Remortgages
How to remortgage your property
Bought a property - got a good initial rate from your lender perhaps a fixed or tracker rate as an incentive? Has this come to an end and you are now stuck on a variable rate and are paying more than you ought? It is possible to switch to another lender without moving house.
The reasons for doing could be any or all of the following:
- A rate which is better than the variable and if you took a fixed rate you would know what your monthly payments would be for the next 2/3 or 5 years
- You may wish to release equity in your home perhaps for home improvements, debt consolidation to meet school fees, car purchase
- Maybe you have an endowment policy but have received a coloured warning from your insurance indicating a shortfall. You can remortgages and perhaps change the shortfall to a repayment to ensure that the entire mortgage is paid off at the end of the term.
- Circumstances may have changed since you took out your original mortgage and you are now in a position to increase your mortgage repayments to pay it off quicker, but do not want to commit yourself to an increased payment every month. A flexible mortgage may be worth considering as you can make lump sum payments, take payment holidays.
Like a mortgage there are costs involved in a remortgages such as legal and survey fees however there are lenders who will pay all these fees so remortgaging need cost you nothing.
