UK Remortgage
There are many benefits in choosing a remortgage including:
- A remortgage is changing your mortgage without moving your home.
- Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money.
- A remortgage can also be used to raise additional finances by releasing equity in your property.
- When you remortgage you are ending your old mortgage deal and switching to a new one. This normally involves switching your lender although you can sometimes change deals with your current provider. If you do remortgage with your current lender it normally involves changing your existing deal.
- Remortgaging can allow you to get a better rate of interest and reduce your monthly mortgage payments.
- A remortgage deals allows you to consolidate existing loans to one manageable monthly payment or raise money to buy a new car, take a holiday or home improvement
Homeowners who want to raise money for home improvements, buying a car or other purposes often find that a remortgage to raise the money is cheaper than taking out a personal loan or using credit cards. This is because interest rates on mortgages are amongst the lowest of all the different types of loans.
Homeowners may wish to raise money to consolidate debts. By taking advantage of remortgaging your property you could transfer several debts into one more easily manageable remortgage.
This means you can replace credit card bills, personal loans and other loans with one lower interest rate remortgage and spread lower payments over a longer period.
What if I have a poor credit history?
Finding the right remortgage deal can be a complicated task – especially for the borrower trapped with an adverse credit history. With the choice of flexible, discounted, capped, fixed and tracker rates multiplied with a wide range of lenders, you have literally thousands of options. If you are inexperienced, this level of choices can be daunting.