MoneySavingCentre - Remortgages
Remortgaging can be a simple and inexpensive way to raise money for any purpose. You could receive cash or even reduce your payments.
With significant increases in property values and many new mortgage deals available, there may never be a better time to remortgage. Remortgaging may seem like an easy way to save large amounts of money and to raise cash but it is essential to be prudent. There are many potential pitfalls and you must seek advice to ensure that the remortgage route is the one for you. Don’t forget that there are likely to be costs involved and any further borrowings will result in interest being paid on these funds for the remaining term of the mortgage.
An alternative way of raising finance is via a further advance from your existing mortgage lender. Often this is called a “second mortgage” although the way it is structured depends on your existing mortgage arrangements.
For information on a third alternative (secured loans) click here to visit our loans page.
Remortgages can be arranged for many reasons including:
- To get a better rate of interest and reduce your outgoings, staying with your existing lender may mean that you are missing out on the cheapest rates and as a result you could be paying too much for your mortgage.
- Paying off bills and consolidating existing loans into one manageable payment
CASH IS AVAILABLE IF REQUIRED
This is added to the loan amount and can be used for many
purposes such as the ones listed below:
- Home improvements such as a new bathroom, kitchen etc,
or maybe even a conservatory or extension
Holidays or helping to buy that dream home overseas - Business investment
- Buying a new car
- In fact remortgages are available for almost any purpose.
Often there can be no CASH OUTLAY as fees can be added to the loan and some lenders offer FREE LEGAL AND SURVEY FEES on many schemes.
CCJs, ARREARS, DEFAULTS can also be considered. All paperwork is done for you by your personal adviser. WHAT HAPPENS NEXT? 3 easy steps! 1. Your personal adviser completes a fact find of your personal circumstances. 2. He or she uses state of the art computer systems to search for the most suitable mortgages available to him to meet your individual circumstances. 3. If you are happy to go ahead he will complete the necessary application forms on your behalf.
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The overall cost for comparison is 8% APR. The actual rate will depend on your circumstances. Please ask for a personalised illustration. The information is correct at the time of publication but may become outdated. You may be charged an early repayment charge if you repay the mortgage within the first few years. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Adding debts to your mortgage may increase the amount you pay and extend the term. Wigan Mortgage Bureau is an introducer to Jonathon Mann for the purpose of mortgage introductions only. |
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