One of the most commonly used words in real estate in Nottingham and all across the UK is remortgaging. Those who are not familiar with it may wonder what it is and how it affects them. In simple terms, to remortgage is to take out a loan on a property that already belongs to you. People tend to take out remortgages for 2 reasons: they want to replace the existing mortgage or they want to borrow money against their property. You can remortgage with the same lender or you can choose a different one. In the UK, about one third of home loans are a remortgage. That said, the rate of remortgaging has slumped all across the country.
Is a remortgage right for you?
This is a question that many people ask themselves. What might turn out to be a great time to remortgage for one individual may not be as good a time another. Here are examples of when you should remortgage:
When your current mortgage is about to end
When you got your mortgage your lender gave you a low interest deal because he wanted to sweeten the pot. This usually lasts between 2 and 5 years. After that you will be transferred to Standard Variable Rates which are usually higher. You might want to get a new mortgage on your property at this point.
You want a lower rate
If you took out a mortgage when the property market was very stable you might be paying a lot more than you should. If you can get a lender with lower rates you should remortgage.
The value of your property has gone up by a significant amount
When this happens it is possible that you may qualify for lower rates. Check with your current lender and with other lenders whether it is possible to pay less.
As you can see, remortgaging isn’t the most straightforward thing. That is why you should seek the services of a consultant who is well versed with remortgaging. One of the best in the industry is Mortgage Advice Services. They have been in the business for a long time and they can tell you whether or not it is a good idea to remortgage and even which lender will be best for you. In fact, they will help you organize your finances in such a way that you are able to save more money every month. They are the best when it comes to Nottingham remortgages. You can find out more by calling Mortgage Advice Services on 01332 257 087 or visiting their website, http://www.mortgageadviceservices.co.uk/Labels: benefits of re-mortgaging, re-mortgage rates, re-mortgaging, re-mortgaging fees, the re-mortgage process
