Remortgage Guide:
A Remortgage or refinance mortgage is moving your existing mortgage to a new lender to receive a better rate of interest and or to release equity. The full range of mortgage products are available for a remortgage with some remortgage lenders offering special remortgage packages.
Remortgage Products :
The remortgage market is very competitive with many lenders offering free valuation and legal fees to you to make the switch hassle fee. Many Lenders offer these free remortgage schemes on exclusive products via mortgage brokers. Remortgaging your mortgage to a new mortgage lender usually takes one month to complete from start to finish, although this can be done in a shorter period if the remortgage is urgent.
- Some of the more common reasons for a remortgage include: To get a better mortgage rate in order to reduce monthly outgoings to consolidate debt, such as outstanding credit card balances to meet home improvement costs, such as a new extension to finance a business loan
- When deciding on a remortgage you should take into account a number of potential costs that you may incur as a result of the remortgage:
Legal Fees Valuation Fees
Arrangement Fees Solicitor Fees
Dead Release Fees
Telegraphic Transferee Fees
Early Redemption Penalties
Mortgage Indemnity Guarantee
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