The days of having your mortgage with the same lender for the whole term are long gone. More and more people are discovering the savings to be had when they make the switch from their old mortgage provider to a new one. At this current time, when interest rates are at a historic low, especially if you have good credit and have been a reliable borrower, there are good remortgage deals to be had so make sure you shop around for the best rates. If you think that you are paying too much on your current mortgage, why not start looking for the perfect deal for you? It could save you thousands of pounds in the long run.
Call our expert advisers now to discuss your remortgaging options.
In essence, remortgaging is the act of switching your existing mortgage to a new deal, either with your existing lender or a different provider. You’re not moving house and the new mortgage is still secured against the same property. The more equity you have and the lower your loan to value (LTV), the more competitive the rates you’ll qualify for. There can be any number of reasons for making the switch, including:
- To reduce the interest rate on your mortgage
- To fix your monthly payments and protect against possible future rate rises
- Raising money to carry out home improvements
- Raising a cash lump sum by releasing equity from your home
- Consolidate your debts
Taking a new interest rate could really save you money by taking advantage of a new offer. Another popular reason to remortgage is the option to consolidate all of your debts into one payment – however, be aware that as this means securing more debt against your home it may cost more in the long run, and it’s something you should seek advice on. Releasing equity from your property can be a good way to raise a cash lump sum, provided you can afford the new repayments.