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When you remortgage you are switching your mortgage to another deal, and frequently, another lender.
Remortgaging can be appropriate for various reasons. Most people switch mortgages because it will work out cheaper for them. For example - if the introductory discounted interest rate has finished with your current lender you could potentially switch to get a new discount rate, or a lower APR, with another lender.
Another example could be a re-mortgage to consolidate outstanding debts.
It is worth noting that a remortgage is not always the best option. Even when you are considering a lender with a lower APR, you should take the following points into consideration -
- The new lender may charge you for valuation and solicitors fees, even if you have already paid these for the mortgage with your current lender.
- You may be able to pay less monthly, but if you switch mortgage remember to look at the overall repayment period and check the final repayment date of the mortgage.
- Are you required to pay an early repayment charge to your existing lender if you re-mortgage?
You may also be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal fairly frequently. We can help you do this. We will always make a comparison allowing you to make an informed choice between staying with your existing lender or re-mortgaging elsewhere.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Debt consolidation is not always the most suitable option, consolidating debts must always be carefully considered. It will usually mean more interest over a longer repayment term and there may be early repayment penalties on your current mortgage. Think carefully before securing other debts against your home. There are alternative ways to manage debt such as free support from debt advice charities. You can find out more by contacting thewhose services may be more suitable for your needs.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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