When you remortgage you’re not buying a new home you are effectively switching your mortgage to another lender or product in order to reduce the amount you are paying for your existing mortgage.
The reasons for remortgaging are effectively twofold:-
• to save money.
• to raise additional funding.
Remortgaging to save money:
This involves switching to a lender or product with a lower rate of interest so that your monthly mortgage payment reduces.
Remortgaging to raise funds:
This involves switching to a lender or product with a lower rate of interest to reduce your monthly costs or to raise extra funds. Depending on the terms of your existing Product, this may not increase your monthly outgoings.
Obviously there are a number of things that you should consider in both cases. Are there penalties for switching at a later date? How will the interest rate be varied in the future? Are there any set-up fees and survey fees?
Turney & Associates Ltd. will source and quote for the best UK remortgages to match your individual requirements.
We have access to the whole of the market and to lenders who will consider applications from people with an adverse credit history.
Why not call us on 01223 329666 to discuss your requirements and request a quotation.
The actual interest rates available will depend upon your circumstances. Please ask for a personalised illustration.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
A fee of £495 is payable upon completion of your mortgage. A fee only option of 1% of the loan amount, payable upon completion, is also available.