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The Mortgage Advice Center is part of Anderson LLoydLLP which is directly authorised and regulated by the Financial Services Authority.

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Mortgage Advice Center - Re mortgaging

 

financial_advisorA re mortgage is when the borrower pays of their mortgage with a mortgage from a second lender. People re mortgage to obtain a better interest rate, to reduce monthly payments or to release some of the cash from the rise in price of their property. It is possible to re mortgage so that you can consolidate your debts through the funds obtained, resulting in reducing your overall monthly payments.

When remortgaging you should be aware of any penalties that are in the mortgage contract if you are to change lender. These are often present when you are on a fixed rate. After the fixed rate has finished and penalties have ceased you can look to re mortgage without a penalty.

Before you re mortgage you should be aware of the amount that you are re mortgaing for, your mortgage advisor will inform you if you qualify for the amount which you want to borrow. Your advisor will inform you of the savings that you will make and what benefits there are if you choose to re mortgage with another lender. It is always advisable to review your mortgage so that you are not missing out on any possible savings.

Please contact the Mortgage Advice Center to talk about remortgaging.

 

Think Carefully when securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.