YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
INITIAL CONSULTATION IS FREE. THERE MAY BE A FEE FOR MORTGAGE ADVICE OF BETWEEN £199 AND £399, THE PRECISE AMOUNT WILL DEPEND UPON YOUR CIRCUMSTANCES.
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When you remortgage, you are switching your mortgage to another deal and with another lender.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, or a lower interest rate with another lender. Another example is when you may need to remortgage to consolidate debts.
It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower interest rate rate, you must take into consideration the following facts:
The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.
If you switch mortgages remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.
Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.
You may have to pay an early repayment charge to your existing lender if you remortgage.