A Remortgage Calculator is Useful
Making the decision to remortgage a property is often a simple one. You might be in a situation where you want to consolidate loans, or you simply need more cash, perhaps you just want a better deal from your lender. Whatever your situation, you want a deal that is perfectly suited to your requirements.
One of the first things you are likely to do is go online and check what your monthly repayments will be with a remortgage calculator. This sounds reasonable, but before you do, consider these points first.
Although an online remortgage calculator can come up with useful information, the fact of the matter is that it is basic and generalised. It won’t ask the questions it needs to, to be able to generate an accurate answer for each individual’s exact circumstances.
Generally a remortgage calculator will ask you to type in the loan amount, the interest rate and the mortgage term, then based on this information it will calculate your monthly payments that will in most cases include interest. So, all ok so far, but what it fails to consider are the all-important costs that everybody who remortgages must pay, such as early repayment charges on your existing mortgage deal, arrangement fees, sealing fees… The list goes on. In some cases, the fees can amount to more than the amount you wish to generate from the remortgage.
So although a remortgage calculator can give you a rough idea, it is by no means definitive. Only a qualified mortgage professional can give you reliable advice based on your financial situation. At the Mortgage Advice Center we will find a personal solution tailored to your exact remortgage needs, taking into account you financial situation and all the associated costs.
Just fill out the form on the right hand panel and an Independent Financial Advisor will get back to you with a free, no-obligation quote on remortgage options for your situation.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
There may be a fee for Mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £300