Remortgage is simply defined as a process by which the mortgage on a property is moved from your original lender to new lender. The new mortgage, or remortgage, repays your original lender, and at the same time you can raise additional funds for other purposes by getting a remortgage with a lower interest rate than your original mortgage. Remortgaging can be helpful if you want to lower your monthly payments, release equity in your home, or raise an substantial amount of capital.
Because today?s mortgage lending market is so competitive, remortgaging is a very popular way for borrowers to take advantage of the incentives and deals offered by lenders who are looking to attract new business. When you are looking into remortgaging, be sure to get all the early redemption details from your original lender, and be sure to find out what, if any, fees you need to pay to your lender. Most lenders will be happy to provide you with all the remortgage advice you need.
By choosing to remortgage, you can consolidate your existing debt into one monthly payment by using the money from your remortgage to pay them off. Once they are paid off, you will only need to pay your remortgage payment each month. Remortgaging also plays a vital role in unlocking capital to buy another property or to make improvements on the property you already own.
The process of remortgaging is simple compared to the process of getting an original mortgage because all you are really doing is switching your loan to a different lender. The option to remortgage is available to you even if you don?t have a perfect credit history. Many lenders offer something called a bad credit remortgage. These lenders will do their best to offer you remortgage advice and a quote that suit you and your specific financial circumstances.
If you'd like help finding the best remortgage deal, take a moment to fill out this short form, and a SimplyFinance representative will contact you soon to introduce you to a remortgage broker that will search to find the best UK remortgage deal for you.