Many people in the UK are choosing to re-mortgage their homes for
various reasons. Re-mortgaging simply means switching your current
mortgage terms, either with the lender who gave you the existing
mortgage or with a new one. There are several re-mortgaging benefits:
• You get better rates and with the money that you save you can pay
off debts, invest in a new property or even take a holiday. For most
people, mortgages are the biggest expense; mortgages also take a long
term to pay off. The rates at which you took your initial mortgage
change from year to year. It makes no sense to keep paying at the
original rates when you could get a better deal that would save you
money.
• Every mortgage advice agency will tell you that you should
re-mortgage your property because the lower rates could allow you to pay
off your loan sooner.
• When you re-mortgage your home when interest rates are low it is
possible to get a fixed rate. This means, for instance, that if rates
are expected to stay low for the next few months and you get a lender
who is willing to give you lower rates you can end up paying at that
rate for some years, thus saving yourself some money.
• Many people in the UK want to add an extension to their homes but
don’t have the funds to do it. One of the easiest ways to do this is to
re-mortgage your home – with the money that you save you can pay for
labour and materials for the extension.
• Banks often set very low rates on mortgages in order to tempt new
home buyers. Re-mortgaging your home is one way to take advantage of
these rates.
How do you go about re-mortgaging?
All that you need to look at is the terms of the mortgage that you have
now. How much of your loan is left, what rate are you paying it back at
and are there any penalties in case you want to leave your current
deal? If there are penalties check to make sure that they are not
prohibitive of a re-mortgage – you will often still save more with a
re-mortgage even after you pay the penalties.
You can find out more about re-mortgaging by calling one of the best
mortgage advice consultants in the UK, Mortgage Advice Services, on
01332 257 087 or by visiting their website,
http://www.mortgageadviceservices.co.uk/Labels: benefits of re-mortgaging, mortgage advice nottingham, re-mortgaging
