Re-mortgage
The process of re-mortgaging is where you change your current property loan or mortgage to a new deal. You can do this with your existing lender or a new bank or building society. The re-mortgaging process usually occurs when your introductory mortgage rate ends, and you wish to source a more competitive deal to save money or acquire another property.
Reasons for re-mortgaging a property include:
- Your existing fixed-term mortgage deal is coming to an end
- You would like to switch to a different rate or product to reduce your monthly payments
- You would like to release equity tied up in your property to finance a home improvement project or make another investment
- You wish to consolidate your debts
- You would like to switch to a fixed rate deal with help you budget more effectively
Professional financial advisors will be able to guide you through the entire process of re-mortgaging, sourcing the right lender and finding the best product that fits in with your requirements and the mortgage that you would like to obtain.
Your home may be repossessed if you do not keep up repayments on your mortgage.
