Remortgage your home, for a better deal or to raise some additional funds
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Remortgages or to put it in simple style moving your mortgage to a better rate has been extremely popular since the property problems of the very early nineties, where people were desperate to save a few pounds and rushed to get a better deal and clear up all the credit commitments in one go. The phrase remortgage hasn’t really existed anywhere else in the world up until lately when most of Europe is now heavily adopting the word.
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It actually makes sound sense to remortgage your home but you need to have clear set goals initially to make sure that you end up with the right remortgage deal. For example if you only want to swap to a better rate make sure that you are aware of all the associated costs involved, if any, like Legal Fees, Local Authority Search Fees, Valuation Fees, Product Fees & that little beauty hidden away in your original mortgage offer terms and conditions Redemption Penalties. Remortgage is still arranged even if you don’t have an existing mortgage on your home, unencumbered, it sounds weird but it means to alter the owner of the property by adding a new charge on the property, remortgage.
Rate tarts or rate swappers aren’t exactly very appealing names for otherwise quite sensible people who want a remortgage to always remain on the cheapest and most effective rate for their mortgage. We are always very pleased to help clients move onto a better rate in the most competitive way for their circumstances in a remortgage, be it fixed, capped, base rate tracker, cashback, discounted, fee free, consolidation etc.
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As stated you can also use a Remortgage to repay any existing hire purchase, personal loans, credit cards, business loans etc that might be crippling your monthly budget, consolidation remortgage, however you must always bear in mind the fact that you are going to be repaying these debts over the longer term of your new re mortgage. This will often cost more in interest repayments, a calculation that has to be made when making a decision to add your debts to your remortgage account. This process does have the effect that if you have over committed yourselves with other debts you can use any equity or profit tied up in your property to give you a second chance with a remortgage. Often lenders offer special Fees Free remortgages to entice you to move your loan to them with the promise that you won’t have to pay out any money to move to their rates. In our opinion these deals are often too good to be true and you will find that in calculating that you take the very best deal on the market against an alleged “super” fees free deal you will end up better off with the lower rate and adding any associated fees to move loans to your new lower rated re mortgage. We do not list rates separately like most companies this because most deals are available for your Remortgage.
In recent times remortgages are quite commonly being sought for Buy To Let loans, there are a large number of remortgage rates available for these rented property loans, often though the arrangement fees are quite high. A remortgage for a rented property is as important to the profit situation as annually putting up the rent and should be arranged as soon as you are clear of any redemption penalties.
Most people in the UK don’t realise but arranging a remortgage and cutting 1% off a £100,000 mortgage will cut your monthly payment by around £80 a month. A simple remortgage is the biggest single money saving activity possible, as Martin Lewis (money saving expert) says “its the financial equivalent of liposuction. Take the remortgage plunge and the pounds will slip off straight away”. We can only agree with him that with all the remortgages we have arranged since 1988 this is truly a great idea to keep on top and in charge of the lenders with a remortgage.
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