Remortgaging Your Property
When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.
Get A Better Deal From 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 APR, with another lender. Another example is when you may need to remortgage 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 APR, 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.
Also 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.
Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.
You may have to pay an early repayment charge to your existing lender if you remortgage. You can choose how we are paid for mortgages; pay a fee or we can accept commission from the lender, or a combination of fee and commission.
Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
Right Choice Mortgages Limited is a trading name of Just Mortgages Direct Limited, an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
Registered address: - Colwyn House, Sheepen Place, Colchester, Essex, CO3 3LD. Company registration: 2412345.
The Information on this website is subject to the regulatory regime and is therefore targeted at consumers in the UK. No representations are made as to whether the information is applicable in any other country which may have access to it.