Re-Mortgage Advice

Remortgaging your home can be a great way to save money on monthly repayments but there are many factors to take into account before making the leap, especially when it comes to an asset as important as your home.
22-September-16
Re-Mortgage Advice

WHAT IS A REMORTGAGE?

Put simply, a remortgage is when you choose to take out a new mortgage on your property, to either borrow money against it or to replace your existing mortgage with a new mortgage product.

WHY WOULD YOU REMORTAGE

There are many reasons why people seek to remortgage their property.

A common one is to save money. If you have started your mortgage with a fixed interest rate and this fixed rate or initial deal period has ended you may find that moving to another lender will give you more competitive rates and a lower monthly premium.

You can also use a remortgage to get a higher sum than what is left on your current debt affordability permitting, increase your borrowing above that of your existing mortgage shoudl you require extra funds for e.g. home improvement, a holiday or a new car etc. Do note, the sum repaid can be much more than the initial amount when spread over a long period.

You should also consider this process if the value of your home has increased significantly since you bought it. In the event of a higher potential sales price, you may be eligible for lower interest rates on your mortgage.

HOW CAN YOU DO IT?

A remortgage is a complex process involving dealing with multiple financial institutions and it’s made more important by the fact that you’re dealing with the very important asset of your home.

For this and many other reasons, people are increasingly using brokers to help with the task, with more than 60 percent of mortgages in the UK handled this way as reported by the guardian in 2014 .

Brokers are able to use their experience dealing with various financial institutions to give clients an overview of the entire sector. With their knowledge of the market, they will try and match your needs to the most suitable mortgage product available from the lenders they have access to.

If you are interested in remortgaging your home, talk to United Mortgages NI today.

Source: Bottletop Media 22/09/2016

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