Reasons
for Remortgaging
Release
Equity
When you
have lived in your home for an extended period, the built asset can become a
valuable asset. By remortgaging, you can release some of the equity to
use on other things. The increased amount is added to your current mortgage
deal and can be paid off in affordable monthly installments.
Current
Product Expiration
Most
mortgage loans have a set rate which is valid for a particular period. When
this time comes, your mortgage automatically converts to a less desirable
product. This offers you with the chance of shopping around for other better
deals and other products.
Other
reasons why people re-mortgage include getting a better rate, home
improvements, and credit consolidation.
Factors
to consider when Re-mortgaging
•
What are the penalties for opting out of your current mortgage deal?
•
Fees associated with the new deal
•
Mortgage broker fees and any legal fee associated with remortgaging
Advantages
of remortgaging
•
You can borrow at lower rates
•
You can use your home as collateral
It is
advisable to seek re-mortgage advice from a professional before embarking on
this decision. Mortgage Advice Services offer you with incredible guidance on
this area. You can visit their website https://www.mortgageadviceservices.co.uk/remortgaging/ or contact them for more
information.