re-mortgage
For many of us, our home is the most valuable asset that we own; something that we have invested tens of thousands of pounds into over the years of ownership. With house prices generally on the rise over a long period of time, chances are that you have built up a considerable amount of value - or ‘equity’ - in your home.
Re-mortgaging your home can bring many benefits. You might be looking to free up some of the cash you have invested in your home thorough re-mortgaging against your property to use, for example, for home improvements, a car purchase or even a deposit on a second home. Whatever your reasons for re-mortgaging, speak to one of our specialist advisers today so we can secure you the right deal and help save you money in the long run.
Re-mortgaging is the process of getting a new mortgage on a property that you already own. There are many reasons why you might consider doing this such as freeing up additional cash without taking out an un-secured loan. This is also a great opportunity to save thousands of pounds per year on your mortgage repayments through accessing a better interest rate.
Re-mortgaging usually happens when you’ve come to the end of your fixed rate or discounted term of your existing mortgage and you want to shop around for a better deal. Switching from one mortgage to a new and better deal is an ideal way to reduce your monthly payments.
Alternatively, if you have an existing mortgage on your property, you may be able to re-mortgage on top to release a cash lump sum from the equity you have accumulated in your home. Here you arrange a new mortgage that is larger than your existing one based on your home’s current value. However, you must bear in mind if you increase your mortgage amount, it will take you longer to pay off if you extend your term.
One of the main reasons why people end up re-mortgaging is to get a better deal. A lot of mortgages come with an introductory deal which usually relates to a period of a better interest rate - such as a fixed rate, tracker or discount mortgage. If you are coming to the end of an existing fixed rate mortgage period or even already on your lenders Standard Variable Rate (SVR), then switching mortgages or lenders can often save you a lot of money.
If you’ve still got a large portion of your mortgage to pay off then switching can save you money in the long run - even when arrangement or exit fees are accounted for. However, if you only have a small amount of mortgage left to pay then it might not be a good idea to re-mortgage.
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To discuss your options, call us today to speak to one of our trusted expert advisers.
looking to free up equity?
Another popular reason to re-mortgage is to release
some of the equity that has been built up in the value
of the property. Through regular mortgage payments
and steady increases in house prices, equity can
increase in your house which you could release as
cash.
You will re-mortgage your property with either your
existing lender or a new lender - possibly on a better
rate also - with the new mortgage arrangement being
for a higher value than the value of your existing one.
You will have to pay this back at some point and therefore you could end up paying your mortgage for longer than you had originally planned, however it could be a more cost effective way of borrowing without an un-secured loan.
Once again, it is always best to discuss your options for re-mortgaging with a specialist to ensure you are getting the right solution for you. Call us today so we can discuss your requirements and we can find the right deal to help you achieve your financial objectives, regardless of what they are.
what is
re-mortgaging?
looking for a better deal?
looking to
discuss your options?
If you're looking to access some of the equity tied up in your house or remortgage to secure a better deal, you're in the right place.
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No matter what your motivations are for remortgaging your property, our expert advisers have the right knowledge to secure you a perfect deal.
Although we do not charge for the consultation, we charge a fee, which is payable as follows:- £500 on completion of the mortgage. We will receive commission from the lender in addition to the fees you pay.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP MORTGAGE REPAYMENTS.