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Mortgage Information - Remortgages

 

Remortgages - Mortgage Information

 

What is a Remortgage?

Why should I go for a Remortgage?
Review your current mortgage. If you feel you are paying excessive rates of interest, compared to other lenders then a remortgage may save on your monthly payments. Alternatively, you may be looking for a way to finance an extension or purchase a new car, you could seek to increase your mortgage and take the extra sum as cash.

Remortgage - the pitfalls
Weather to remortgage depends on interest rates. You always have to be sure that you can meet the repayments whatever the economic climate. Borrowing may seem attractive now, with interest rates running low, but what if they start to go up? If you fail to make mortgage payments, you could lose your house.

Check out the details of your existing mortgage. Is there a redemption penalty? If there is, and it's large, it may wipe out the benefits of remortgaging. Mortgage lenders who offer to help you remortgage will often charge a fee on top of your new deal that gets added to your new mortgage, pushing the price up and making remortgaging less of a bargain.

How Do I Apply for a Remortgage?
You begin by checking the terms of your current mortgage. Some mortgage deals lock you in for a certain period, so you need to find out if you are able to stop the mortgage out without being hit with a penalty. Then look for a mortgage lender that offers your kind of terms. If you are unsure where to start ask an independent mortgage broker.

But before you change your mortgage it is worth contacting your current lender. If you've been a good customer, they may tailor a mortgage deal to keep you, which will save on the paperwork that comes with a switch to a new mortgage lender.


List of Major Mortgage Lenders

 

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.

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