Confused by some of the terms? Here is some further information to assist you on remortgaging and how it works, you could remortgage for a lower rate today.
What is a Remortgage?
A remortgage is changing your mortgage without moving your home. It can also be used to raise additional finances by releasing equity in your property.
Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money.
When you remortgage you are ending your old mortgage deal and switching to a new one.
This normally involves switching your lender although you can sometimes change deals with your current provider. If you do remortgage with your current lender it normally involves changing your existing deal.
You can borrow from £25,000 up to £500,000. Rates are variable, depending on status.
It is important to note that there are costs attached to remortgaging such as redemption penalties. These need to be taken into account when you are considering a remortgage. It is however worth bearing in mind that often the benefits of remortgaging can outweigh the costs involved.
© 2008 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
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