Reasons Why You May Want to Remortgage Your House

Both option 1 and option 2 save you money compared with sticking on your original deal. However, the arrangement fee on option 2 makes it more expensive than option 1. These fees can add to the cost of remortgaging and might make remortgaging more expensive than staying on your current deal. It’s important to think about your wider financial situation when considering how to 物業轉按 your home.

If you’re using your new mortgage to consolidate debts, you’ll probably find it easier to keep track of your repayments. It’s sometimes better to wait until your fixed rate deal’s ended before getting another mortgage. If you’re looking to change while still in your current deal, you should speak to a Mortgage Expert to find out your options.

This site does not include all companies or products available within the market. The following steps can help you get an idea of your current situation and requirements before applying for a remortgage. Remortgaging means taking out a new mortgage deal with a new lender on a property you already own.

10 Lifetime Mortgage Myths Busted by Holly Bennett Lifetime mortgages, a type of equity release, have evolved to be a flexible and safe way to access wealth from your property. It’s a major decision that needs lots of thought, but these misconceptions shouldn’t put you off. Find out what your current credit score is before applying for a mortgage as, if it’s not good, there are steps you can take to improve it.

Investing in a buy-to-let – this is where you’ll be raising money from your current property to buy another one which you will subsequently let to tenants. Applying for a mortgage or understanding your options shouldn’t be confusing, yet there are just so many myths doing the rounds and it’s not easy to know where to turn to get the right advice. When you go to someone else for another mortgage, your new lender will pay the outstanding loan you owe to your old lender . In this Guide, you’ll find the need-to-knows about remortgaging, and a step-by-step guide to how you can do it. Remortgaging is a similar process to standard mortgages, but the process can be slightly different. This type of deal would usually be called an unencumbered mortgage.

You can do this by asking a valuer to draw up a valuation report. While the main cost of remortgaging depends on the interest rate your lender sets, it’s important to consider all the fees that may also be charged, as they can soon mount up. So it makes sense to start researching your remortgage options and apply three to six months before your existing deal is due to expire.

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