstances.
Your home is important - you must think carefully before securing other debts against it. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.