Re-Mortgage
What Is It?
The process of Re-Mortgaging is transferring your outstanding mortgage from your existing lender to a new lender. A Like-For-Like Re-Mortgage may allow you to save money by paying a lower interest rate on your debt, or you can use the extra equity in your property to release funds to pay off other existing debts that carry higher interest rates (You could even do this by way of Full & Final Settlement). By consolidating your loans into one payment, you may be able to drastically reduce your monthly outgoings.
Do I Qualify?
In order to Re-Mortgage, you will need to be a Home-Owner with sufficient equity in your property. We will always ensure that you are able to meet the new monthly repayments before you commit to any loan. Call us today on 0845 388 9346 (Option 1).
Advantages
- If you are looking to borrow substantial sums to pay off creditors, you may find that the cheapest way of doing so is to extend your mortgage
- If your interest rates are high, we may be able to reduce them with a Like-For-Like Re-Mortgage
- If you were looking to consolidate your loans, you can manage your finances easier by having only one monthly repayment.
Disadvantages
- You will be paying interest against borrowing for a much longer period than a standard personal loan and it could end up costing you more overall because of that
- There may be early repayment charges and reservation fees demanded by your old and new lenders
- Your home may be repossessed if you do not keep up monthly repayments with loans that are secured on your home