Re-Mortgaging refers to the process of refinancing your home with another lender and securing a new deal or renegotiating a new deal with your current mortgage provider.
A re-mortgage will present you with a variety of options including extending the term in order to reduce the monthly repayments or re-mortgaging to reduce the term if you feel you can afford to pay a bit more every month thus repaying your mortgage faster and potentially savings thousands on interest repayments.
Other reasons for re-mortgaging may include but are not limited to re-mortgaging to consolidate debt, Re-mortgaging to Buy another property or simply re-mortgaging for a better rate.
A re-mortgage is usually effected when your current deal with your existing provider expires eg. You got a special rate when you bought your property say a 2.4% 2 year fixed rate mortgage, when the 2 year period is up you move back to your lenders SVR ( Standard Variable Rate ) at say 4%. On a £100,000 mortgage spread over 25 years this rate rise would equate to an additional £84 per month in interest repayments so it’s definitely worth looking for a new deal.
Remember you don’t have to stick with your existing provider just recently 23/10/2016 a well known lender was offering £2,000 cashback deals on re-mortgages over £75,000 check the market and you could be quid’s in.
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