Remortgaging

Remortgaging can be a good way to save money. A remortgage doesn’t just mean borrowing more money and extending the term of your mortgage. It’s an opportunity to renegotiate the interest rate you’re paying and potentially save yourself a lot of money in the long run.

What is a remortgage and why should you consider it?

Remortgaging allows you to borrow more money against the equity you have in your home. This can be done, for example, to secure a lower interest rate which would save you some money in the long run. You may also be able to release some of the equity in your home, giving you some extra cash.

How does a remortgage work

When you remortgage, you take out a new loan to pay off your current mortgage. This new loan will have a new interest rate, which may be lower than the rate on your current mortgage.

Ways to get the best deal on your remortgage

A few tips include:

  • Make sure you compare rates from a range of lenders.
  • Ask your current lender if they can offer you a better deal.
  • Consider fixing your interest rate as protection from future rate rises.
  • Make sure you understand all the fees involved.
  • Get advice from a mortgage advisor to find the best deal for you.

Things to consider before you remortgage

When you’re considering remortgaging your home, there are a few things you need to think about before you make a decision. Here are some of the most important things to consider:

Why are you remortgaging?

Potential reasons may include, for example, getting a lower interest rate or releasing equity from your home.

How much can you borrow?

You can use an online mortgage calculator to get an idea of your borrowing power.

Costs of remortgaging

There are a few costs involved in remortgaging, such as valuation and legal fees. It is important to consider all potential costs before making your decision.

Are there any risks to remortgaging?

The main risk is losing your home if you are unable to keep up with repayments.

Eligibility criteria

Key eligibility requirements for remortgaging include good credit history and on-track mortgage repayments.

How IMS Property group can help you with your remortgage?

We can get unique deals not available directly through the lender, including free features such as free legal expenses and free mortgage appraisal. When you take out a loan with us, you won’t have to worry about when you’ll remortgage since we’ll handle that for you.

We will also contact you before your mortgage agreement is up to schedule a review.

If you are looking to consolidate debt, raise money for home improvements or release equity then remortgaging may also be an option for you.

 

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