Remortgage

What is a remortgage?

A remortgage is simply the act of paying off your current mortgage and taking out a new one. Many people do not realise that they are able to do this, and so are losing out on the great low interest rates which prevail at the moment.

By remortgaging your home, you could save significant amounts on your monthly payments.

When you remortgage your home you should consider if you have any penalties on your current mortgage. If you do, it may not be worthwhile considering a remortgage since you may have to pay tousands of pounds. You should also consider the charges for a remortgage. Often you will have to pay for a new valuation, new legal fess etc. However, the benefits in monthly savings under a remortgage can easily pay for these costs in many cases.

A remortgage can take any normal mortgage form - it is simply the act of taking out a new mortgage (at a cheaper rate) to pay for the previous contract.

If you would like to consider a remortgage on your current home, please contact us.

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.