Remortgages Info

A re-mortgage is when someone takes out a new mortgage to repay their existing one in order to realise equity and on occasion to reduce monthly payments. In order to do this you will need to transfer your existing mortgage agreement to another lender. A re-mortgage will mean that the new lending company will pay the old provider the balance of the amount outstanding and you will continue making your payments to the new lending company. By re-mortgaging your home, you could save substantial amounts of money on your monthly payments.

One of the more common reasons for re-mortgaging your property is to reduce costs. By simply changing to a lower interest rate you can benefit from lower monthly repayments. You could also keep the monthly repayments the same, therefore, enabling you to repay the loan quicker and reducing the overall term of the mortgage.

When you are looking at re-mortgaging your property, the best advice would be to look around at the lender market at the different offers they have. All mortgage lenders will offer mortgage advice, as they will want to gain a larger customer base. By helping more people, they will have a better chance of gaining more customers. You should use this to your advantage. You should visit a number of different mortgage advisers, which will later enable you to use their knowledge to obtain a better mortgage deal.