Everything You Need To Know About A Remortgage
When looking to remortgage your aim is to switch to a deal that is more beneficial to you and saves you money/increases flexibility etc, whether this be
sticking with your present lender or changing to another.
What Are The Benefits Of Remortgaging?
Remortgaging is a chance to switch from an inadequate mortgage and take full advantage of current products available such as fixed rate, tracker or
discount mortgages which can offer you more competitive rates. Choosing the right deal for you is just as important when remortgaging as it was the
very first time. Consideration should be given on your prediction of future interest rates, your own risk assessment, your income and the balance of
the loan outstanding. You will also need to weigh up your monetary needs and present circumstance.
Adverse Credit Remortgages also enable you to cut loose from a dissatisfactory lender as there is nothing to say you should stay with the same one.
Doing either of these things when remortgaging may considerably reduce your monthly out goings. This is just one benefit of deciding to remortgage.
Say for example you have a loan of 100,000 and are paying a rate of 7.5% interest; you then switch to another lender which has a rate of just 7%
interest. This would mean you would be saving 31 each month, thats nearly 400 per annum.
Sometimes the money tided up in the house could be put to better use else where. For an amount larger than what is needed to repay your original
mortgage, remortgaging can release some of this equity to put towards investing in a new business venture or maybe even another property.
How Long Will The Process Take?
The process of remortgaging tends to be faster than that of a normal mortgage (but slower than adverse credit loans) as in this case youre not buying
a property. The whole process without considering individual circumstances should take on average six weeks.
The Cost Of A Remortgage
As with your original mortgage, a survey to confirm the val