Great Reasons for Remortgaging

There are two broad reasons for remortgaging.

1. Raise Money
2. Save Money

1. Lower Interest Rate – One of the main reasons for remortgaging is to get a better rate.  When you are remortgaging what you are really doing is replacing your existing mortgage with another mortgage with a lower interest rate. Make sure you speak to a mortgage advisor to find out how much you will end up paying when remortgaging. This is regarded as saving money.
2. Equity Release – If you have built up enough equity on your property then remortgaging can help you release some equity. This will enable you to borrow for a lower loan to value remortgage thus reduce your monthly repayments.  This will allow you to save money and raise money at the same time.
3. Home Refurbishment – This is known as raising money via a remortgage. This is always a good option as any improvements you make on your home could potentially increase the value of your home.
4. Consolidate Debt – If you have multiple debts then remortgaging could be used to consolidate all your debts into one payment by raising money or saving money via a better remortgage deal.
5. Job Loss or Illness – If you find you suddenly cannot afford your mortgage monthly repayments due to redundancy, illness or for whatever reason then remortgaging can help lower your monthly repayments.

Whatever your situation it certainly pays to speak to one of our mortgage advisors to discuss your situation. At the end of the day, a five minute phone call could save you thousands of pounds. What do you have to lose?

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