Re-mortgages
What is a Re-mortgage?
A Re-Mortgage refers to the process of replacing an existing Mortgage with a new Mortgage without actually moving home and can be from your current Mortgage provider or from a completely new lender.
Individuals my consider Re-Mortgaging for a variety of reasons and these may typically include some or all of the following:
- A homeowner wishes to move to a larger property.
- A homeowner's exisiting Mortgage arrangement is coming to an end and needs to be renegotiated.
- Existing or 3rd party Mortgage lenders are currently offering cheaper Mortgage products.
- A homeowner wishes to utilise some of the equity within their property to upgrade their home, or to purchase a non-property related asset, or to consolidate any existing debts which they may have.
Please bear in mind that any savings made from your lower monthly repayments may be eaten up by any fees levied by the respective (Re-)Mortgage companies. For example, your existing Mortgage lender may levy redemption penalties if you terminate your current Mortgage early. In addition, your new provider may levy Mortgage arrangements fees to set up the new Mortgage.
In the meantime, if you require information on Re-mortgages please call an adviser on 0800 088 7502
