Remortgage your Home
Remortgage your home, are you coming to the end of your Fixed rate period and would like to re-mortgage?
At The Mortgage Store, we don’t bewilder you with details of hundreds of different mortgages and masses of information online about the mortgage industry – even though we can access vast array of mortgage deals on the market we will find the one for you.
Rather, we stick to basics: we listen carefully to what YOU want and then we go away and do all the hard work to find you the suitable mortgage. It’s this simple customer-focused attitude that works for us and you.
This page will give you the basic information that you need about the remortgaging process, it’s easy to understand and gives the pro's and con's of remortgaging your home / property.
Benefits of a remortgage.
Remortgaging can allow you to get a better rate of interest and reduce your monthly mortgage payments or even offer you a better product over the longer term.
A remortgage allows you to consolidate existing loans to one manageable monthly payment or raise money to buy a new car or home improvements.
Homeowners who want to raise money for home improvements, buying a car or other purposes often find that a remortgage to raise the money is cheaper than taking out a personal loan or using credit cards. This is because interest rates on mortgages are amongst the lowest of all the different types of loans.
Homeowners may wish to raise money to consolidate other debts. By taking advantage of remortgaging your property you could transfer several debts into one more easily manageable remortgage.
This means you can replace credit card bills, personal loans and other loans with one lower interest rate remortgage and spread lower payments over a longer period.
A Remortgage should offer:
- Lower & discounted mortgage interest rates
- Reduction of your monthly mortgage outgoings (these will vary on individual circumstances).
- Consolidation of existing loans into one easier-to-manage monthly mortgage payment.
- Release of equity in your house or flat for a new car, home improvements, luxury holiday etc.
- No restrictions on what you do with any extra cash raised.
Disadvantages of a remortgage.
You may have fees to consider, such as Booking fees, Valuation fees and or Solicitor fees. Some lenders offer packages to offset this or cover the cost for you
Changing your direct debits and payment details can be a hassle. We will try and make this as pain free as possible
It can sometimes take longer to remortgage than to change products with your current lender. We can advise you on the benefits/disadvantages on your individual circumstances.
By adding loan or credit card balances to your mortgage, you are placing previously unsecured debt against your home.
Adding existing debts to your mortgage over a longer period could increase the total amount that you'll pay
If you are having payment difficulties on your exiting debt it may be better for you to negotiate an arrangement with your current credit provider to repay them rather than add debts to your mortgage.
"THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED AGAINST IT"
Please use our Enquiry Form to get a direction in which mortgage maybe best for your needs.