A mortgage on its own is a complicated process. Now you have a place to call home, what do you do? It has been suggested to you that you consider a remortgage. This is even more confusing than taking out a mortgage! What do you do and what is involved? In order to answer these questions you need to seek mortgage advice.
A remortgage can be beneficial for you. It involves moving the mortgage from one lender to another, or taking out a new mortgage with the same lender using your same property as security. So, why should you do this? It may mean saving money to pay for repairs to your house or to pay off other debts. It is best to
remortgage when you are nearing the end of your mortgage period or when you are thinking of raising some more capital i.e. buying another house in addition to your own. You may want to change the features and terms of your mortgage. For instance, you might have come into money. This will help pay off your mortgage faster. Thus you can make lump sum payments and take mortgage repayment breaks. You may have an " interest only " mortgage. This means that it is entirely dependent on income from other sources to pay your mortgage. If your investment seems unreliable you may want to switch to a " repayment mortgage " which is a capital mortgage which may increase the length of time you have to pay your mortgage off.
There are pros and cons of
remortgaging and it is best to seek re-mortgage advice before you remortgage. Some pros include saving on a lower interest rate, having extra money for home improvements, releasing money from your home's equity or switching to a mortgage that suits your needs. Cons can be Early Repayment Rates if you are still in a special payment status for your current mortgage, t or the time to remortgage which can take four to six weeks. If you use your home as security you are putting it at risk if you cant pay the repayments and if you increase the repayment term you can drastically increase the repayment rates!
However, the great staff at Mortgage Advice Services will give you the best advice on re-mortgages Nottingham. You will get everything you need to know from us. So visit our website
http://www.mortgageadviceservices.co.uk/remortgage.htm or call us today to get rid of those remortgage fears!
Labels: benefits of re-mortgaging, fixed rate mortgages, mortgage advice nottingham, mortgages, nottingham, re-mortgage rates, re-mortgaging fees, the re-mortgage process
