Why is a remortgage right for me?
Whether to raise extra funds or better your current mortgage deal,
a remortgage provides a number of advantages for homeowners.
A remortgage is a convenient way to raise capital, where equity is available in a person’s property. Equity is the difference between the outstanding mortgage and property value, and it can be used as a sort of credit facility that most people can tap into. By remortgaging you can release equity and restructure the increased borrowing under a new first charge mortgage arrangement. How much you can borrow will depend on how much equity you have, and how much the lender is prepared to make available to you after assessing your ability to afford the mortgage product involved.
With our advisers, re-mortgaging can be very quick and simple to arrange. One of our expert mortgage advisers will help you through the process
You may have to pay an early repayment charge to your existing lender if you re-mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Your property may be repossessed if you do not keep up repayments on your mortgage.
A mortgage fee payable is dependent on the complexity of the case and will be agreed at the outset. A fee of up to 1% of the loan amount is payable, for example on a £100,000 mortgage a 1% fee would equate to £1,000. A typical fee is £299 and is payable at the outset or on the issue of an offer of the mortgage.
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