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What is a remortgage?
A remortgage is simply switching lender or finding a better deal with your existing lender which could significantly cut your monthly outgoings. Taking out a new mortgage against your property could enable you to use the money to pay off the previous existing mortgage (fundamentally transferring it) to your new lender. Remortgaging is great practice among homeowners and is a good way of ensuring you are making the most of the best available remortgage deals. As with all mortgages, there are a large number of remortgages on the market, each with its own pros and cons. The job of a reputable mortgage broker such as Ascot Mortgages is to cut through all these mortgages for you, quickly and precisely to find you the exact remortgage which is best for your individual situation.So why remortgage?
Remortgaging can reduce your current mortgage by utilising lower mortgage rates and better mortgage deals. It also allows you to reduce your monthly payments and just have one controllable payment. Remortgaging effectively frees up finance which can be used to pay off debts, renovate, or enable you to consider a buy to let property by providing the finance required. If your house has risen in value, remortgaging allows you to release the extra equity in your home. You will potentially pay more interest by consolidating if the loan is increased and the term is extended.
Despite the positive contributions of remortgaging, it isn’t for everyone. This all depends on your personal circumstances, timing and a question of money. Ascot Mortgages will help you decide whether switching deals will outweigh the cost. Remortgaging means you have to find a new suitable mortgage. Here at Ascot Mortgages, we are able to find the best deals, tailored to your requirements. For example, you will be able to find a range of excellent 70% LTV remortgage deals here.
With many lenders’ Standard Variable Rates (SVRs) now at historic lows, more and more borrowers have elected to stay where they are rather than re-mortgage to an alternative lender with a more expensive rate. However, some lenders have already increased their SVRs, so they may not be as competitive as you think they are. Also, as the best fixed rates have fallen recently and with the economic outlook as uncertain as ever, it could be the right time to consider protecting your mortgage against future rises in interest rates.
Remortgaging can be quite an overwhelming choice and so by enlisting the help of a mortgage broker, we can use our expertise to find the right mortgage for you.
Ascot Mortgages offer a comprehensive range of mortgages from across the market. We are dedicated to providing the very best financial advice and the highest standards in customer service.
