When you remortgage you’re not buying a new home, you are switching your mortgage to different lender, or to a different product from the same lender. This my be to reduce the amount you are paying for your existing mortgage each month, or to raise money.
The reasons for remortgaging are effectively twofold:
• to save money
• to raise additional funding
Remortgaging to save money
This involves switching to a lender or product with a lower rate of interest so that your monthly mortgage payment reduces.
Remortgaging to raise funds
This involves switching to a different lender or product in order to raise extra funds, perhaps also with a lower interest rate. Depending on the terms of your existing product, this may or may not increase your monthly outgoings.
There are a number of things that you should consider in both cases.
- Are there penalties for switching at a later date?
- How will the interest rate be varied in the future?
- Are there any set-up fees and survey fees?
Turney & Associates will find and quote for the best UK remortgages to match your individual requirements. We have access to the whole of the market including lenders who will consider applications from people with an adverse credit history.
Call us on 01223 329666 to discuss your requirements and request a quotation.Contact us to discuss remortgaging Read our Remortgaging Guide