Remortgaging Your Home

Why Remortgage your house?

When you remortgage, you are switching your mortgage to another deal and another lender.

Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, or a lower APRC, with another lender. Another example is when you may need to re-mortgage to consolidate debts.

It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APRC, you must take into consideration the facts that:

  • The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.
  • If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.
  • You may have to pay an early repayment charge to your existing lender if you re-mortgage. 

You may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently. 

Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting Money Helper https://www.moneyhelper.org.uk/en these services may be more suitable for you.

Think carefully before securing other debts against your home. Consolidating debt may reduce your outgoings now, but you may end up paying more overall. Your home may be repossessed if you do not keep up repayments on your mortgage.

We will charge a broker fee of between £0 and £1250, payable on application. Will depend on the complexity of the mortgage and the additional time we have to spend on research or administration and confirmed to you before an application is made.

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