Regardless of the reason why you choose to remortgage, you should always use the opportunity as a great way to save money.After all, although it is likely to be your biggest financial commitment, some people also view a mortgage as the 'cheapest' loan you'll ever have.
Here are some reasons why it may be time to consider remortgaging: -
To Save Money
Your current fixed rate may be coming to an end, which means that you will move to your Lender's Variable Rate.
To Move onto a Fixed Rate
You may either be tracking your current Lender's Variable Rate or coming to the end of your current Fixed Rate Term, and with interest rates at an all time low, there has never been a better time to shop around for your ideal Fixed Rate Mortgage.Being on a Fixed Rate Mortgage will give you the security of the same monthly payments, usually for a secure term of 2, 3 or 5 year term.
To Release Equity if the Value of Your Home has Increased
Higher equity in your home will give you a better Loan to Value, which usually not only opens up the possibility to better Fixed Rate Mortgages, and more Lenders, it will also enable you to release money from said equity to fund such things as home improvements.
To Move to a Mortgage to Suit Your Circumstances
You may wish to move to a Mortgage for a shorter, or indeed a longer term.You may wish to increase your lending to consolidate debt, or you may wish to have more flexibility to enable you to have payment breaks or make regular overpayments.
Regardless of your reason for Remortgaging, simply contact one of our Remortgage Team, who will be happy to point you in the right direction.